Hong Kong’s recent approval of crypto assets as eligible proof for investment immigration has attracted significant attention from investors and industry professionals worldwide. This landmark decision by the Investment Promotion Department marks a major step forward in financial innovation, opening new pathways for global high-net-worth individuals holding digital assets while reinforcing Hong Kong’s position as an international financial hub.
This article explores the implications, challenges, and key players involved in this transformative policy.
Overview of the Crypto Investment Immigration Policy
Hong Kong has been actively exploring ways to integrate digital economies with traditional finance. The decision to permit crypto assets such as Bitcoin and Ethereum as valid proof of assets under the Capital Investment Entrant Scheme (CIES) is a clear reflection of this strategy.
In October 2024, the Investment Promotion Department approved the first application using Bitcoin to prove a net worth of HKD 30 million. The applicant provided comprehensive evidence including transaction records, wallet address verification, and certified reports from accredited accountants detailing the acquisition and valuation of the assets. The approval process took approximately one month.
By February 2025, a second application using Ethereum was approved—this time with a more streamlined and efficient review process. These cases set important precedents and demonstrate Hong Kong’s commitment to embracing financial innovation.
Significance of the Policy
This policy carries multiple layers of significance for investors, the financial sector, and the broader Web3 ecosystem.
Expanding Investor Accessibility
The inclusion of crypto assets significantly broadens the scope of eligible applicants. Many high-net-worth individuals around the world hold substantial digital assets but may lack traditional financial documentation. This policy offers them a new route to investment immigration in Hong Kong.
Moreover, it provides renewed opportunities for Web3 professionals and entrepreneurs who may face regulatory constraints in their home countries. Hong Kong’s welcoming stance helps attract global talent and investment.
Injecting Liquidity and Innovation into Hong Kong’s Market
The influx of crypto-based capital introduces new liquidity and diversity into Hong Kong’s financial markets. Traditionally dominated by stocks, bonds, and real estate, the market is now evolving to include digital assets.
This shift encourages local financial institutions to develop new products and services related to digital assets—such as custody solutions, index funds, and structured products—enhancing both market depth and competitiveness.
Boosting the Web3 Ecosystem
Hong Kong aims to become a global hub for Web3 innovation. By creating a supportive regulatory environment, the city attracts startups, developers, and enterprises working in blockchain and digital assets.
The legitimization of crypto assets reduces barriers to entry and encourages more participants to enter the market. This, in turn, accelerates technological adoption and positions Hong Kong at the forefront of the digital economy.
Challenges in the Approval Process
Despite its promising outlook, the implementation of this policy faces several practical challenges.
Proving Source of Funds
One major hurdle is establishing a clear and legitimate source of crypto assets. Many applicants obtain digital currencies through mining, peer-to-peer transactions, or gifts—methods that often lack conventional paper trails.
The anonymous nature of blockchain transactions further complicates the process of linking wallet addresses to real-world identities. Lost historical data from crypto exchanges adds another layer of difficulty for auditors and regulators.
Managing Market Volatility
Cryptocurrencies are known for their price volatility. The requirement to maintain a minimum asset value of HKD 30 million can be challenging when market conditions fluctuate rapidly.
Different accounting methods for valuation—such as using real-time market prices or moving averages—can lead to inconsistencies in approval criteria. A sharp market downturn during the application process could disqualify an otherwise eligible candidate.
These challenges underscore the need for robust regulatory frameworks and reliable third-party services to ensure fair and efficient processing.
The Role of HashKey in Addressing Compliance Challenges
As Hong Kong’s leading licensed digital asset platform, HashKey Exchange plays a critical role in supporting applicants through the investment immigration process.
Ensuring Transparency and Compliance
HashKey operates under full regulatory compliance with stringent KYC (Know Your Customer) and KYT (Know Your Transaction) protocols. Its anti-money laundering (AML) and counter-terrorist financing (CTF) measures ensure that all transactions are transparent and traceable.
Applicants can use verified transaction records from HashKey as reliable proof of assets, significantly simplifying the documentation process.
Providing Secure Custody and Liquidity
HashKey offers custody for over 20 major digital assets using bank-level security standards and insurance protection. This reduces custody-related risks for investors.
The platform also supports seamless fiat conversions involving HKD and USD, with over-the-counter (OTC) services accommodating large transactions up to USD 30 million. This enables applicants to easily convert digital assets into fiat currency required for immigration purposes.
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Introducing Regulated Investment Vehicles
In February 2025, HashKey Capital launched the HashKey FTSE Digital Asset 20 Index Fund (HashKey 20)—the first SFC-approved multi-token index fund in Hong Kong.
This fund allows investors under the CIES to allocate up to HKD 10 million (part of the total HKD 30 million requirement) into a diversified and regulated crypto index product. It provides a standardized valuation method and reduces exposure to individual asset volatility.
Frequently Asked Questions
What types of crypto assets are accepted under the new policy?
Currently, Bitcoin and Ethereum are the most commonly accepted cryptocurrencies, provided they are properly documented and valued by accredited professionals.
How can I prove the source of my crypto assets?
You may use verified transaction histories from licensed exchanges, wallet address proofs, and auditor-certified reports. Platforms like HashKey provide compliant records that are widely accepted.
What happens if the value of my crypto holdings drops during the application?
The approval is subject to maintaining the minimum required value. Using averaged valuation methods or investing in regulated products like index funds can help mitigate this risk.
Can I use crypto assets for the entire investment amount?
No, only a portion (up to HKD 10 million) can be allocated to crypto-based investments. The remainder must be invested in traditional financial assets permitted under the scheme.
Is there a list of approved exchanges for sourcing transaction records?
While there is no official list, records from SFC-licensed platforms such as HashKey are generally recognized for their compliance and reliability.
How long does the approval process usually take?
The timeline can vary, but initial applications have taken around one month. Subsequent applications are likely to be processed more quickly as the system becomes more efficient.
Conclusion
Hong Kong’s decision to accept crypto assets for investment immigration is a forward-thinking policy that strengthens its financial ecosystem and global appeal. While challenges around transparency and volatility remain, licensed service providers like HashKey are helping applicants navigate these complexities with tailored solutions.
As the regulatory landscape evolves, Hong Kong is well-positioned to lead the integration of traditional and digital finance, offering new opportunities for investors and innovators alike.