Belarus vs Hong Kong
Crypto regulation comparison
Belarus
Hong Kong
Legal
Legal
Belarus legalized cryptocurrency through Decree No. 8 (2017), creating a favorable environment in the Hi-Tech Park special economic zone. As of 2025, crypto transactions via HTP residents remain tax-exempt, while transactions on foreign platforms are taxed at 13%. A crypto bank framework was introduced in 2026.
Hong Kong has positioned itself as a major crypto hub in Asia with a comprehensive licensing regime. The SFC implemented a mandatory licensing framework for virtual asset trading platforms (VATPs) effective June 2023. Hong Kong has no capital gains tax, making it attractive for crypto investors and businesses.
Tax Type
Varies
Tax Type
No tax
Tax Rate
0% (HTP) / 13% (foreign platforms)
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Hi-Tech Park (HTP), National Bank of the Republic of Belarus
Regulator
SFC (Securities and Futures Commission), HKMA
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
HKMA developing a licensing regime for stablecoin issuers under a 2024 bill
Key Points
- Decree No. 8 'On the Development of the Digital Economy' legalized crypto in 2017
- Income from crypto via HTP residents and mining remains tax-exempt; 13% tax on foreign platform transactions since 2025
- Crypto exchanges and businesses must operate through Hi-Tech Park residency
- Mining is legal and considered a business activity
- HTP preferential regime extended until 2049; crypto bank framework introduced in 2026
Key Points
- Mandatory VATP licensing regime under the AMLO effective June 1, 2023
- No capital gains tax in Hong Kong; profits tax applies only to business profits
- SFC approved spot Bitcoin and Ether ETFs for retail investors in April 2024
- HKMA consulting on stablecoin issuer licensing under a dedicated bill
- Hong Kong actively competes with Singapore as Asia's leading crypto hub