Hong Kong approves investment visas for Bitcoin and Ethereum holders

Hong Kong revolutionizes its immigration policy by accepting Bitcoin and Ethereum as proof of assets to qualify for its investment visa program. 

Hong Kong is recognizing Bitcoin and Ethereum as valid assets for investment immigration applications. The decision, which is considered a first in the special administrative region, makes Hong Kong one of the first places in the world to accept cryptocurrencies as proof of wealth for visa purposes. 

Experts have pointed out that this strategic move not only modernizes Hong Kong's financial system, but also sends a clear message to the global cryptocurrency community that Hong Kong is open to digital assets.

For holders of cryptocurrencies, such as Bitcoin and Ethereum, looking to establish a strategic base in Asia, Hong Kong now offers a regulated route to such residency. Applicants who meet the set criteria, including holding a minimum of $3,8 million in the established crypto assets, can apply for a visa and eventually permanent residency in the city. It is a progressive approach similar to the visa program offered by El Salvador, which was the first country in the world to adopt Bitcoin as legal tender. The Central American nation launched a cryptocurrency visa program in December 2023, attracting foreign investments through incentives related to digital assets. By February, El Salvador had handed out 11 visas to crypto investors. 

However, unlike El Salvador, which offers free citizenship and visas in exchange for investments in Bitcoin (BTC) and Tether (USDT), Hong Kong requires ongoing investment and compliance with its financial regulations, the government of the Chinese special administrative region said in a statement. 

Hong Kong expands its opening to cryptocurrency investors

Hong Kong’s decision to accept Bitcoin and Ethereum as proof of assets for investment immigration marks a significant milestone in the integration of cryptocurrencies into the traditional financial system. According to several local reports, two applicants have already been approved, one with Bitcoin and one with Ethereum, demonstrating how seriously the authorities are taking this new immigration policy. 

For experts, this regulatory change provides a clearer path for cryptocurrency investors wishing to establish themselves in Hong Kong, while reinforcing the region's stance on innovating in the crypto and Web3 market and regaining its status as a global financial market. 

Additionally, authorities are strengthening regulations and expanding licensed cryptocurrency platforms, underscoring a comprehensive approach to fostering a safe and thriving digital asset ecosystem. This commitment to innovation and balanced regulation could position Hong Kong as a model for other jurisdictions looking to integrate cryptocurrencies into their economies. 

Accepting Bitcoin and Ethereum for investment visas is a bold step that could bring significant economic benefits and cement Hong Kong’s position in the global financial landscape.

What criteria does Hong Kong require for the Crypto Visa?

For those interested in applying for the Hong Kong cryptocurrency investment visa, there are specific criteria that must be met. The main requirement, according to the comments that shared Everest’s partner appears to be holding at least HK$30 million, equivalent to about US$3,8 million. The investor claimed that he had applied for the IvestHK program for his Ethereum company and that it had been approved. He further said that the application did not require selling the crypto assets and that he could have submitted other assets, such as real estate, as proof of assets. 

Other reports note that in addition to holding cryptocurrencies, assets must be held in a cold wallet or on a trusted exchange, to ensure the security and transparency of funds. Additionally, the government is reported to continuously monitor asset ownership during the visa period to ensure compliance with investment regulations.

While Hong Kong is a pioneer in this approach in Asia, Singapore has also accepted cryptocurrencies as proof of assets for similar applications, although it requires applicants to prove the initial source of funds used to acquire their cryptocurrency holdings. 

Cryptocurrency adoption in Hong Kong

Overall, Hong Kong’s policy represents a significant development in how jurisdictions are adapting their immigration systems to accommodate the growing class of digital asset investors.

Hong Kong’s decision to recognise Bitcoin and Ethereum for investment visas has far-reaching implications for the future of cryptocurrency adoption in the region and beyond. This innovative policy could attract a large number of cryptocurrency investors from around the world, boosting the local economy and cementing Hong Kong’s position as a hub for financial innovation.

The Hong Kong government has been among those most adapting its regulations and exploring new ways to integrate digital assets into its financial system, and as this progresses, the city is consolidating a strategic position in shaping the future of cryptocurrencies and blockchain technology. Hong Kong is among the jurisdictions looking to reap the benefits of the emerging digital economy, always prioritizing transparency, security, and regulatory compliance.