Hong Kong has reportedly accepted cryptocurrency as proof of assets for investment immigration applications. Accountant Xiao Yaohe confirmed to journalist Wu that on Feb. 7, a client successfully used crypto worth HK$30 million ($3.8 million) as proof of assets to apply for investment immigration to the Hong Kong Investment Promotion Agency.

The application was approved, marking the second case in Hong Kong where cryptocurrency was recognized for this purpose. The first occurred in October 2024 when another client used bitcoin as proof of assets and was also granted approval, according to Wu. Both cases involved applicants primarily from mainland China. Wu shared on social media platform X on Feb. 8:

For the first time, the Hong Kong government recognizes bitcoin and ethereum as proof of assets for investment immigration applications. So far, two cases have been approved, one for bitcoin and the other for ethereum holders.

Xiao stated: “A report signed by me was issued, using ‘ethereum’ as proof of HK$30 million in assets to apply to Invest Hong Kong, and it has been approved.”

Invest Hong Kong is a government agency that promotes foreign investment and supports businesses expanding in Hong Kong. It also assists individuals applying for residency through investment under the New Capital Investment Entrant Scheme (New CIES). To apply for investment immigration, individuals must first prove ownership of HK$30 million in assets.

After approval, applicants must invest HK$30 million within six months in eligible assets. Traditionally, eligible investments have been in stocks and bonds. However, it remains uncertain whether investments in cryptocurrency exchange-traded funds (ETFs) or direct cryptocurrency holdings will meet the requirement.

Xiao further explained that when the first cryptocurrency-based application was submitted, the Hong Kong Investment Promotion Agency acknowledged it had never received such a case before. Following a month-long internal review, the application was approved. In addition to the two successful applicants, two more individuals are currently in the process of applying using cryptocurrency as proof of assets. The agency has set conditions requiring that the applicants’ digital assets be stored in cold wallets or on major exchanges such as Binance.

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