Hong Kong wants to introduce a friendlier regulation for cryptocurrencies, as opposed to the cryptocurrency ban in China.
Hong Kong is among those who say that cryptocurrencies are an important step for financial systems. After Terra’s collapse, stablecoin laws were particularly touched upon. Hong Kong, which wants to become a global financial center, is now planning to make an important decision for the use of cryptocurrencies.
Hong Kong Plans to Legalize Retail Crypto Trading
Hong Kong wants to legalize retail crypto trading despite the ban in mainland China.
According to the news in Bloomberg, crypto platforms will have to apply for a license to offer retail crypto trading in the city from March next year. Regulators say this step is important for the country to become a financial hub.
Regulators are also trying to allow larger tokens to be listed. However, it was stated that they will not approve certain cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), and the details and timeline are not yet finalized as a public consultation is required first.
A spokesperson for the Hong Kong Securities and Futures Commission declined to comment on the details of the new stance. The government is expected to present its plans to build the best crypto hub at a fintech conference starting Monday.
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