Hong Kong (Shutterstock)
Hong Kong plans to legalize retail trading of cryptocurrency as it looks to become a crypto hub, according to a Bloomberg report Thursday.
Crypto platforms will be required to apply for a license to offer retail trading, according to the report, which cited people familiar with the matter.
The city wants to reestablish its reputation as a global financial hub. The move contrasts with mainland China, where crypto is banned.
Hong Kong has its own financial and judicial systems, separate from the Chinese mainland, as part of the “One Country, Two Systems” framework under which it is governed.