Hong Kong now formally recognizes Bitcoin (BTC) and Ethereum (ETH) as valid proof of assets for its investment immigration scheme. This significant policy shift was confirmed following the successful approval of two applicants from mainland China who used these cryptocurrencies to meet the financial requirements.
Understanding Hong Kong’s Investment Immigration Program
The Hong Kong Investment Migration Scheme requires applicants to demonstrate ownership of assets worth at least HKD 30 million (approximately USD 3.85 million). Upon approval, applicants must invest this amount within six months in permitted asset classes, which traditionally included stocks, bonds, or other regulated financial instruments.
Successful applicants receive an initial two-year visa. Renewals are granted in a 2-2-3 year pattern, contingent on maintaining the qualifying investment throughout the period until eligibility for permanent residency is established.
Breakthrough Cases: Crypto in Immigration
The acceptance of cryptocurrency was highlighted by Hong Kong-based accountant Xiao Yaohe on February 7, 2025. He revealed that one client successfully used Ethereum holdings valued at HKD 30 million as proof of assets. In a separate case, another applicant gained approval by demonstrating significant Bitcoin holdings.
These cases represent the first known instances where the Hong Kong Investment Promotion Agency approved immigration applications using cryptocurrencies as the primary asset proof. Reports indicate the agency undertook a month of internal deliberation before granting approval for the first crypto-based application.
Currently, at least two more applicants are awaiting approval based on their cryptocurrency holdings.
Regulatory Requirements for Crypto Assets
To qualify under the immigration scheme, cryptocurrency assets must be held in a manner that satisfies regulatory scrutiny. Acceptable storage methods include accounts with major, reputable cryptocurrency exchanges or secure cold wallets. The authorities are expected to emphasize the importance of demonstrating clear ownership and the legitimate source of funds used to acquire the crypto assets, a standard practice in such financial assessments.
This approach aligns with jurisdictions like Singapore, which has a longer history of accepting cryptocurrencies for similar immigration purposes while also mandating strict proof of initial fund sourcing.
Asia-Pacific’s Growing Retail Crypto Engagement
This policy change in Hong Kong coincides with a broader surge in retail cryptocurrency activity across the Asia-Pacific (APAC) region. A recent 2025 report from Gemini, prepared in collaboration with GlassNode, noted that retail Bitcoin trading growth in APAC is now outpacing that of the United States and Europe, especially when excluding the influence of large institutional flows and Exchange-Traded Fund (ETF) activity.
The report analyzed trading timestamps and linked BTC activity to regional working hours, concluding that retail participation in APAC is expanding at a significantly higher rate. Since the market low in December 2022, the APAC region's share of the Bitcoin supply has grown by 6.4%. In contrast, the U.S. share declined by 5.7%, and Europe's share decreased by 0.7% during the same period.
Saad Ahmed, Head of APAC Business at Gemini, attributed this growth to clearer regulatory frameworks in key Asian markets like Singapore and South Korea, which encourage individual investors to participate more actively in the crypto ecosystem.
Strategic Implications for Investors
Hong Kong’s move signals its intent to solidify its position as a forward-looking financial hub, embracing technological innovation in finance. For high-net-worth individuals, it provides a new avenue for portfolio diversification while pursuing residency.
Potential applicants should consider the volatility of cryptocurrencies and ensure their holdings comfortably exceed the minimum threshold to account for market fluctuations during the application and investment period. Consulting with a financial advisor and immigration specialist knowledgeable in both domains is highly recommended.
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Frequently Asked Questions
What cryptocurrencies are accepted for the Hong Kong investment immigration scheme?
As of now, Bitcoin (BTC) and Ethereum (ETH) are the only cryptocurrencies known to have been accepted in approved applications. The government may consider other major cryptocurrencies on a case-by-case basis.
How must the cryptocurrency assets be stored to be acceptable?
Assets must be held in secure, verifiable ways. This typically means holding them in accounts with major, well-established cryptocurrency exchanges or in private cold wallets. The applicant must provide clear proof of ownership and control.
Is proof of the source of funds required for cryptocurrency holdings?
Yes. While not explicitly detailed in the initial cases, standard financial due diligence applies. Applicants must be prepared to demonstrate that the funds used to acquire the cryptocurrency were obtained legally.
How long does the application process take when using crypto assets?
The first application using crypto assets involved an additional month of internal review by the authorities. While processing times may vary, applicants should anticipate a thorough vetting process.
Does this policy apply to applicants from all countries?
The investment immigration scheme is open to foreign nationals, including those from mainland China, as demonstrated in the initial cases. Specific eligibility criteria beyond the investment requirement apply.
Can the crypto assets be sold after the visa is granted?
No. The requirement is to maintain the qualifying investment throughout the visa period until permanent residency is secured. The value of the investment must be maintained, which may require additional capital if the crypto market value decreases significantly.