Hong Kong Permits Bitcoin, Ether Can Be Used to Prove net worth for Investment Visa: Hong Kong has announced that people applying for the New Capital Investment Entrant Scheme can use Bitcoin (BTC) and Ether (ETH) to prove their net worth. A spokesperson from Invest Hong Kong, the government agency connected for foreign investments, said that cryptocurrency holdings will be accepted as proof of assets for visa applications.
To qualify for the investment visa, applicants need to show a net worth of at least Hong Kong USD30 million (around 3.8 million-US Dollar). There are no limits on the types of assets used for this, but applicants must provide a valuation report signed by a certified public accountant. This move is a big step towards recognizing digital assets in Hong Kong's investment visa process.
Investment Rules After Approval
Once the visa is granted, applicants must invest another HKUSD30 million in approved assets. However, cryptocurrencies like Bitcoin and Ether can not be part of this investment. The acceptable investment options include stocks, bonds, funds, and other government-approved assets.
It is to be noted that Hong Kong currently has 9 licensed platforms for trading virtual assets. The government’s approach to cryptocurrency regulation is still developing, balancing investment growth with financial oversight. So far, more than 750 people have reportedly applied under the New Capital Investment Entrant Scheme.
Impact on Global Investors
Allowing digital assets to prove wealth helps position Hong Kong as the best opportunity for wealthy people, particularly those in the cryptocurrency market. Experts say, this move will attract more global investors who want a place that recognizes digital wealth while keeping strict financial regulations. Hong Kong aims to be a global leader in digital assets. Hong Kong is also continuously reviewing its rules to stay ahead in this growing industry.
Bitcoin, Ethereum Price Today, February 12, 2025
Bitcoin price stood at USD 95,883.34, marking a 24-hour gain of 0.73%, according to CoinMarketCap. As per Indian exchanges, Bitcoin price stood at Rs 85.09 lakh. |At the same time, Ethereum stood at USD2,677.21 marking a 24-hour surge of 1.71% while India's Ethereum price stood at Rs 2.31 lakh.