Business Maverick: Hong Kong plans to legalise retail crypto trading to become hub

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Hong Kong is pivoting towards a friendlier regulatory regime for cryptocurrencies with a plan to legalise retail trading, contrasting with the city’s sceptical stance of recent years and the ban in place in mainland China.

A planned mandatory licensing programme for crypto platforms set to be enforced in March next year will allow retail trading, according to people familiar with the matter, who asked not to be named because the information isn’t public.

A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the new stance. Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and hasits digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago.

Only two firms were approved for permits, BC Group and HashKey. The signal of a tough approach effectively turned away the more lucrative consumer-facing business, spurring FTX to decamp to the Bahamas last year.

 

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