Crypto enthusiasts in Hong Kong have good news. Hong Kong government has officially announced Bitcoin and Ethereum as valid proof of assets for investment immigration applications, representing a crucial step in the nation’s embrace of digital finance.
Hong Kong Opened Doors For Crypto Investors
Colin Wu has reported that at least two candidates who met the investment immigration requirement using Bitcoin and Ethereum have been approved by the Hong Kong authorities.
An accountant, Xiao Yaohe disclosed that one of his customers obtained approval from the Hong Kong Investment Promotion Agency by providing assets with Ethereum worth HK$30 million (about $3.8 million).
Bitcoin was utilized by another applicant to satisfy the criterion, and their request was granted in October 2024. Both applicants may be from mainland China, according to the source, though specifics are still unknown. The acceptance of cryptocurrencies under Hong Kong’s immigration laws has undergone a significant change with these approvals.
According to the Hong Kong authorities, they reached these decisions after numerous internal discussions. The authorities also revealed that there are two more individuals who have submitted cryptocurrency holdings as part of their application processes.
Stocks have historically been the main focus of investment immigration to Hong Kong. it is still unclear, though, if these new permits would apply to direct cryptocurrency investments or cryptocurrency-based exchange-traded funds (ETFs).
A 2-year visa is initially granted to successful applicants, and it must be renewed three times before permanent status may be obtained. Throughout this time, authorities will keep an eye on asset holdings to guarantee compliance. This action demonstrates Hong Kong’s desire to solidify its standing as a major international center for digital banking.
As the pioneer in Asia’s digital asset market, the city has given a legal framework for stablecoins and cryptocurrency exchanges top priority throughout the years.
Eligibility For Investment Immigration
The government of Hong Kong has officially accepted bitcoin as proof of assets for investment immigration applications. However, not everyone is eligible for this option. There are certain criteria that individuals applying for investment immigration must meet certain criteria to be eligible for investment immigration applications.
Individuals applying for investment immigration should prove that they hold at least HK$30 million ($3.85 million) in digital assets and commit to investing the same amount in Hong Kong within 6 months.
The government requires that all the crypto assets should be stored in cold wallets or kept in reputable cryptocurrency exchanges like Binance.
Legal Landscape Of Cryptocurrency In Hong Kong
At the moment, Hong Kong lacks a unique legislative framework that oversees crypto assets, thus there isn’t a single regulatory authority in charge of them. Nonetheless, some financial authorities, including the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA), and the Insurance Authority (IA), have released guidelines about crypto assets.
The SFC will regulate a crypto asset as a security in line with the Securities and Futures Ordinance (SFO) and other applicable laws and regulations if it possesses the qualities of a security as defined by the SFO. additionally, crypto assets that are securities may also be subject to the laws of Hong Kong.