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Hong Kong Allows Bitcoin and Ethereum for Investment Immigration
In a significant development, Hong Kong has officially recognized Bitcoin and Ethereum investments as valid proof of assets for investment immigration applications. This move marks a major shift in the region’s stance on cryptocurrency adoption, paving the way for more individuals to utilize their digital assets for residency purposes.
According to recent reports, at least two applicants have successfully used their cryptocurrency holdings to meet the HK$30 million ($3.85 million) requirement for investment immigration. One applicant reportedly submitted Ethereum worth HK$30 million as proof of funds, while another individual utilized Bitcoin and received approval in October 2024. While authorities have not disclosed further details, sources suggest that both applicants may be from mainland China.
To secure approval, investors must demonstrate ownership of at least HK$30 million and commit to investing the same amount in Hong Kong digital finance within six months. Authorities have established specific guidelines for crypto asset approval, requiring cryptocurrency holdings to be stored in cold wallets or held on regulated exchanges such as Binance. Furthermore, officials will closely monitor asset holdings throughout the visa period to ensure compliance.
The recent approvals suggest a growing interest among investors in utilizing their crypto assets for residency purposes. This trend is likely to continue, given Hong Kong’s commitment to integrating cryptocurrencies into its financial ecosystem. The region has introduced regulations covering stablecoins, digital exchanges, and investment assets, aimed at establishing a secure framework for the adoption of digital currencies.
The development also underscores Hong Kong’s growing dominance in the digital finance sector. Recent data highlights the city’s exceptional growth rate in Eastern Asia, exceeding 75% from July 2022 to June 2023, and further increasing its lead by another 20 percentage points between July 2023 and June 2024.
Source: coinchapter.com
