Hong Kong investment visa program now accepts Bitcoin alongside Ethereum as proof of wealth for its applicants.
The policy shift creates fresh crypto investment-based residency pathways which reinforces Hong Kong’s position in the digital financial market.
Hong Kong’s Investment Visa Allows BTC and ETH as Proof of Net Worth
According to a recent announcement, Hong Kong expanded its Capital Investment Entrant Scheme (CIES).
It now accepts Bitcoin (BTC) and Ethereum (ETH) cryptocurrency as documentation that demonstrates an applicant’s financial value.
High-net-worth individuals now have the option to fulfill HK$30 million ($3.8 million) financial requirements for the scheme through their cryptocurrency assets.
Foreign investors can qualify for residency under the CIES program through financial requirements and asset investment within six months.
Before this change, traditional financial tools like stocks, bonds, and real estate acted as the only accepted assets.
Crypto Asset Valuation for Eligibility
More so, the verification procedure demands strict compliance for all applicants who use crypto holdings for scheme participation.
Certified accountants need to evaluate digital assets before confirming their value based on market-established prices at the time of application.
The financial transparency requirement exists to stop fraudulent data submissions through verifiable data assessment.
Additional regulatory standards require approved crypto to exist either in cold wallets or on regulated exchanges.
The precaution serves to minimize security risks while protecting against market fluctuations.
To prove ownership legitimacy applicants must show evidence and transaction history of their assets in addition to ownership documentation.
Will Hong Kong Consider Bitcoin Strategic Reserve?
Amid the regulatory developments, Hong Kong legislator Johnny Ng Kit-chong advocates for immediate cryptocurrency adoption.
This includes examining Bitcoin as a strategic asset reserve. More so, he stressed that Hong Kong must keep pace with global technological progress as the United States recently approved crypto regulations.
He also highlighted the political unity in the U.S. regarding cryptocurrency, urging Hong Kong to accelerate its regulatory efforts.
Kit-chong recommended Hong Kong increase its adoption speed of stablecoins while seeking to ease limits on virtual asset trading platform functionality.
He advocated using Hong Kong’s role in the Greater Bay Area to create a stablecoin piloting program for international trading.
Additionally, he called for the creation of a Digital Asset Office to lead the expansion of virtual assets and AI development.
Meanwhile, by allowing CIES recognition of cryptocurrency assets Hong Kong demonstrates its commitment to include digital assets within standard financial business operations.
The city continues to develop a structured regulatory structure for crypto activities as part of its overall strategic effort.
The government implemented previous licensing structures that aim to monitor digital asset service providers and protect investors.
However, while Hong Kong recognizes BTC and ETH as forms of verified wealth within its system it actively limits digital asset investment functionality through its CIES regulations.
The CIES mandates that approved applicants invest their HK$30 million capital in approved financial assets.
These assets include stocks and bonds, as well as other government-accepted instruments.
The scheme does not provide direct investment status to cryptocurrencies. Therefore, the separation between investment types ensures Hong Kong financial regulatory sectors receive capital from this program.
