Hong Kong plans to promote retail investors to trade in cryptocurrency like Bitcoin, taking a major step toward its goal of becoming a crypto hub that contrasts with a crackdown in the US.
Larger coins might be traded by individual investors on exchanges covered by the Securities and Futures Commission’s license. Though some crypto exchanges collapsed, hinting at the FTX crash, Hong Kong still aims to be a crypto hub for corporates.
Which large-capitalization coins will be accessible to regular investors was not specified by the agency. Instead, it required that the coins be included in at least two reliable, investable indexes from independent sources, one of which must have experience in the traditional financial sector.
The consultation period will end on March 31, and the objective is to allow retail trading in the new licensing regime for crypto exchanges due on June 1.
According to an SFC spokeswoman, Hong Kong platforms are expected to list Bitcoin and Ether, the two largest digital assets by market value.
