Hong Kong strengthens its position as a global financial hub by adopting a bull approach to Bitcoin and cryptocurrencies.
The New Capital Investment Entrant Scheme, the visa program for wealthy investors, now accepts Bitcoin (BTC) and Ethereum (ETH) as proof of the wealth required for eligibility. This decision marks a significant step for the integration of cryptocurrencies into traditional financial systems.
Summary
Bitcoin and Ether as proof of wealth for the Investment Visa of Hong Kong
A spokesperson for Invest Hong Kong, the government agency that promotes foreign investments, confirmed that BTC and ETH can be used to demonstrate the net worth required to apply for the visa.
To be admitted to the program, applicants must demonstrate that they possess a net worth of at least 30 million Hong Kong dollars (approximately 3.8 million US dollars). There are no specific restrictions on the types of assets, provided that a certified accountant attests to the declared value.
This opening to cryptocurrencies represents an opportunity for investors who wish to transfer their wealth to Hong Kong by leveraging digital assets. Some local accountants have already shared success stories where Bitcoin and Ether have been used as proof of wealth to obtain the visa.
After the approval of the visa, investors must allocate at least 30 million HKD in assets defined as “permitted assets” by the program. However, cryptocurrencies are not included among these approved assets for subsequent investment.
This means that, while they can be used to demonstrate initial wealth, Bitcoin and Ethereum cannot be directly employed to meet the investment requirement for the program.
This distinction suggests that Hong Kong, while embracing cryptocurrencies as valid assets for wealth declaration, maintains a certain caution in their use within the regulated financial system.
Hong Kong and the cryptocurrency sector
The territory is increasingly becoming a point of reference for crypto-friendly investors. Currently, Hong Kong has authorized nine cryptocurrency exchanges, locally known as virtual asset trading platforms.
This progressive regulation aims to position the city as an innovative financial center, capable of attracting investors from all over the world.
According to what was stated in January by a government spokesperson, the New Capital Investment Entrant Scheme has already received over 750 applications.
The high number of requests demonstrates a strong international interest in the program, particularly among those who possess wealth in cryptocurrencies.
“`htmlConclusion
“`The integration of Bitcoin and Ethereum into the visa application process for wealthy investors represents a significant change for Hong Kong.
While the territory continues to regulate the crypto sector, this opening could attract a growing number of digital investors eager to establish themselves in one of the most important financial centers in the world.
With an approach that balances innovation and regulation, Hong Kong confirms itself as a key destination for those who want to invest in the future of digital finance.
