New ways to identify in the crypto world! Can USDT secure a Hong Kong identity?
💡【Policy Relaxation! Renaming Crypto Assets】
The Hong Kong Investment Promotion Agency announced: Starting from March 2025, the asset proof period for Hong Kong identity applications will be reduced from 2 years to 6 months. Applicants only need to hold assets equivalent to 30 million HKD. The official confirmation states that stablecoins like USDT can be used as proof of assets, requiring the provision of a funding chain proof and a valuation report from a licensed auditor. A consultant from Galaxy Group pointed out that applicants only need to ensure that their assets meet the requirements 6 months prior to submission.
💎【USDT Application Guide】
1️⃣ Compliant Storage
Assets must be held in licensed exchanges in Hong Kong (such as HashKey/OSL), and cold wallets must be accompanied by proof from the exchange. Assets on unlicensed platforms require legal opinions; there have been cases where applicants from mainland China were asked to supplement materials due to using overseas exchanges.
2️⃣ Complete Funding Chain
A full chain proof of the source of USDT is required: early OTC records/transaction records from exchanges/on-chain transfers, none can be missing. It is recommended to keep records of fiat currency inflows and outflows, tax proof, and on-chain transaction hash values, and to retain evidence through batch testing transfers via compliant exchanges.
3️⃣ Essential Valuation Report
A monthly holding valuation report must be issued by a licensed auditing firm, with data linked to public market conditions. There have been applicants who were required to supplement their application for not providing real-time valuations.
🚀【Advantages of the Golden Window Period】
✅ Visa-free access to 171 countries, aiding identity mobility
✅ Compliant conversion of USDT assets to avoid risks
✅ Enjoy zero capital gains tax and transaction value-added tax
✅ Legal trading of Bitcoin ETFs + prospects for Digital Hong Kong Dollar
⚠️【Pitfall Avoidance Points】
❌ Direct investment in virtual assets is prohibited; must convert to fiat currency to purchase compliant products
❌ Be cautious when selecting exchanges (FTX data breach may affect user data or become invalid)
❌ Anonymous wallets must complete KYC certification and bind to a real-name account
💸【Investment Structure Suggestions】
30 million HKD allocation:
▫️ 27 million invested in stocks/funds/insurance
▫️ 3 million invested in innovation and technology funds (managed by Hong Kong)
Note: Asset depreciation after 7 years does not affect permanent residency; in 2024, an applicant who lost 20% still successfully renewed their application.
🛎️【Action Recommendations】
1️⃣ Immediately organize the path for fiat currency inflows and outflows
2️⃣ Choose a licensed exchange for proof of assets (preferably supporting address ownership proof platforms)
3️⃣ Conduct an on-chain asset audit 6 months in advance (including a holding snapshot)
