Hong Kong is mulling plans to legalize retail crypto trading to regain its status as a global digital asset hub, according to a Bloomberg report.
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Fast facts
- The Hong Kong government is planning a mandatory licensing program for crypto platforms that will allow retail crypto trading, according to Bloomberg’s unnamed sources familiar with the matter.
- The plan is set to be enforced in March 2023, according to the sources.
- The government is expected to present its plans to reestablish Hong Kong as a global crypto hub on Monday, at the upcoming Hong Kong FinTech Week.
- Hong Kong was a former leading global center for crypto companies like Binance, Amber Group, Q9 Capital and FTX.
- In 2021, the city introduced a licensing regime that closed crypto exchanges to all but “professional investors” with portfolios worth at least HK$8 million (US$1.03 million).
See related article: One country, two systems? Hong Kong seems set to diverge from China on digital assets