Exploring Emerging Sectors
Corporate Treasury Centres
101. We are determined to strengthen the role of Hong Kong as a key base for the establishment of Corporate Treasury Centres (CTCs) and boost the city's appeal as a platform for "bringing in and going global". To this end, we will announce a series of enhancement measures in the middle of this year, including providing additional tax incentives and flexibility to CTCs and their associated companies, and introducing a pre-approval mechanism.
Attract Enterprises to Re-domicile to Hong Kong
102. Since the commencement of the company re‑domiciliation regime last year, the Companies Registry has approved 22 re‑domiciliation applications, while about 20 applications are being processed. We will step up publicity to attract more enterprises to establish in Hong Kong.
Facilitate Asset Management by Enterprises
103. To enhance the business environment and facilitate internal restructuring by enterprises, we propose to relax the criteria for stamp duty relief in relation to the intra‑group transfer of assets. This would expand the scope of eligible associated body corporates. We will introduce an amendment bill this year and the new arrangement will apply retrospectively to instruments signed from today.
Develop Fintech and Financial Infrastructure
Development of Digital Assets
104. The Government published the second policy statement on digital assets for developing Hong Kong into a global hub for digital asset innovation through the establishment of a comprehensive regulatory framework. We will introduce a bill this year to establish licensing regimes for, among others, digital asset dealing and custodian service providers.
105. Hong Kong has implemented the licensing regime for issuers of fiat‑referenced stablecoins. The first batch of licences will be issued next month. The Government and financial regulators will continue facilitating licensed issuers in Hong Kong to explore different application scenarios in a compliant and risk-controlled manner.
106. On the premise that sufficient investor protection is in place, the SFC will further enhance the liquidity of Hong Kong's digital asset market and facilitate the offering of more products and services to professional investors. The SFC will also set up an accelerator to expedite market innovation.
107. To support the application of tokenisation technology in bond issuance and transactions, the Government will provide guidelines to clarify that registers of debenture holders can be kept in the form of a distributed ledger. We will also explore the adoption of electronic signature for bond issuance documents and the digitalisation of bearer bonds.
Crypto‑Asset Reporting Framework
108. We will amend the Inland Revenue Ordinance for implementing the Crypto-Asset Reporting Framework as well as the amended Common Reporting Standard by the Organisation for Economic Co‑operation and Development (OECD) in the coming two years. This will contribute to international efforts in enhancing tax transparency and combating cross‑border tax evasion. We will introduce an amendment bill in the first half of this year.
Project Ensemble
109. The HKMA launched EnsembleTX, the pilot phase of Project Ensemble, last November to enable industry participants to make real value transactions involving tokenised deposits and digital assets within a controlled pilot environment. The HKMA will continually upgrade the system to support settlement on a 24/7 basis and develop local standards to strengthen Hong Kong's interoperability with other markets.
Commercial Data Interchange
110. Last year, the HKMA launched Project Cargox under the Commercial Data Interchange to enhance the digital ecosystem for trade finance by harnessing the power of cargo and trade data. The Government is actively following up on the recommendations of the Expert Panel on Cargox with a view to promoting Hong Kong as a leading trade financing centre and supply chain hub.
Build the International Gold Trading Market
111. Following the signing of a co‑operation agreement with the Shanghai Gold Exchange earlier this year and the establishment of a Hong Kong's central clearing system for gold, we will:
| (a) | explore offering tax incentives for eligible institutions conducting gold trading and settlement in Hong Kong; |
| (b) | assist the industry in setting up an industry‑led trade association to consolidate resources, step up promotion, and foster ties with industry stakeholders from around the world; and |
| (c) | help the industry keep abreast of the latest gold market developments, acquire relevant skills and develop a training framework. |
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