The Hong Kong government acknowledged for the first time that cryptocurrencies can be used as proof of wealth in its New Capital Investment Entrant Scheme (New CIES). 

While crypto assets are not approved for direct investment, accountant Clement Siu handled cases where bitcoin and ether were accepted to demonstrate applicants' wealth. 

Hong Kong is competing with Singapore and Dubai to become a global hub for virtual assets, with experts seeing this move as a step toward mainstream recognition. 

The scheme is not open to mainland Chinese, but some circumvent restrictions by obtaining third-country residency. Nearly 80% of over 250 applicants in June were from Guinea-Bissau or Vanuatu.

source: https://www.reuters.com/technology/hk-comments-leave-door-open-use-cryptocurrencies-proof-wealth-2025-02-17/