HK recognizes BTC as proof of assets

[void]

one step forward

https://www.livebitcoinnews.com/hong-kong-approves-bitcoin-ethereum-for-investment-immigration/

 

[W Fish]

This is wise thinking.

"People need to put their assets into cold crypto storage devices or transfer them to reliable exchanges at Binance. This practice keeps assets secure for everyone to see."

Now if this storage could be of applicants choosing, for example a collateral escrow for a loan, then that would be double useful - HK might get the real investment into the working economy as well.

Definately a step in the right direction!

 

[Meta]

Hong Kong just has this weird process:
1) Demonstrate that you have 30 million $HK for a period of at least two years
2) Invest that money into Hong Kong (local stocks, real estate etc)
3) Only after the investment you can get the residence permit.

This "news" article says that crypto holdings were fine for the first step. Which means nothing as you are still supposed to liquidate and invest into traditional Hong Kong-based assets.

Honestly they should get rid of the useless first step altogether, you hardly can invest money that you don't have.

 

[OKboomer]

Hong Kong just has this weird process:
1) Demonstrate that you have 30 million $HK for a period of at least two years
2) Invest that money into Hong Kong (local stocks, real estate etc)
3) Only after the investment you can get the residence permit.

This "news" article says that crypto holdings were fine for the first step. Which means nothing as you are still supposed to liquidate and invest into traditional Hong Kong-based assets.

Honestly they should get rid of the useless first step altogether, you hardly can invest money that you don't have.

I have asked half a dozen leading real estate experts who all have confirmed it is illegal to invest in real estate with anything else than fiat HKD.

Therefore, not clear how true this "news" is. Seems to be just some lawyer submitted this as SoF and it was accepted. No HK bank I have talked to have been able how to figure out your SoW meaningfully, unless you are literally one of those 1-2% people who can claim and prove you bought a lot of BTC/ETH a decade ago and somehow held it through all the years in the wallet without meddling in any ICOs, trading, farming, defi, etc. which is almost nobody apart from some OG BTC maxis, many of whom cashed out years ago any way....

 

[Meta]

The news is not about SoW / banks / buying real estate, just that investment residence permit application. The government agency handing out the permits want to see that you have money and that you invested the money into Hong Kong. Crypto is enough to show that "you have money" but does not help with investing, you need to figure all exchange/SoW/transacting stuff independently.

 

[OKboomer]

. Crypto is enough to show that "you have money" but does not help with investing, you need to figure all exchange/SoW/transacting stuff independently.

So on its own it doesn't do much. It creates mere appearance of welcoming crypto, but step 2 (banks accepting crypto as SoW) is still missing. So sounds like PR until they facilitate proper onboarding in banks

 

[OKboomer]

So what's the point of "permitting to use crypto to prove your networth", if you still can't use the said networth to invest in HK due to banks' refusal to onboard you due to the said type of networth....

 

[daniels27]

So what's the point of "permitting to use crypto to prove your networth", if you still can't use the said networth to invest in HK due to banks' refusal to onboard you due to the said type of networth....

You can become resident.

 

[OKboomer]

You can become resident.

That is conditional on your investing that crypto in HK stockmarket or pre-approved (read overpriced) real estate deals

It is not even law, it is merely an application from a lawyer using a novel approach of verifying crypto holdings instead of the bank account. Seems that application was deemed acceptable by the government for this step.

Rest of process has not been completed. Case has not been tested.

Pro-crypto and pro-HK news outlets have misleadingly reported on this as "a new law". Quite annoying tbh...