Michaela
Hong Kong has reportedly begun accepting cryptocurrency holdings as legitimate proof of assets for investment immigration applications under its New Capital Investment Entrant Scheme.
The Hong Kong government now permits applicants to use digital assets, including Bitcoin (BTC) and Ethereum (ETH), to fulfill the HK$30 million (approximately $3.8 million) financial requirement for residency under its new visa program aimed at high-net-worth individuals.
A spokesperson for Invest Hong Kong, the government agency responsible for attracting foreign investments, stated that applicants must prove ownership of net assets over a designated period to qualify for the visa.
While there are no restrictions on asset types, a chartered public accountant must certify a valuation report to validate the holdings.
The first successful application was approved in October 2024, followed by a second approval on February 7.
According to Wu Blockchain, it remains uncertain whether investments in cryptocurrency ETFs or direct holdings of digital assets will fulfill the program’s eligibility criteria.
According to Hong Kong accountant Xiao Yaohe after a month of internal discussions, the Hong Kong Investment Promotion Agency approved the application, marking a milestone in the recognition of digital assets for investment immigration.
Along with the two successful applicants, two more individuals are currently in the process of using cryptocurrency as proof of assets for their applications. To meet the requirements, their crypto holdings must be stored in cold wallets or on major exchanges like Binance.
Under the program, applicants receive an initial visa valid for two years. To qualify for permanent residency, they must renew their visa in a 2-2-3 sequence while demonstrating continued ownership of the required investment assets.
The acceptance of cryptocurrencies as proof of wealth for investment visas emphasizes Hong Kong’s commitment to fostering digital asset innovation. This move is part of Hong Kong’s broader strategy to attract global investment and talent, reinforcing its ambition to become a leading crypto hub.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
