Hong Kong is planning to legalise cryptocurrency retail trading through a mandatory licensing programme for crypto platforms. The move comes amid a broader drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. Gary Tiu, executive director at crypto firm BC Technology Group, said introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do. Elizabeth Wong, the fintech head of the city’s Securities and Futures Commission, said that other possible steps in Hong Kong include establishing a regime to authorise exchange-traded funds offering exposure to mainstream virtual assets. Wong said that the fact the city can introduce its own crypto framework distinct from China’s shows the one country, two systems principle in action in financial markets.
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