Hong Kong vs Peru
Crypto regulation comparison
Hong Kong
Peru
Legal
Legal
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.
Cryptocurrency is legal in Peru but lacks comprehensive regulation. The SBS (Superintendencia de Banca, Seguros y AFP) oversees AML requirements. Peru has growing crypto adoption, particularly for remittances. Crypto gains are subject to capital gains tax at 5% for the first 5 UIT and at higher rates for larger amounts.
Tax Type
No tax
Tax Type
Capital gains
Tax Rate
0%
Tax Rate
5-30%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SFC (Securities and Futures Commission), HKMA
Regulator
SBS, SMV, BCRP (Central Reserve Bank of Peru)
Stablecoin Rules
HKMA developing a licensing regime for stablecoin issuers under a 2024 bill
Stablecoin Rules
No specific stablecoin regulation
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
Key Points
- No specific crypto legislation; general financial laws apply
- Capital gains tax applies to crypto profits (5% for securities, up to 30% for other income)
- SBS requires AML/KYC compliance for entities dealing in crypto
- Growing crypto adoption for remittances and as a store of value
- BCRP has warned about crypto risks but not imposed a ban