Hong Kong acknowledged for the first time that cryptocurrencies have been used as proof of wealth under its investment immigration scheme after an accountant reported handling cases involving bitcoin and ether. While digital assets are not approved for direct investment, their use highlights growing recognition in mainstream finance. InvestHK, which oversees the New Capital Investment Entrant Scheme, said there are no specific asset class requirements. The scheme, relaunched in March 2024, requires applicants to show HKD30m in assets and invest in approved categories for residency. Hong Kong is competing with Singapore and Dubai as a virtual asset hub. Analysts say the scheme’s exclusion of mainland Chinese applicants may lead to workarounds. Moreover, with many applicants from Guinea-Bissau and Vanuatu there are concerns over capital control evasion.