Hong Kong to launch retail crypto trading

This decision contrasts with strong opposition to private cryptocurrencies in mainland China.

Hong Kong is planning to legalize cryptocurrency retail trading, according to a report by Bloomberg.

The publication wrote on Thursday that the Special Administrative Region was going to stand up to objections from mainland China and launch digital currencies trading anyway.

Based on the Bloomberg article, there are several things that are already known for this forthcoming regulatory regime.

Any cryptocurrency platform that wishes to start as a trading entity will need to apply for a license and register as such. The report was citing people who are familiar with the matter but spoke under promise of anonymity.

Hong Kong’s reputation as a global financial hub was put to the test when China assumed control over the region in a planned transition of power.

Now, the city is determined to establish itself once again. Cryptocurrencies are banned in mainland in China, but Hong Kong seems to be bucking this trend.

Meanwhile, Hong Kong has already vowed to fight cryptocurrency crime. The latest news is also a u-turn from a year ago when Hong Kong passed laws to restrict legal trading of cryptocurrency assets, a move that was largely opposed by stakeholders at the time.

Hong Kong has still not confirmed the veracity of the report just yet, but the city seems to be moving forward with this.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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