Hong Kong Plans To Legalize Retail Crypto Trading

According to Bloomberg, Hong Kong’s government intends to enable ordinary investors to trade cryptocurrency on locally approved exchanges as part of a larger attempt to establish the city as a center for virtual asset service providers.

Bloomberg reported, citing anonymous sources, that a required licensing regime for crypto trading platforms set to begin in March will enable retail trading.

Details of the new system will be revealed on Monday during a city-wide fintech conference attended by senior government and regulatory officials.

Leonhard Weese, co-founder of the Bitcoin Association of Hong Kong stated:

“The kind of conversations I’ve had was that people still fear there’ll be a very strict licensing regime. Even if they’re able to deal directly with retail users, they’re still not going to be as attractive or as competitive as overseas platforms.”

The city wishes to restore itself as a worldwide financial center. This is in contrast to mainland China, where cryptocurrency is prohibited.

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