Hong Kong Accepts Bitcoin, Ether as Proof of Wealth for Investment Visas

The Hong Kong government has reportedly recognized cryptocurrency holdings as valid proof of assets for investment immigration applications.

This recognition allows applicants to use digital assets like Bitcoin (BTC) and Ether (ETH) to meet the HK$30 million (approximately $3.8 million) residency requirement under the New Capital Investment Entrant Scheme (New CIES).

The first case was approved in October 2024, with a second approval following on Feb. 7, 2025.

These applications were processed in Hong Kong, under the jurisdiction of the Hong Kong Investment Promotion Agency and Invest Hong Kong.

Applicants provided reports signed by certified accountants, verifying their cryptocurrency holdings. For example, accountant Xiao Yaohe confirmed on RedNote that he signed a report for an applicant with HK$30 million in ETH, which was subsequently approved.

The New CIES Framework for Foreign Investments

The New CIES is designed to draw foreign investment by requiring applicants to invest HK$30 million in eligible local assets within six months of approval. While traditional investments include stocks and bonds, it remains unclear whether direct crypto investments or crypto-related financial products like exchange-traded funds (ETFs) will qualify.

For the Hong Kong Investment Promotion Agency, the first crypto-based application was unprecedented, resulting in a month-long internal review before approval. Applicants are required to secure their digital assets in cold wallets or on reputable exchanges such as Binance, ensuring regulatory compliance and asset security.

Currently, two additional applications using cryptocurrency as proof of assets are underway.

Becoming a Global Crypto Hub

Approving cryptocurrencies as proof of wealth for investment visas reflects Hong Kong’s stance on digital assets, which aims to attract foreign investment and talent while positioning itself as a global crypto hub.

In December 2024, legislator Wu Jiexhuang proposed including Bitcoin in Hong Kong’s national reserves, suggesting it could strengthen financial security under the “one country, two systems” framework. He also emphasized studying the impact of US-based Bitcoin ETFs as part of this initiative.

📩 Hong Kong legislator Wu Jiexhuang has proposed leveraging the city’s “one country, two systems” framework to include Bitcoin in its national reserves.#HongKong #Bitcoinhttps://t.co/LljgPOsCyt

— Cryptonews.com (@cryptonews) December 30, 2024

The Securities and Futures Commission (SFC) of Hong Kong has also been actively advancing its crypto regulatory framework.

On Jan. 27, the SFC issued operational licenses to two Hong Kong-based crypto trading platforms, PantherTrade and YAX, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Despite this progress, the registration process for crypto entities has been slow. Since launching its licensing initiative in mid-2014, the regulator has issued a total of seven crypto licenses.

The SFC’s rigorous evaluation process includes on-site reviews focusing on client asset protection, Know Your Customer (KYC) procedures, and cybersecurity measures, ensuring high standards for market participants.

Currently, only four cryptocurrencies – Bitcoin, Ether, Avalanche (AVAX), and Chainlink (LINK) – are legally available for trading in Hong Kong, reflecting the city’s cautious approach to digital asset integration.