Hong Kong turns to crypto for immigration proof, fuels stablecoin push
Hong Kong is starting to show a more flexible attitude toward crypto – at least when it comes to proving wealth for its investment immigration scheme. It’s not an official stamp of approval just yet, but the door seems to be open.
The shift came into focus after Clement Siu, a local certified public accountant, shared that he had handled two cases where bitcoin and ether were accepted as proof of wealth under Hong Kong’s New Capital Investment Entrant Scheme (New CIES). That raised some eyebrows because cryptocurrencies aren’t actually on the official list of approved investments under the scheme.
But Siu’s experience suggested something interesting: while you can’t invest directly in crypto to qualify for residency, it might still work as evidence of your overall wealth.
When asked about this, InvestHK, the department overseeing New CIES applications, gave a carefully worded response. Officials said there were “no specific requirements” on asset classes – a vague but telling statement that left room for interpretation. They didn’t confirm or deny whether crypto is officially acceptable, nor did they say how many applicants had successfully used it.
Siu, deputy managing partner at Global Vision CPA, which issues accountant reports to support immigration applications, said: “InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried.”
The immigration scheme is part of Hong Kong’s efforts to attract fresh capital. Relaunched in March 2024, applicants must prove that they own at least HK$30 million (about $3.9 million) in assets and invest that amount into approved asset classes to get residency.
So far, Hong Kong is competing with other financial hubs such as Singapore and Dubai to position itself as a global leader in virtual assets. Accepting crypto, even informally, would be a huge step toward achieving this goal.
“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. “This is an important step in promoting the mainstreaming of virtual assets.”
But not everyone is celebrating just yet. There are also concerns about potential loopholes, especially involving mainland Chinese applicants. Mainland residents can’t apply directly to the New CIES scheme, but some find workarounds by securing permanent residency in third countries. For example, one of Siu’s clients – a Chinese national – used ether as proof of wealth but applied using residency from Guinea-Bissau.
Government data from June 2024 showed that nearly 80% of over 250 applicants to the scheme were from Guinea-Bissau or Vanuatu, highlighting how some may be circumventing China’s capital controls through these routes.
Meanwhile, a stablecoin push
Separately, Reuters reported that Hong Kong is also seeing momentum on the stablecoin front. On Monday, Standard Chartered’s Hong Kong unit announced a joint venture with Animoca Brands and HKT to launch a Hong Kong dollar-backed stablecoin (HKD stablecoin).
The partners are planning to apply for a license from the Hong Kong Monetary Authority (HKMA) to issue the stablecoin. It’s part of a broader move to strengthen both domestic and cross-border payments, and tap into new opportunities in the crypto space, according to a statement from the bank.
Mary Huen, CEO of Standard Chartered’s Hong Kong and Greater China & North Asia division, said the bank hopes to be among the first to issue an HKD stablecoin alongside its strategic partners.
Animoca Brands, well known for its Web3 and blockchain-focused ventures, and HKT, a major telecommunications provider in Hong Kong, are bringing their expertise into the mix to help the joint venture bridge the gap between traditional finance and digital assets.
Together, these developments show Hong Kong is keeping its doors open to crypto innovation, whether it’s stablecoins improving payments or bitcoin helping secure a visa – even if it’s still treading carefully along the way.
(Photo by Unsplash)
See also: AI-driven crypto scams set to surge in 2025 as fraud tactics evolve
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