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Hong Kong vs Russia

Crypto regulation comparison

← Back to map | Hong Kong | Russia
Hong Kong

Hong Kong

Russia

Russia

Legal
Partially Regulated

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.

Russia's crypto regulation is complex and evolving. The 2021 'On Digital Financial Assets' law recognizes crypto as property but bans its use as a means of payment. Mining was legalized and regulated in 2024 under a new mining law. Crypto is taxed as income at 13-15%. The CBR pushed for a total ban on crypto trading but was overruled by the government, which favors regulation. International sanctions have complicated Russia's crypto landscape.

Tax Type No tax
Tax Type Income
Tax Rate 0%
Tax Rate 13-15%
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator SFC (Securities and Futures Commission), HKMA
Regulator CBR (Central Bank of Russia), Ministry of Finance
Stablecoin Rules HKMA developing a licensing regime for stablecoin issuers under a 2024 bill
Stablecoin Rules Crypto payments banned; digital ruble CBDC introduced
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
  • Digital Financial Assets law (2021) recognizes crypto as property but bans use as payment
  • Crypto mining officially legalized and regulated under 2024 mining legislation
  • Crypto income taxed at 13% (up to RUB 5M) or 15% (above RUB 5M)
  • Domestic crypto exchanges not legally operating; P2P trading widespread. CBR framework Dec 2025 targeting July 2026.
  • International sanctions have increased interest in crypto for cross-border transfers
Sources
Sources