Hong Kong vs Uzbekistan
Crypto regulation comparison
Hong Kong
Uzbekistan
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.
Uzbekistan has actively regulated crypto since 2018, when it established the NAPM (initially NAPCI) to oversee virtual assets. Licensed crypto exchanges operate in a regulatory sandbox. Individual crypto trading profits are exempt from tax. Uzbekistan has also established a state-backed mining pool and licensing regime for miners, leveraging its energy resources.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
SFC (Securities and Futures Commission), HKMA
Regulator
NAPM (National Agency for Prospective Projects)
Stablecoin Rules
HKMA developing a licensing regime for stablecoin issuers under a 2024 bill
Stablecoin Rules
Regulated under NAPM virtual asset framework
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
- NAPM oversees virtual asset regulation and licensing
- Licensed exchanges operate under regulatory framework since 2018
- Individual crypto trading exempt from income tax
- State-backed mining pool and licensing for crypto miners
- Only licensed platforms can offer crypto services; unlicensed platforms blocked