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Hong Kong's government, for the first time, has responded to queries about cryptocurrencies being used as proof of wealth within its immigration scheme.
According to Reuters, local certified public accountant Clement Siu revealed he has handled two cases where bitcoin and ether were accepted as proof of clients' assets. Although cryptocurrencies are not approved assets for direct investment under the New Capital Investment Entrant Scheme (New CIES), these instances suggest a growing recognition of digital assets as mainstream.
InvestHK, which oversees the New CIES applications, stated there are "no specific requirements" regarding asset classes, leaving room for cryptocurrencies as potential proof of wealth. The New CIES, relaunched in March 2024, requires applicants to demonstrate control over assets worth at least HK$30 million ($3.9 million), which must then be invested in approved assets to gain residency.
Despite not commenting on Siu's cases specifically, InvestHK's open stance on asset types indicates a broader acceptance of virtual assets. This move positions Hong Kong in the competition with regional rivals like Singapore and Dubai to be a global hub for virtual assets.
Jupiter Zheng, a partner at HashKey Capital, remarked that accepting virtual assets as proof shows their equivalence to traditional assets in Hong Kong, marking a significant step in their mainstreaming. However, the scheme excludes mainland Chinese applicants unless they secure permanent residence in a third country, potentially raising concerns over evasion of China's capital controls.
Siu's disclosure included a case where a Chinese national, holding Guinea-Bissau residency, used ether as wealth proof. Hong Kong government data from June revealed that nearly 80% of the over 250 New CIES applicants were from Guinea-Bissau or Vanuatu. The inclusion of cryptocurrencies in wealth verification processes underscores the evolving landscape of asset classification in immigration policies.
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