Hong Kong Confirms Immigrants Can Use Bitcoin and Ethereum to Prove Net Worth for Investment Visa
Hong Kong now allows wealthy immigrants to prove their net worth using Bitcoin and Ethereum. A spokesperson for Invest Hong Kong (InvestHK) confirmed this development in a recent statement. According to the spokesperson, wealthy individuals can use crypto holdings, like Bitcoin and Ethereum, when applying for a visa under the Capital Investment Entrant Scheme (CIES). Under this initiative, applicants must show a minimum net worth of HK$30 million ($3.8 million) and demonstrate their willingness to invest the same amount in Hong Kong within six months. Before now, the CIES program only accepted traditional financial instruments, such as stocks and bonds, as proof of net worth. However, a recent update now allows immigrants to use their crypto holdings, including Bitcoin and Ethereum, as proof of net worth for investment visa applications. Recent Adoptions and Requirements Interestingly, some migrants are already using their crypto holdings to prove their net worth under the CIES program. Earlier this month, one investor met the CIES threshold using Ethereum. Similarly, another individual used Bitcoin in October 2024 to prove their net worth while applying for an investment visa in Hong Kong. Meanwhile, investors using crypto holdings must adhere to strict procedures to ensure compliance. A certified public accountant must assess and issue a valuation report for the crypto assets held in a regulated exchange or cold storage. Afterward, the migrants must invest another $3.8 million in Hong Kongs permissible assets within six months. According to an InvestHK spokesperson, Hong Kong does not consider cryptos permissible assets. Therefore, applicants would have to use any of the accepted payment methods for this investment. Commenting on the development, David Cameron, the Managing Partner of David Cameron Law Firm, disclosed that more individuals have shown significant interest in the CIES program since its launch. As of January, 750 applications were under review, with some of these applicants expected to prove their net worth using cryptos. Growing Acceptance of Cryptos in Hong KongMeanwhile, Hong Kong has remained a leader in state adoption of digital currencies and blockchain technology. Like the United States, Hong Kong has also approved multiple spot Bitcoin and Ethereum exchange-traded funds (ETFs). The region has also issued licenses to nine crypto trading platforms, with four exchanges receiving greenlight in December 2024. Earlier this month, Hong Kong legislator Johnny Ng Kit-chong urged the region to follow the United States to evaluate the possible creation of a Strategic Bitcoin Reserve (SBR) and other pro-friendly crypto regulations.
Text source: The Crypto Basic
