The Hong Kong government has for the first time answered questions about the use of cryptocurrencies as proof of wealth for an immigration scheme after a local accountant publicly revealed two cases where the respective digital assets were accepted.
Clement Siu, a Hong Kong-based certified public accountant, told media representatives that he handled two cases in which Bitcoin and Ether were used as proof of clients’ assets.
It is worth noting that cryptocurrencies are not assets approved for direct investment under the immigration scheme. At the same time, the examples provided by Clement Siu indicate that digital currency can be used as proof of a potential immigrant’s wealth. In this case, one of the signals of the growing recognition of cryptocurrencies as a mainstream asset is observed.
Hong Kong’s investment promotion department, InvestHK, which handles applications for the New Capital Investment Entrant Scheme (New CIES), stated that there are no specific requirements for asset classes in response to a question about whether cryptocurrencies are acceptable assets.
It is worth mentioning that in March 2024, Hong Kong relaunched the investment immigration scheme to raise capital. In this case, applicants must show they control assets worth at least HK$30 million ($3.9 million), and then invest that in some approved assets to gain residency.
Clement Siu, a deputy managing partner at Global Vision CPA Limited, which issues accountant reports for immigration applicants, stated during a conversation with media representatives that earlier InvestHK had never said whether crypto assets are acceptable or not.
As we have reported earlier, Animoca Brands, Standard Chartered, HKT to Launch HKD Stablecoin.
