Crypto for Residency? Hong Kong Quietly Accepts Bitcoin & Ether as Wealth Proof

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For the first time, the Hong Kong government has addressed the role of cryptocurrencies in its immigration investment scheme after reports surfaced of Bitcoin and Ether being accepted as proof of wealth.

Crypto Used in Residency Applications
Clement Siu, a Hong Kong-based certified public accountant, revealed that he had handled two cases where clients used cryptocurrencies to demonstrate their financial standing for the New Capital Investment Entrant Scheme (New CIES).

While cryptocurrencies are not an approved investment class under the scheme, Siu’s experience suggests that crypto holdings can still be used as proof of wealth, signaling their growing recognition as mainstream assets.

Hong Kong Keeps Its Crypto Rules Ambiguous
When questioned, InvestHK, the agency overseeing the New CIES applications, stated that there are “no specific requirements” regarding the type of assets applicants can present. However, it did not confirm whether crypto assets were officially accepted.

Siu explained:
“InvestHK never explicitly said whether crypto assets are acceptable or not, but they encouraged us to try—so we did.”

Hong Kong’s Push to Be a Crypto Hub
Hong Kong relaunched the New CIES in March 2024, requiring applicants to prove they control at least HK$30 million ($3.9 million) in assets and invest in government-approved categories to obtain residency.

As the city competes with Singapore and Dubai to become a global crypto hub, industry experts see this quiet acceptance of digital assets as a sign of progress.

“Recognizing crypto as proof of wealth puts it on par with traditional assets in Hong Kong, marking a major step toward the mainstream adoption of virtual assets,” said Jupiter Zheng, a partner at HashKey Capital.

Potential Loopholes & China’s Capital Controls
Hong Kong’s investment residency program is not open to mainland Chinese citizens, but analysts note that some applicants may bypass these restrictions by obtaining residency in a third country first.

For instance, Siu mentioned that one of his clients, who used Ether as proof of wealth, was a Chinese national with residency in Guinea-Bissau.

Hong Kong government data from June 2024 shows that nearly 80% of the 250+ New CIES applicants were from Guinea-Bissau or Vanuatu, raising concerns about potential capital flight from China.

While Hong Kong remains vague about its stance on crypto in immigration applications, its willingness to consider digital assets as proof of wealth reinforces the city’s ambitions to be a global leader in virtual finance.

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