Bloomberg reports that Hong Kong intends to allow retail investors to trade cryptocurrency on licensed exchanges.
According to Bloomberg, the Hong Kong government intends to allow retail investors to trade cryptocurrency on locally licensed exchanges as part of a larger effort to position the city as a center for virtual asset service providers.
Bloomberg reported, citing unnamed sources, that a mandatory licensing regime for cryptocurrency trading platforms set to begin in March will allow retail trading.
Details of the new regime are expected to be announced on Monday at a city-wide fintech conference attended by senior government and regulatory officials.
Only two crypto exchanges are currently licensed to operate in Hong Kong, and they are limited to providing a limited range of services to sophisticated investors.
According to Bloomberg, the city’s regulator, the Securities and Futures Commission, is also considering allowing licensed exchanges to offer a broader range of coins and tokens on their platforms.