Hong Kong Endorses Bitcoin as Official Asset Verification for Investors!

The authorities in Hong Kong have reportedly acknowledged Bitcoin and Ethereum as legitimate proof of assets for investment immigration submissions.

This significant step indicates the region’s growing openness towards digital assets in its financial framework.

Hong Kong Clears the Path for Crypto Investors in Immigration Submissions

As per reports from Colin Wu, the Hong Kong government has sanctioned at least two applicants who utilized Bitcoin and Ethereum to fulfill the investment immigration criteria.

Xiao Yaohe, an accountant, disclosed that one of his clients obtained approval from the Hong Kong Investment Promotion Agency by presenting Ethereum, estimated at HK$30 million (around $3.8 million), as proof of funds.

Another applicant, whose application was granted in October 2024, utilized Bitcoin to satisfy the requirement. While specific particulars remain private, sources indicate both applicants might be from mainland China.

These approvals signify a pivotal moment for cryptocurrency acceptance in Hong Kong’s immigration regulations.

Officials confirmed that these decisions were made following thorough internal discussions. They also revealed that two additional individuals had included cryptocurrency assets in their application processes.

To qualify for investment immigration, applicants must demonstrate ownership of assets worth at least HK$30 million ($3.85 million) and pledge to invest the same amount in Hong Kong within six months.

The authorities stipulate that crypto assets must be stored in cold wallets or maintained on reputable exchanges like Binance.

Traditionally, investment immigration in Hong Kong has mainly focused on stocks. Nonetheless, it remains uncertain whether direct cryptocurrency investments or crypto-based exchange-traded funds (ETFs) will be eligible under these new approvals.

Successful applicants are initially granted a two-year visa, which requires three renewals before achieving permanent residency. Authorities will evaluate asset ownership throughout this period to ensure compliance.

This initiative represents Hong Kong’s aspiration to enhance its status as a worldwide center for digital finance. Over the years, the city has emphasized regulatory frameworks for stablecoins and crypto exchanges to solidify its leadership in Asia’s digital asset arena.