Hong Kong Embraces Crypto: Bitcoin and Ethereum Now Valid for Residency Visa Applications
In a groundbreaking move, Hong Kong has officially recognized Bitcoin (BTC) and Ethereum (ETH) as valid proof of assets for its investment immigration program, marking a significant step toward integrating cryptocurrencies into its financial and regulatory framework. This policy shift, confirmed by the Hong Kong Investment Promotion Agency and Invest Hong Kong, positions the city as a global leader in embracing digital assets and reinforces its ambition to remain a premier financial hub. Here’s what this development means for high-net-worth crypto investors and Hong Kong’s evolving role in the digital economy.
A New Era for Investment Immigration
Hong Kong’s Capital Investment Entrant Scheme (CIES) allows wealthy individuals to apply for residency by demonstrating a net worth of at least HK$30 million (approximately US$3.8 million) and investing an equivalent amount in approved assets within six months. Historically, the program accepted traditional assets like stocks, bonds, and real estate. However, recent cases have expanded the scope to include cryptocurrencies, specifically Bitcoin and Ethereum.
The first successful case occurred in October 2024, when an applicant from mainland China used Bitcoin holdings to meet the financial threshold. A second approval followed on February 7, 2025, with another applicant leveraging HK$30 million in Ethereum, as confirmed by Hong Kong-based accountant Xiao Yaohe. These approvals signal a progressive shift, allowing crypto investors to use their digital wealth to secure residency in one of Asia’s most dynamic financial centers.
Strict Requirements for Crypto Assets
While Hong Kong’s acceptance of Bitcoin and Ethereum is a milestone, the process is tightly regulated to ensure transparency and compliance. Applicants must adhere to the following criteria:
- Asset Storage: Cryptocurrency holdings must be stored in cold wallets or on major, regulated exchanges like Binance to ensure security and traceability.
- Verification: A chartered public accountant must provide a signed valuation report confirming the market value of the digital assets at the time of application. Applicants are also required to submit transaction histories and proof of ownership to prevent fraud.
- Investment Conversion: While crypto can be used to prove wealth, the subsequent HK$30 million investment must be made in “permissible assets” such as stocks, bonds, or real estate, not cryptocurrencies or crypto-based ETFs. This requirement ensures that digital assets are converted into traditional investments within six months of approval.
These measures reflect Hong Kong’s cautious yet forward-thinking approach, balancing innovation with robust anti-money laundering (AML) and know-your-customer (KYC) regulations.
Why This Matters
Hong Kong’s decision to accept Bitcoin and Ethereum for residency applications has far-reaching implications:
- Legitimizing Cryptocurrencies: By recognizing BTC and ETH as valid proof of wealth, Hong Kong is legitimizing digital assets in a way that few jurisdictions have. This move could drive institutional demand for cryptocurrencies and encourage other countries to adopt similar policies.
- Attracting Crypto Wealth: The policy targets high-net-worth individuals whose wealth is tied to digital assets, offering them a clear pathway to residency. With over 750 applications recorded for the CIES earlier this year, Hong Kong is poised to attract significant capital inflows from crypto-affluent investors.
- Competitive Edge: Hong Kong is competing with other financial hubs like Singapore, which has long accepted cryptocurrencies for similar programs but requires proof of the initial source of funds. Hong Kong’s more streamlined approach could give it an edge in attracting global talent and investment.
Hong Kong’s Broader Crypto Ambitions
This policy is part of Hong Kong’s broader strategy to establish itself as a global digital finance hub. The city has taken several steps to integrate cryptocurrencies into its financial system:
- Regulatory Framework: The Securities and Futures Commission (SFC) has issued licenses to nine virtual asset trading platforms, including PantherTrade and YAX in January 2025. Only four cryptocurrencies—Bitcoin, Ethereum, Avalanche (AVAX), and Chainlink (LINK)—are currently approved for trading, reflecting a cautious but progressive stance.
- Policy Advocacy: Hong Kong legislator Johnny Ng Kit-chong has pushed for faster adoption of crypto regulations, including stablecoin initiatives and a proposed Digital Asset Office. In December 2024, legislator Wu Jiexhuang suggested including Bitcoin in the city’s national reserves to bolster financial security.
- Market Growth: A February 2025 report by Gemini and Glassnode noted that retail Bitcoin transactions in the Asia-Pacific region, excluding ETF activity, are growing faster than in the U.S. and Europe, with Hong Kong contributing to a 6.4% year-over-year increase in Bitcoin supply.
These efforts underscore Hong Kong’s commitment to fostering a safe and thriving digital asset ecosystem while maintaining rigorous oversight.
Challenges and Considerations
Despite the opportunities, there are challenges to navigate:
- Market Volatility: The volatile nature of cryptocurrencies poses risks, as asset values can fluctuate significantly between application and verification. Applicants must ensure their holdings consistently meet the HK$30 million threshold.
- Regulatory Evolution: Hong Kong’s crypto policies are still evolving, and further clarification is needed on whether other cryptocurrencies or crypto-based investments will qualify in the future. The government is currently evaluating its stance on these assets.
- Compliance Burden: Proving ownership and traceability of crypto assets can be complex due to their pseudonymous nature. Applicants must provide thorough documentation to avoid rejections, which could deter some investors.
A Global Precedent?
Hong Kong’s acceptance of Bitcoin and Ethereum for residency visas sets a precedent that could reshape global investment immigration standards. As cryptocurrencies gain mainstream acceptance, other jurisdictions may follow suit, creating more inclusive pathways for digital asset holders. For now, Hong Kong is leading the charge, offering crypto investors a regulated and strategic base in Asia.
For high-net-worth individuals looking to leverage their Bitcoin or Ethereum holdings, Hong Kong’s CIES provides a unique opportunity. Successful applicants receive an initial two-year visa, renewable in a 2-2-3-year cycle, with the potential for permanent residency if investments are sustained. With two additional crypto-based applications currently under review, the program’s popularity is likely to grow.
Conclusion
Hong Kong’s decision to recognize Bitcoin and Ethereum as proof of assets for residency visas is a bold step toward integrating digital currencies into its financial system. By offering a clear and regulated pathway for crypto investors, the city is not only modernizing its immigration policies but also cementing its status as a global hub for financial innovation. As the world watches, Hong Kong’s move could inspire a broader shift in how cryptocurrencies are perceived and utilized in investment migration, paving the way for a more dynamic and inclusive financial future.
For those interested in applying, consult with certified professionals to navigate the program’s strict requirements and ensure compliance. Hong Kong is open for business—and now, it’s open for crypto.