Bloomberg reports that Hong Kong aims to authorize retail crypto trading
Bloomberg reported that Hong Kong plans to enable regular investors to buy cryptocurrencies on approved exchanges.
In an attempt to promote Hong Kong as a hub for the virtual assets market, officials will provide further information Monday at a Hong Kong fintech conference.
Bloomberg reports that the Hong Kong government intends to enable ordinary investors to trade cryptocurrencies on locally approved exchanges as part of a larger attempt to establish the city as a hub for virtual asset service providers.
Bloomberg, citing anonymous sources, stated that a required licensing system for crypto trading platforms that is scheduled to commence in March would permit retail trading. Details of the new system are anticipated to be unveiled on Monday during an annual fintech conference in the city, at which key government and regulatory officials will speak.
Currently, only two crypto exchanges are authorized to operate in Hong Kong, and they are restricted to providing a limited range of services to only skilled investors. Bloomberg reported that the Securities and Futures Commission is considering enabling regulated exchanges to provide a greater variety of currencies and tokens on its platforms.