Hong Kong's New Capital Investment Entrant Scheme, a visa targeting wealthy migrants, accepts crypto as a means to prove required net worth, a spokesperson confirms.

Hong Kong's skyline (Chris Lam/CoinDesk)

A spokesperson for Invest Hong Kong, the territory's government agency that facilitates foreign investments, has confirmed that crypto including ether (ETH) and bitcoin (BTC) can be used as proof of assets when applying for its New Capital Investment Entrant Scheme visa.

The visa requires applicants to must prove ownership of net assets worth at least HK$30 million ($3.8 million) over a specified period. There are no specific asset type requirements, the spokesperson said in an email, but a chartered public accountant must sign off on a valuation report.

One accountant in Hong Kong has shared success stories on social media of bitcoin and ether being used as a proof of asset for the program.

Once the visa is approved, the applicant must invest another HK$30 million in what it calls "permissable assets". A spokesperson for InvestHK confirmed to CoinDesk that cryptocurrency is not considered a permissible asset for this portion of the visa requirements.

Hong Kong currently has 9 licensed crypto exchanges, known locally as virtual asset trading platforms.

A government spokesperson said in January that the New Capital Investment Entrant Scheme has over 750 applicants.

By Sam Reynolds|Edited by Parikshit Mishra| Original