Hong Kong has taken a groundbreaking step by recognizing Bitcoin and Ethereum as valid assets for investment immigration applications.
In a significant development highlighting the region's growing acceptance of digital assets, reports indicate that the Hong Kong government has given the green light to at least two applicants who leveraged Bitcoin and Ethereum to fulfill the investment immigration criteria.
Xiao Yaohe, a renowned accountant, disclosed that one of his clients successfully met the requirements set by the Hong Kong Investment Promotion Agency by showcasing Ethereum valued at HK$30 million (around $3.8 million).
In a separate case, an applicant, whose application got the nod in October 2024, utilized Bitcoin to satisfy the stipulated conditions. While specific details remain confidential, it is speculated that both applicants could be from mainland China.
These recent approvals signify a pivotal moment in the integration of cryptocurrencies into Hong Kong's immigration regulations.
Authorities shared that the decisions were made following thorough deliberations and revealed that two more individuals had submitted their cryptocurrency holdings as part of their applications.
To qualify for investment immigration status, candidates must demonstrate ownership of assets worth no less than HK$30 million ($3.85 million) and commit to investing an equal sum in Hong Kong within six months.
The government mandates that crypto assets should be stored in cold wallets or held on reputable exchanges like Binance.
While past investment immigration schemes in Hong Kong primarily revolved around stocks, the eligibility of direct cryptocurrency investments or crypto-based exchange-traded funds (ETFs) under these new criteria remains uncertain.
Successful applicants are initially granted a two-year visa, subject to three renewals before the possibility of attaining permanent residency. Authorities will monitor the applicants' asset holdings throughout this process to ensure compliance.
This bold move underscores Hong Kong's aspirations to solidify its stance as a global hub for digital finance. The city has consistently prioritized regulatory frameworks for stablecoins and crypto exchanges, reinforcing its prominence in the digital asset sector across Asia.
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