February 11, 2025
By Our Correspondent
There has long been doubt whether cryptocurrencies can be used as a proof of assets for immigration applications. But it seems Hong Kong immigration authorities believe it is fine to submit cryptocurrencies as a proof of assets.
Accountant Xiao Yaohe told a prominent blogger journalist Wu that on February 7, one of his clients used cryptocurrencies worth HK$30 million ($3.8mn) as proof of assets to apply for investment immigration to the Hong Kong Investment Promotion Agency.
The application was approved. This is the second case in Hong Kong where cryptocurrencies were accepted for immigration purposes.
According to Wu, the first instance happened when another client used bitcoin as proof of assets and was also granted approval.
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.
Accounted Xiao acknowledged that when the first application was made, the Hong Kong Investment Promotion Agency has never said it was the first time it was receiving such an application.
After approval, applicants must invest HK$30 million within six months in eligible assets. In the past, eligible investments have been in stocks and bonds. However, it remains to be seen whether investments in cryptocurrency exchange-traded funds (ETFs) or direct cryptocurrency holdings will meet the requirement.
