Canadian crypto and Web3 startups could benefit from “lower taxes” and regulations tailored to “pre-commercial specialist technology companies,” according to an official from the Toronto Economic and Trade Office (ETO).
Hong Kong government entities dedicated to attracting foreign investments visited a tech conference in Toronto, Canada, to promote its ready-to-move technology hub for Canadian crypto and Web3 startups.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) co-hosted an event at Collision 2024 in Toronto, highlighting Hong Kong’s crypto-friendly environment.
Speaking at the event, Toronto ETO director Emily Mo emphasized the startup-friendly regulations in Hong Kong, such as lower taxes compared to Canada and the city’s willingness to collaborate with “pre-commercial specialist technology companies.” She added:
“There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology, and property technology are trending in Hong Kong and Asia these days.”
Tax Treaty Between Canada and Hong Kong
Mo noted that Canadian businesses operating in Hong Kong can access both public and private funding.
Canada and Hong Kong have had a double tax agreement in place for over a decade. This agreement aims to avoid double taxation and prevent fiscal evasion related to personal and corporate income taxes.
Summary Review: Hong Kong’s efforts to attract Canadian crypto and Web3 startups are backed by a favorable tax regime and supportive regulations. The city’s proactive approach in fostering a creative and technologically advanced environment makes it an attractive destination for emerging tech companies. As global interest in Web3 and crypto grows, Hong Kong positions itself as a leading hub for innovation and investment in these sectors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
