The Hong Kong government has acknowledged the use of cryptocurrencies as proof of wealth for its New Capital Investment Entrant Scheme (New CIES). This marks the first official response after a local accountant revealed cases where Bitcoin and Ether were accepted to verify clients’ financial standing.
Expert Insights on Crypto Acceptance
Clement Siu, a certified public accountant based in Hong Kong, shared that he handled two cases where digital assets played a role in proving financial eligibility for immigration. Though cryptocurrencies are not listed as approved assets for direct investment, Siu’s cases indicate their increasing acceptance in financial evaluations.
Government Stance and Policy Ambiguity
InvestHK, the government body managing New CIES applications, stated there are “no specific requirements” on asset classes. While it did not explicitly confirm or deny crypto acceptance, Siu noted: “InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried.”
Hong Kong’s Competitive Edge in Virtual Assets
As Hong Kong competes with financial hubs like Singapore and Dubai to establish itself as a leader in virtual assets, experts see this development as a positive sign. “Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong,” said Jupiter Zheng, a partner at HashKey Capital.
Mainland Chinese and Capital Controls
The New CIES is not open to mainland Chinese applicants, but analysts note that some individuals bypass this restriction by securing permanent residence in a third country. Government data from June revealed that nearly 80% of the 250+ New CIES applicants came from Guinea-Bissau or Vanuatu, including a Chinese national who used Ether as proof of wealth.