Hong Kong has approved the use of cryptocurrency as proof of wealth for applications for its New Capital Investment Entrant Scheme visa, further positioning the city as a local cryptocurrency hub.
Accountant Xiao Yaohe has confirmed that a client successfully used Ethereum, valued at HK$30 million (approximately $3.8 million), as proof of assets for an investment immigration application to Invest Hong Kong, the government agency responsible for attracting foreign investment.
This approval, granted on February 7, marks the second instance of cryptocurrency being recognized for this purpose in Hong Kong, with the first case occurring in October 2024. At the time, a client managed to use Bitcoin as proof of assets and was granted approval.Both applicants were reportedly from mainland China.
The news, initially shared on social media platform X, indicates a significant shift in how Hong Kong views digital currencies. Crypto journalist Colin Wu said on social media:
“For the first time, the Hong Kong government recognizes Bitcoin and Ethereum as proof of assets for investment immigration applications. So far, two cases have been approved, one for Bitcoin and the other for Ethereum holders.”
The funds, according to Wu, must either be placed on cold wallets or on major cryptocurrency exchanges like Binance for applications to be accepted.
Xiao confirmed his involvement in the recent case through a post on Chinese social media platform Xiaohongsu. “A report signed by me was issued, using ‘Ethereum’ as proof of HK$30 million in assets to apply to Invest Hong Kong, and it has been approved,” he said.
Hong Kong’s Crypto Immigration
The New Capital Investment Entrant Scheme (New CIES) requires applicants to demonstrate ownership of HK$30 million in assets before they can be considered for investment immigration.
Following approval, applicants must invest that sum within six months in eligible assets. While traditionally these investments have been in stocks and bonds, it remains unclear whether cryptocurrency exchange-traded funds (ETFs) or direct cryptocurrency holdings will be considered eligible investments under the scheme.
Currently, two additional individuals are reportedly in the application process, also using cryptocurrency as proof of assets.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
