It was reported on November 28 that Hong Kong plans to exempt private equity funds, hedge funds and investment vehicles of the super rich from paying taxes on gains from cryptocurrencies, private credit investments and other assets. This week, the Hong Kong government said in a 20-page proposal that tax is "one of the major considerations" for asset managers when deciding where to do business and that it wants to create a "conducive environment" for them. Under the proposal, the Hong Kong government hopes to expand the scope of tax-free investments to include private credit, overseas real estate and carbon emissions credits. The government is conducting a six-week consultation on the scheme. "This is an important step to enhance Hong Kong's status as a financial and cryptocurrency trading center," said Patrick Yip, deputy chairman and international tax partner at Deloitte China, who specializes in family offices. He added that some family offices in Hong Kong currently use their Up to about 20% of the portfolio is allocated to digital assets, which is “not insignificant.”