The Young IFA Network of the International Fiscal Association HK Branch & The University of Law (Hong Kong Campus) are both proud to announce their jointly organised upcoming in person event about 'The Tax & Law of Virtual Assets in the Metaverse - A Hong Kong Perspective'
When: Thursday 1st of December
Where: PwC, Central
For Whom: People of 40 years and below and those that are interested in this topic
RAT TEST: Please do a RAT TEST on the day itself, and state your name, the event's date and the time that you took the test on the KIT and take a picture of it for record purposes. Please be advised that you will need to wear a mask as well.
Over the past few years, virtual assets have become widely adopted by vast part of the population. Among these, cryptocurrencies and Non-Fungible Tokens ("NFTs") values have been very volatile, whereby investors can make astronomic profits by trading. Trading volumes have soared and become a sizeable financial market. At the same time, some people also have lost a significant amount of their investments as a result of trading in virtual assets.
Despite its lack of government oversight due to the decentralised blockchain technology that supports these kind of assets, governments and tax authorities are starting to set up frameworks to regulate and tax cryptocurrencies and NFTs. Therefore, understanding the new regulatory framework and proper tax planning may help reduce the tax liabilities on gains from crypto currencies and NFT trading.
But, what laws are currently relevant in Hong Kong that regulate cryptocurrencies and NFTs and what laws are currently relevant in Hong Kong that determine taxation of cryptocurrencies and NFTs?
This in person session will dive into how cryptocurrencies and NFTs are regulated in Hong Kong and how cryptocurrencies and NFTs will be taxed (with the aid of the Departmental Interpretation and Practice Notes No. 39 (Revised) ("DIPN 39") issued by the Hong Kong Inland Revenue Department) in Hong Kong.
From a Hong Kong and overseas perspectives, whether the current laws are sufficient to regulate cryptocurrencies and NFTs, and whether the IRD should revise the DIPN 39 again and/or whether the Hong Kong government should introduce new tax law to tax cryptocurrencies and NFTs will be discussed as well.
This panel of speakers will offer insight to the legal and taxation issues.