The Hong Kong government recognizes Bitcoin and Ethereum as proof of assets in investment immigration applications

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The Hong Kong government has approved the use of BTC and Ethereum in immigration applications. Travelers can use these coins as proof of assets required by the authorities.

The move comes after two successful cases in which mainland China applicants have used crypto-holding in their residency applications.

According to the report, Hong Kong-based accountant Xiao Yaohe revealed on February 7 that the client successfully applied for investment immigration using $30 million worth of ETH as proof of assets .

In another case, one applicant was approved after presenting Bitcoin Holding as financial evidence. These cases show the first instance where Crypto has been accepted by the Hong Kong Investment Promotion Agency for such applications.

HK is becoming a more promoted economy

According to the jurisdictional assembly, Hong Kong’s investment immigration program requires applicants to demonstrate at least 30 million hours (approximately $3.85 million) of assets. Once approved, this amount should be traditionally invested within six months in stocks or other regulatory assets.

Successful applicants will initially receive a two-year visa. After that, they will need to renew their visas in 2-2-3 cycles. This ensures that your investment remains intact before you acquire permanent residency.

While Hong Kong’s movement is the first of its investment immigration programme, Singapore has long accepted cryptocurrency as an asset certificate for similar applications. However, applicants in Singapore are being asked to prove the original source of funding used to acquire a crypto-holding strategy.

Yaohe noted that when the first Hong Kong application, which includes cryptocurrency, was submitted, the investment promotion agency deliberated internally before granting approval.

Currently, two additional applicants are awaiting approval based on the crypto assets. To meet Hong Kong standards, these assets must be stored in a major exchange or cold wallet.

Surge in retail crypto activity at APAC surpasses the US and Europe

In other developments, a February 6 report from Gemini, in collaboration with GlassNode, found that retail Bitcoin transactions at APAC are growing faster than in other regions. They exclude the activities and large institutional flows of the US-led Exchange Trade Fund (ETF).

“The highlight of the digital asset ecosystem this year was the move of spot Bitcoin ETFs into the US capital markets (…) but excludes exchange and ETF flow activities and personal growth outside the US.” The report said.

The study concluded that retail engagement at APAC is expanding at a significantly higher rate after analyzing transaction timestamps and linking BTC activities to working hours in different regions.

As the survey revealed, Bitcoin supply in the APAC region has increased by 6.4% year-on-year due to the low Bitcoin cycle in December 2022. In contrast, the US fell 5.7% over the same period, while Europe recorded a slight decline of 0.7%.

Saad Ahmed, Head of APAC Business at Gemini, said clearer regulations in major Asian markets such as Singapore and South Korea encourage individual investors to participate more actively in the crypto market. I pointed it out.