The Hong Kong Investment Promotion Agency for the first time, recognized Bitcoin and Ethereum as viable proof of Assets. The Agency endorsed an applicant who showed his Bitcoin and Ethereum assets as proof of funds eligible for immigration.
Hong Kong accountant Xiao Yaohe revealed the historic development stating that a client with Ethereum worth 30 million Hong Kong dollars as asset proof was approved by the Hong Kong Investment Promotion Agency.
The approval followed a similar approval in October 2024 for a client who showed his Bitcoin assets as proof in the same stage of the process. This was the first recorded case of a digital asset used for proof of funds.
The Two clients applying for Investment immigration status in Hong Kong are from mainland China highlighting the economic impact of Chinese immigrants on the Hong Kong Economy.
Investment Immigration in Hongkong
The Investment Immigration status in Hong Kong is a highly sought-after immigrant status available to investor-class immigrants with plans of investing in Hong Kong’s economy.
Xiao Yaohe explained to Wu Blockchain that, specifically, to apply for investment immigration in Hong Kong, the applicant is expected to prove that he holds more than HK$30 million in assets and then plans to invest the same amount in Hong Kong within six months.
The go-to investment vehicle in the past was the Hong Kong Stock Exchange. It is still uncertain whether investing in cryptocurrencies or ETFs qualifies clients for this immigration status.
The applicant is issued a 2-year visa if successful and is expected to renew it after 3 years to ensure the investment requirements peculiar to the immigration status are met.
In the broader Asian Economy, Singapore is believed to be another country that accepts cryptocurrencies as viable proof of funds.
Cryptocurrency in the Asian continent is a mixed bag at the moment, with certain Key Asian countries legalizing it while some like China banned the technology.
Despite the ban in China, the black market and over-the-counter crypto industry thrives doing billions worth of transactions every year.
