By the summer Zhen
HONG KONG (REUTERS) – The government of Hong Kong has responded for the first time to questions about the use of cryptocurrencies as proof of wealth for an immigration schedule after a local accountant spoke publicly about two cases that had accepted the digital assets.
Clement Siu, a Certified Public Accountant -based Certified Public Accountant, told the media that he had treated two cases in which Bitcoin and Ether were used as proof of customers’ assets.
Cryptocurrresses are not approved assets for direct investments under the immigration schedule, but Siu’s things suggested that they can be used as proof of the wealth of a potential immigrant, which actively underlines their growing recognition as a mainstream.
InvesthK of Hong Kong’s Investment Promotion, which handles requests for the new Capital Investment Entrant Scheme (new Cies), said that there were “no specific requirements” when asked if he was asked if cryptocurrencies were acceptable assets.
Hong Kong re -launched an investment immigration schedule in March 2024 to attract capital. Applicants must demonstrate that they drive assets worth at least HK $ 30 million ($ 3.9 million), and then invest in some approved assets to get a stay.
“Investhk has never said whether crypto -activa are acceptable or not, but they have encouraged us to give it a try, so we just tried it,” Siu, a deputy managing partner at Global Vision CPA Limited, who reports accountant for immigration plicatants , Reuters told.
InvesthK did not give a specific commentary on cases that SIU emphasized and did not say how many immigration applications were accepted using cryptocurrencies as proof of wealth.
Hong Kong competes against regional rivals such as Singapore and Dubai to become the global hub for virtual assets.
“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.
The investment immigration schedule of Hong Kong is not open to Chinese on the mainland, but they can circumvent this limitation if they get permanent stay in a third country, analysts say. That could be concerned about the possible avoidance of the Chinese capital controls.
Siu said that one of his clients who used Ether as proof of wealth was a Chinese national residence of Guinea-Bissau.
The government data of Hong Kong for June showed that almost 80% of more than 250 new CIES applicants came from Guinee-Bissau or Vanuatu.
