In early February 2025, a notice from the Hong Kong Investment Promotion Unit sparked widespread discussion across social media and financial forums. An applicant successfully passed the net worth assessment for Hong Kong’s Capital Investor Entrant Scheme (CIES) using Ethereum (ETH) as proof of assets. While such approval letters are typically routine, this case stood out — not because the policy had changed, but because it confirmed what many overlooked: cryptocurrencies like Bitcoin (BTC) and Ethereum have always been permissible as part of net worth verification, provided sufficient documentation is presented.
This article dives into the facts behind the viral rumors, clarifies misconceptions about crypto asset eligibility, and outlines exactly how digital assets can — and cannot — be used in Hong Kong investment immigration applications.
Understanding the Net Worth Assessment in Hong Kong’s CIES
The core requirement of Hong Kong’s re-launched Capital Investor Entrant Scheme, effective March 1, 2024, is straightforward: applicants must demonstrate a minimum net worth of HK$30 million (approximately USD 3.8 million). However, recent updates have eased one key condition:
- For applications submitted before March 1, 2025: Applicants must prove continuous possession of HK$30 million over the past two years.
- For applications submitted on or after March 1, 2025: The required period is reduced to just the past six months.
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This adjustment significantly lowers the burden for high-net-worth individuals whose wealth may have fluctuated or been recently liquidated. But crucially, no changes were made to the types of acceptable assets. The official stance remains unchanged: acceptable assets include cash, real estate, stocks, bonds, and other tangible or traceable financial instruments — with one important clarification.
Are Cryptocurrencies Officially Accepted as Proof of Assets?
Despite widespread speculation, Hong Kong has never explicitly banned or newly approved cryptocurrencies for net worth assessment. The truth lies in interpretation.
According to the Hong Kong Investment Promotion Agency, “net worth” is defined as:
The remaining value of any asset, property, or capital after deducting all mortgages, liens, charges, or encumbrances attached to it.
This broad definition does not exclude digital assets. Therefore, cryptocurrencies such as BTC, ETH, and stablecoins like USDT are not prohibited by policy — but they are not automatically accepted, either.
As confirmed by Leung Han Ching, Head of FinTech at InvestHK, in a recent LinkedIn post:
“Cryptocurrency holdings can be considered if applicants provide sufficient evidence to verify ownership and valuation.”
In short: Yes, crypto can be used — but only if you can prove it’s yours, you’ve held it consistently, and its value is professionally verified.
How to Use Crypto Assets in Your Hong Kong Investment Application
Using cryptocurrency for net worth verification is technically allowed but comes with strict documentation requirements. Here’s what you need to know:
1. Prove Ownership of the Wallet or Exchange Account
This is the biggest hurdle. Unlike bank accounts tied to your legal identity, most crypto wallets are pseudonymous. To satisfy authorities:
- Provide verified account records from regulated exchanges (e.g., those requiring KYC).
- Submit registration documents, ID verification trails, login history, and two-factor authentication logs.
- Include transaction histories showing long-term activity under your control.
Without these, even millions in crypto will be dismissed due to unverifiable ownership.
2. Demonstrate Continuous Holding Period
You must show uninterrupted ownership of the required HK$30 million equivalent for either:
- The last 24 months (for pre-March 2025 submissions), or
- The last 6 months (for post-March 2025 submissions).
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This means regular snapshots of portfolio balances, wallet statements, or exchange reports dated across the review period. One-time screenshots won’t suffice.
3. Obtain a Professional Valuation Report
Even with proof of ownership and continuity, you cannot submit crypto valuations directly. You must:
- Hire a certified valuer recognized in Hong Kong to assess your crypto holdings.
- Have the report reviewed and endorsed by a practicing Hong Kong accountant.
- Submit both documents as part of your formal application package.
The valuation must reflect market prices at relevant dates and comply with accounting standards.
Can You Invest in Cryptocurrency Under the CIES?
No. While crypto can be used to prove existing wealth, it cannot be used as the investment vehicle under the scheme.
Once approved in principle, applicants must deploy their HK$30 million into government-approved assets, which include:
- Listed stocks
- Bonds
- Certificates of deposit
- Subordinated debt
- Eligible collective investment schemes
- Limited partnership funds (LPFs)
Cryptocurrencies, NFTs, and other digital assets are excluded from the investment phase.
This distinction is critical:
✅ Crypto = allowed for net worth verification
❌ Crypto = not allowed for mandatory investment
Common Misconceptions Debunked
| Myth | Reality |
|---|---|
| "Hong Kong just started accepting crypto." | False — crypto was never banned; acceptance depends on documentation. |
| "All exchanges count as valid proof." | Only regulated platforms with full KYC processes are considered reliable. |
| "Stablecoins are risk-free for applications." | Even USDT requires ownership proof and professional valuation. |
Frequently Asked Questions (FAQ)
Q: Do I need to convert my crypto into fiat before applying?
A: Not necessarily. You can use crypto for net worth proof without selling it — as long as you meet documentation and valuation requirements.
Q: Can I use cold wallet holdings?
A: Extremely difficult. Cold wallets lack third-party verification. You’d need extensive technical and circumstantial evidence to prove ownership.
Q: Is there a limit on how much of my net worth can come from crypto?
A: No official cap — but higher proportions increase scrutiny. Diversified portfolios are viewed more favorably.
Q: What happens if my crypto value drops during the holding period?
A: As long as your average or end-point balance meets HK$30 million (and you can prove consistent access), temporary dips may be acceptable — especially under the new six-month rule.
Q: Are privacy coins like Monero accepted?
A: Highly unlikely. Anonymity-focused coins conflict with anti-money laundering (AML) principles and are generally discouraged.
Q: Can I invest in blockchain companies instead?
A: Yes — investments in licensed fintech firms or blockchain-related businesses listed on recognized exchanges may qualify under approved asset classes.
Final Thoughts: Compliance Over Convenience
While Hong Kong’s openness to digital assets reflects its ambition to become a global fintech hub, applicants must prioritize compliance over convenience. The system rewards transparency, traceability, and professional validation — qualities that often clash with the decentralized nature of cryptocurrency.
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For those considering this path, working with experienced legal advisors, certified valuers, and accountants familiar with both blockchain technology and immigration regulations is essential.
As of early 2025, thousands have already begun their applications under the revised CIES framework. With clearer timelines and reduced holding periods, now may be an opportune moment — especially for tech entrepreneurs and digital asset holders seeking global mobility through legitimate channels.
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