Hong Kong legalizes Bitcoin, Ethereum and Cardano payments

Sources have specified that authorities will allow the trading of popular coins, such as Ethereum and Bitcoin.
Last week, the Director of Licensing at Hong Kong’s Securities and Futures Commission (SFC) teased that retail trading could return to the city.

Hong Kong is taking a softer stance towards cryptocurrencies and is currently looking to legalize retail crypto trading. The city has decided to embrace crypto as it tries to ensure recognition as one of the world’s major financial hubs.

Bloomberg reports that the city intends to begin in March by launching a licensing program mandatory for all interested crypto outfits. According to anonymous sources, the license allows these platforms to offer retail trading to the general public. So far, details of the city’s plans for crypto are still sketchy. However, these sources have specified that authorities will allow the trading of popular coins, such as Ethereum and Bitcoin, without particularly supporting anyone. Specific details will be available after the government completes public consultation on the matter.

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Reactions are already trailing the news, especially among people who believe that the city’s government could not ignore the sector and its swelling demand. According to crypto firm BC Technology Group Ltd.’s executive director Gary Tiu:

Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do. They can’t forever effectively close the needs of retail investors.

Last week, the Director of Licensing at Hong Kong’s Securities and Futures Commission (SFC) teased that retail trading could return to the city, contrasting with the government’s seeming hawkish stance towards crypto. During an event, Wong, who also heads the SFC’s fintech unit, said the city’s government was mulling a crypto regulation bill. She also said that it could allow interested people to “directly invest into virtual assets.”