Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Politics

Hong Kong signals a shift: could crypto unlock immigration opportunities?

admin by admin
February 17, 2025
in Politics
0
Hong Kong signals a shift: could crypto unlock immigration opportunities?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Hong Kong government has responded to inquiries regarding the use of cryptocurrencies as proof of wealth for its immigration scheme, offering a nuanced response that leaves the door open for digital assets to play a role in attracting global talent and capital.

The response follows public statements by Clement Siu, a Hong Kong-based certified public accountant, who revealed that he had successfully handled two immigration cases where Bitcoin and Ether were accepted as proof of a client’s assets.

While cryptocurrencies are not explicitly approved for direct investment under the immigration scheme, Siu’s cases suggest they can be used as proof of a potential immigrant’s wealth, underscoring their growing recognition as a mainstream asset.

InvestHK’s ambiguous stance: no specific requirements

InvestHK, Hong Kong’s investment promotion department responsible for managing applications for the New Capital Investment Entrant Scheme (New CIES), stated that there were “no specific requirements” around asset classes when asked if cryptocurrencies were acceptable assets.

Hong Kong relaunched an investment immigration scheme in March 2024 to attract capital.

Applicants must show they control assets worth at least HK30million (3.9 million), and then invest that in some approved assets in order to obtain residency.

Siu: “they encouraged us to give it a try”

“InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried,” Siu, a deputy managing partner at Global Vision CPA Limited, which issues accountant reports for immigration applicants, told Reuters.

InvestHK did not comment specifically on the cases Siu highlighted and did not say how many immigration applications had been accepted using cryptocurrencies as proof of wealth.

Competing for crypto hub status: a boost for virtual assets

Hong Kong is actively vying with regional rivals like Singapore and Dubai to establish itself as the global hub for virtual assets, making its stance on cryptocurrencies particularly significant.

“Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong, this is an important step in promoting the mainstreaming of virtual assets,” said Jupiter Zheng, a partner at HashKey Capital.

However, the acceptance of cryptocurrencies in the immigration process also raises potential concerns about the evasion of China’s strict capital controls.

While the Hong Kong investment immigration scheme is not open to mainland Chinese, they can circumvent this restriction if they obtain permanent residence in a third country, analysts say.

Siu confirmed that one of his clients who used Ether as proof of wealth was a Chinese national holding Guinea-Bissau residency, highlighting the potential for such loopholes to be exploited.

Hong Kong government data for June showed that nearly 80% of more than 250 New CIES applicants were from Guinea-Bissau or Vanuatu.

The post Hong Kong signals a shift: could crypto unlock immigration opportunities? appeared first on Invezz

Previous Post

Interview: ‘No single chain can serve as the backbone of a blockchain-powered internet,’ says Marc Boiron of Polygon Labs

Next Post

Why did the SEC pause its fraud lawsuit against Geosyn Mining?

admin

admin

Next Post
Why did the SEC pause its fraud lawsuit against Geosyn Mining?

Why did the SEC pause its fraud lawsuit against Geosyn Mining?

Trending News

Novartis CEO ‘very confident’ on sales target, doesn’t fear patent cliff – newspaper

Novartis CEO ‘very confident’ on sales target, doesn’t fear patent cliff – newspaper

November 2, 2024
Factbox-Most brokerages expect 25 bps of Fed rate cuts in November

Factbox-Most brokerages expect 25 bps of Fed rate cuts in November

October 7, 2024
Uber stock price is on the verge of a breakout amid tariff tailwinds

Uber stock price is on the verge of a breakout amid tariff tailwinds

March 30, 2025
Subscribe to Insightful Word


    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025
    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    August 7, 2025
    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    August 7, 2025

    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025

    Latest News

    • Dow futures soar 250 points today: 5 things to know before Wall Street opens
    • Affirm stock price is rising: is it a buy before earnings?
    • Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.