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Hong Kong Approves Bitcoin, Ethereum for Investment Immigration Applications
The city of Hong Kong has made a significant move by approving Bitcoin and Ethereum as valid proof of assets for investment immigration applications. This landmark decision marks a crucial step in the global recognition of cryptocurrencies as a viable asset class.
According to recent reports, two applicants from mainland China have successfully utilized their cryptocurrency holdings to secure residency in Hong Kong. The first instance involved an applicant presenting HK$30 million worth of Ethereum, while the second case saw Bitcoin being used as proof of assets worth the same amount.
It’s essential to note that these successful applications were preceded by a one-month deliberation period on behalf of authorities. This cautious approach is not surprising, considering the relatively recent integration of cryptocurrencies into financial and legal frameworks across Asia.
Hong Kong’s decision aligns with the growing acceptance of digital assets in the region. The report highlights how retail Bitcoin activity in the Asia-Pacific area has been expanding at a faster rate than its counterparts in the U.S. or Europe since Bitcoin’s 2022 cycle low. Furthermore, it is interesting to see that the supply of Bitcoin in APAC grew by 6.4% year-over-year compared to the declines recorded in the U.S. and Europe.
It is crucial for those seeking residency through investment immigration to comprehend that their digital assets must be stored securely on major exchanges or in cold wallets to meet program requirements.
