"Hong Kong Recognizes Bitcoin and Ethereum as Assets for Investment Immigration... First Approval Case"
Summary
- It was announced that Bitcoin and Ethereum were recognized as assets for investment immigration in Hong Kong for the first time.
- It was reported that there was a case where Ethereum worth 30 million Hong Kong dollars was submitted as proof of assets and received approval for investment immigration.
- While stock investment was common, the recognition of virtual assets has created a new investment option.
The first case where Bitcoin (BTC) and Ethereum (ETH) were recognized as assets in Hong Kong's investment immigration review has been confirmed.
On the 8th, virtual asset (cryptocurrency) specialized media Wu Blockchain, citing sources, reported, "On the 7th, an investor submitted Ethereum worth 30 million Hong Kong dollars (approximately 5.6 billion KRW) as proof of assets and received approval for investment immigration." Previously, Hong Kong also recognized Bitcoin as an asset for the first time in a review last October.
According to the media, most of these applicants are known to be from mainland China. Applicants must store their assets in a cold wallet or major exchanges like Binance.
Meanwhile, to apply for investment immigration to Hong Kong, one must prove possession of assets worth more than 30 million Hong Kong dollars and invest the same amount in Hong Kong within six months. Previously, stock investment was common.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
