THE WHAT? Hong Kong is exploring the possibility of allowing retail trading of crypto assets, according to a report published by the Financial Times.
THE DETAILS Regulators are also considering whether to authorize exchange traded finds (ETFs) – both practices are banned on the Chinese mainland where all activities related to digital currencies are illegal.
A bill is currently being processed through the administration and, if passed, will come into force as early as March, 2023.
THE WHY? The Chinese territory is striving to reverse declines caused by extended Covid-restrictions and remain competitive with rival Singapore. Financial Chief Paul Chan told the Financial Times, “We want to make our policy stance clear to global markets to demonstrate our determination to explore financial innovation together with the global virtual assets community.”