Hong Kong Allows Bitcoin and Ether as Proof of Wealth for Investment Visas

Hong Kong Recognizes Bitcoin and Ether as Valid Proof of Wealth for Investment Visas

Hong Kong has officially accepted Bitcoin and Ether as legitimate proof of assets for investment immigration applications under the New Capital Investment Entrant Scheme (New CIES). This allows applicants to use their crypto holdings to meet the HK$30 million (approximately $3.8 million) requirement for residency.

This move was first seen in October 2024, with a second approval following on February 7, 2025. The approval process was handled by the Hong Kong Investment Promotion Agency and Invest Hong Kong. Applicants were required to submit reports certified by professional accountants, verifying their cryptocurrency holdings. For example, accountant Xiao Yaohe confirmed on RedNote that he signed a report for an applicant holding HK$30 million worth of ETH, which was then approved.

The New CIES Framework for Foreign Investments

The New CIES is designed to attract foreign investment by requiring applicants to invest HK$30 million in local assets within six months of approval. While the scheme traditionally accepts investments in stocks and bonds, it remains unclear whether direct cryptocurrency holdings or crypto-related financial products like ETFs will qualify.

The first crypto-based application prompted a month-long internal review before receiving approval. Applicants are required to secure their digital assets either in cold wallets or on reputable exchanges such as Binance to ensure regulatory compliance and security.

Currently, two more applications using cryptocurrency as proof of assets are under review.

Hong Kong’s Path to Becoming a Global Crypto Hub

Hong Kong's decision to accept cryptocurrencies as proof of wealth for investment visas reflects its commitment to becoming a global crypto hub. The approval aligns with the territory's efforts to attract foreign investment and talent in the digital assets sector.

In December 2024, legislator Wu Jiexhuang proposed including Bitcoin in Hong Kong's national reserves, noting that it could help bolster financial security within the “one country, two systems” framework. He also stressed the importance of studying the impact of US-based Bitcoin ETFs on Hong Kong's economy.

The Securities and Futures Commission (SFC) has been advancing its crypto regulatory framework. On January 27, 2025, the SFC issued operational licenses to PantherTrade and YAX, two crypto trading platforms based in Hong Kong, under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).

Although progress has been made, the registration process for crypto entities remains slow. Since the licensing initiative began in mid-2014, the SFC has issued only seven crypto licenses. The SFC’s thorough evaluation process includes on-site reviews focusing on client asset protection, KYC procedures, and cybersecurity measures, ensuring high standards in the market.

At present, only Bitcoin, Ether, Avalanche (AVAX), and Chainlink (LINK) are legally available for trading in Hong Kong, indicating a cautious approach to integrating digital assets into the market.