28 Oct, 2024

Hong Kong Eyes Tax Breaks for Crypto, More Trading Platform Licenses by Year-End

Quick Take① The Hong Kong government’s Treasury chief said the city will extend existing tax concessions to cover cryptocurrency investments by the end of this year.② The regulators also plan to approve more crypto asset trading platform licenses by the end of the year.Hong Kong eyes tax breaks for crypto, more trading platform licenses by year-endA top financial officer in Hong Kong said that the government plans to extend existing tax concessions for privately offered funds and family offices to cover crypto investments.Christopher Hui, Secretary for Financial Services and the Treasury, said in a speech today at Hong Kong Fintech Week that the government plans to extend tax concessions for particular investments, including those in cryptocurrencies, by the end of this year.“Hopefully, by expanding the availability of tax concessions to this wider scope of assets eligible under our fund regime and our family office regime, we will be able to add that extra impetus and pull to this [Hong Kong] market on their development front,” Hui said.Hong Kong has rolled out the welcome mat for crypto firms. In June 2023, it officially started a crypto licensing regime for crypto trading platforms, allowing licensed exchanges to offer retail trading services. The regulator has so far granted three licenses to OSL Exchange, HashKey Exchange and HKVAX.At the event on Monday, Paul Chan, Hong Kong's financial secretary, also said that the Securities and Futures Commission is actively assessing crypto asset trading platform applications and that “we expect more licenses will be issued in the next couple of months.”Chan said that the Hong Kong Monetary Authority, the region’s de facto central bank, also plans to introduce stablecoin-related legislation this year following the HKMA’s March launch of its stablecoin regulatory sandbox.According to Chan, the government is also reviewing the design of over-the-counter trading regulations and will release the second round of consultation next year before introducing the licensing regime for crypto custodian service providers.

23 Oct, 2024

Vang Vieng Tourist Numbers Increases Amid Infrastructure Upgrade

As of October, Vang Vieng has welcomed over 900,000 tourists, exceeding its target of 800,000. This includes more than 400,000 foreign visitors, according to Vang Vieng district Governor Bounchan Malavong, who spoke on TV with the Lao National Radio (LNR) on 21 October.Bounchan noted that Vang Vieng’s tourism has significantly improved compared to previous years, with increased visitor numbers this year alone. Key factors driving this growth include improved transportation options like buses, trains, and highways. Additionally, tourism plans have been adjusted to accommodate the rising number of tourists.These developments have been supported by a nearly USD 15 million grant from the Asian Development Bank (ADB), provided through three agreements aimed at enhancing tourism infrastructure.The first agreement focused on constructing a landfill, completed on 31 May. The second project involves building the Nam Song Bridge and upgrading the road from Vong Waen to Kaeng Yui, which began last year. The third project, set to start in November, will rehabilitate 11 roads in Vang Vieng, covering a total of 5,294 meters.These improvements aim to enhance access to key attractions and overall visitor experiences, contributing to the local economy and promoting sustainable tourism growth.This success reflects the district authorities’ plans to improve facilities and services in preparation for Visit Laos Year 2024, including environmental adjustments and enhanced tourist experiences through various activities and upgraded infrastructure.In the first half of 2023, Vang Vieng attracted approximately 320,000 tourists, with 116,000 being foreign visitors and 200,400 domestic tourists.