Hong Kong plans to waive taxes on investment gains from cryptocurrencies and other alternative assets for hedge funds, private equity funds, and certain family offices to boost its appeal as a wealth management hub. A consultation paper circulated last week by the Financial Services and the Treasury Bureau proposes expanding capital gains tax exemptions to include overseas properties, carbon credits, private credit, and virtual assets. The exemptions would apply to privately offered funds and eligible single-family office investment vehicles. The government aims to create an environment conducive to the wealth management industry, recognizing that taxation is a key factor for firms deciding where to operate. Hong Kong also suggests extending the tax exemptions to pension and endowment funds.