In summary:
Hong Kong has reportedly approved Bitcoin and Ethereum as valid proof of assets for investment immigration applications.
Reports indicate two applicants have successfully used crypto assets to meet the 30 million HKD requirement.
This decision reinforces Hong Kong’s ambition to become a global digital finance hub while ensuring regulatory oversight of cryptocurrencies.
Promo: Trade on BYDFi for a chance to win an iPhone 16, a Rolex watch, and more!
Hong Kong authorities have reportedly recognized Bitcoin and Ethereum as valid proof of assets for investment immigration applications.
This significant move demonstrates the region’s growing openness to including digital assets within its financial system.
Hong Kong Paves the Way for Crypto Investors in Immigration Applications
According to a report from Colin Wu, the Hong Kong government has approved at least two applicants who used Bitcoin and Ethereum to meet the investment immigration threshold. Xiao Yaohe, an accountant, revealed that one of his clients received approval from Invest Hong Kong by using Ethereum, valued at 30 million HKD (approximately $3.8 million USD), as proof of assets.
Another applicant, approved in October 2024, utilized Bitcoin to fulfill the requirement. Although specific details haven’t been disclosed, sources suggest both applicants may be from mainland China. These approvals mark a significant shift towards embracing cryptocurrencies in Hong Kong’s immigration policies.
Authorities confirmed that they made these decisions after thorough internal discussions. They also revealed that two other individuals have submitted crypto assets as part of their application process. To qualify for investment immigration, applicants must prove they hold at least 30 million HKD ($3.85 million USD) in assets and commit to investing the same amount in Hong Kong within six months. The government requires that crypto assets be held in cold wallets or with reputable exchanges like Binance.
Historically, investment immigration in Hong Kong has primarily revolved around stocks. However, it remains unclear whether direct crypto investments or crypto-based ETFs would qualify under these new approvals.
Successful applicants initially receive a two-year visa, requiring three renewals before they can apply for permanent residency. Authorities will monitor asset holdings throughout this period to ensure compliance.
This move reflects Hong Kong’s ambition to solidify its position as a global digital finance hub. In recent years, the city has prioritized regulatory frameworks for stablecoins and cryptocurrency exchanges to lead the way in Asia’s digital asset sector.
Subscribe to BeInCrypto’s Newsletter to stay updated on the latest analysis and news about the financial market in general and cryptocurrencies in particular.
All information on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Read more: If you need a product to assist with tax issues and portfolio management in crypto, check out CoinLedger
