"Hong Kong: Crypto Now Accepted for Immigration"

Hong Kong's immigration policies have been in the spotlight recently, with the government's stance on cryptocurrencies as proof of wealth for immigration schemes drawing attention. The Hong Kong government has responded to inquiries about the use of cryptocurrencies in its immigration scheme, offering a nuanced response that leaves the door open for digital assets to play a role in attracting global talent and capital.

The response follows public statements by Clement Siu, a Hong Kong-based certified public accountant, who revealed that he had successfully handled two immigration cases where Bitcoin and Ether were accepted as proof of a client’s assets. While cryptocurrencies are not explicitly approved for direct investment under the immigration scheme, Siu’s cases suggest they can be used as proof of a potential immigrant’s wealth, underscoring their growing recognition as a mainstream asset.

InvestHK, Hong Kong’s investment promotion department responsible for managing applications for the New Capital Investment Entrant Scheme (New CIES), stated that there were “no specific requirements” around asset classes when asked if cryptocurrencies were acceptable assets. Hong Kong relaunched an investment immigration scheme in March 2024 to attract capital, with applicants required to show they control assets worth at least HK$30 million (3.9 million) and then invest that in some approved assets in order to obtain residency.

Siu, a deputy managing partner at Global Vision CPA Limited, which issues accountant reports for immigration applicants, told Reuters that InvestHK has never said whether crypto assets are acceptable or not, but they encouraged him to give it a try. As a result, he tried using cryptocurrencies as proof of wealth in immigration applications, with some success. InvestHK did not comment specifically on the cases Siu highlighted and did not say how many immigration applications had been accepted using cryptocurrencies as proof of wealth.

Hong Kong is actively vying with regional rivals like Singapore and Dubai to establish itself as the global hub for virtual assets, making its stance on cryptocurrencies particularly significant. Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong, which is an important step in promoting the mainstreaming of virtual assets, according to Jupiter Zheng, a partner at HashKey Capital.

However, the acceptance of cryptocurrencies in the immigration process also raises potential concerns about the evasion of China’s strict capital controls. While the Hong Kong investment