Hong Kong cases suggest crypto could be proof of assets
The government of Hong Kong has responded to questions about the use of cryptocurrencies as proof of wealth for an immigration scheme. This comes for the first time after a local accountant spoke publicly about two cases that accepted digital assets.
Clement Siu, a certified public accountant in Hong Kong, told the media about two cases he handled in which bitcoin and ether were used as proof of the assets of the clients. Under the immigration scheme, cryptocurrencies are not approved assets for direct investments but these cases suggest they could be given as proof of the wealth of a potential immigrant.
The investment promotion department, InvestHK, responsible for applications for the New Capital Investment Entrant Scheme (New CIES) revealed that there are “no specific requirements” regarding asset classes. This was in response to whether cryptocurrencies could be acceptable assets.
An investment immigration scheme was relaunched in Hong Kong in March 2024 to bring capital. Applicants are required to show that they control assets worth at least HK$30 million ($3.9 million), and invest it in an approved asset to gain residency.
“InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried,” Siu, deputy managing partner at Global Vision CPA Limited, which gives accountant reports for immigration applications, said to Reuters. Invest HK has not commented specifically on these cases and did not reveal how many applications have been accepted using cryptocurrencies as proof of wealth.
Hong Kong hopes to compete with Singapore and Dubai in becoming an international hub for virtual assets.
“Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong, this is an important step in promoting the mainstreaming of virtual assets,” said Jupiter Zheng, a partner at HashKey Capital.
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