China-Hong Kong Web3 Partnership Deepens as India Reviews Crypto Taxes - What You Missed This Week
East meets East in a blockchain bonanza as China and Hong Kong stitch together a Web3 alliance that's got traders buzzing—while India's taxmen sharpen their pencils on crypto holdings.
Regulatory Chess Moves
Hong Kong’s pro-innovation stance gets a powerful backer as mainland China extends its technological tentacles without officially lifting the ban. Meanwhile, Delhi’s revenue agents are combing through digital ledgers—because nothing says 'progress' like retrospective taxation on decentralized assets.
Market Whiplash
Asian crypto markets pivot on every regulatory whisper—proof that geopolitics now trades 24/7 alongside Bitcoin. Hong Kong’s exchange volumes spike on partnership rumors, while Indian traders face the classic dilemma: declare profits and attract scrutiny, or hide them and risk everything.
Finance’s New Fault Lines
Watch institutional money flow where compliance feels lightest—another reminder that capital prefers loopholes to patriotism. If history repeats, this 'partnership' will enrich speculators long before it benefits actual users.
Shenzhen State Enterprise Forges Hong Kong Web3 Partnership
Shenzhen Longgang Data Company has secured exclusive mainland partnership status with Hong Kong’s Web3.0 Standardization Association. The state-owned big data firm will participate in building the world’s first RWA asset registration platform. This collaboration was officially announced following the platform’s August 7th Hong Kong launch.
The partnership aims to establish cross-border digital compliance frameworks between mainland China and Hong Kong. Both parties plan to create comprehensive services covering asset verification, trusted storage, and compliant circulation. The initiative leverages Shenzhen’s industrial foundation alongside Hong Kong’s international financial hub status.
The collaboration explores a three-tier model: mainland asset digitization, Hong Kong digital financialization, and global compliant circulation. This framework supports China’s dual circulation economic strategy, connecting domestic and international markets. The RWA platform positions Hong Kong as a key player in global Web3.0 finance infrastructure development.
India Reviews Crypto Tax Framework Amid Industry Exodus
India’s tax authority, CBDT, is consulting crypto platforms about creating dedicated VIRTUAL asset regulations. The review examines which regulators should oversee the sector, including the RBI, SEBI, or other agencies. Industry leaders criticize the current 30% flat tax and 1% transaction levy as excessive.
Crypto businesses argue that the harsh tax regime stifles innovation and prevents loss offset mechanisms. Banking restrictions under RBI and FEMA rules have deterred financial institutions from serving crypto clients. The regulatory uncertainty is driving traders and companies toward crypto-friendly jurisdictions like Dubai.
BeInCrypto’s Asian Coverage
– KAIA Chairman discusses Asia’s stablecoin strategy amid new US regulations and regional cooperation needs. Read
– OKX, Animoca, and Bithumb pursue Wall Street listings for capital, credibility, and global expansion. Read
– South Korea suspends crypto lending services, citing consumer protection concerns amid 1.5 trillion KRW volume. Read
– JPYC secures regulatory approval to launch Japan’s first licensed yen-denominated stablecoin platform. Read
More Highlights
– Wyoming debuts FRNT token across seven blockchains with reserves backing public education funding. Read
– MicroStrategy removes equity issuance safeguards, allowing stock sales below valuation, sparking investor outrage. Read
– ethereum whale wallets decline while shark addresses rise, driven by institutional accumulation and market maturation. Read
– Corporate Bitcoin treasury adoption drops to 2.8 buyers daily, while Ethereum and altcoins gain corporate interest. Read
— A Prelude to Crypto Disruption? – Robinhood launches AI Digests in the UK with potential crypto expansion after a 217% trading volume surge. Read
