In an effort to burnish its reputation as a global financial hub, Hong Kong is planning to make retail trading in cryptocurrencies legal, according to multiple media reports.
Several media outlets are reporting that Hong Kong wants to become a global cryptocurrency hub and sees retail trading of digital coins and tokens as a way to attract capital.
Cryptocurrency platforms that operate in the Chinese city will be required to apply for a license to offer trading services to individual retail investors.
However, even though Hong Kong is planning to legalize crypto trading, the practice is expected to continue to be banned in mainland China.
Hong Kong has its own financial and legal systems that are separate and distinct from those in mainland China, enabling the city to offer cryptocurrency trading.
Hong Kong continues to operate within China under a “One Country, Two Systems” governance framework.
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