Hong Kong's government appears to be considering allowing retail cryptocurrency transactions to help the Chinese Special Administrative Region regain its title as a "fintech hub."
After proposing to restrict cryptocurrency trading to professional investors, Hong Kong has faced heavy criticism for its stance on innovation, prompting several start-ups to set up in markets such as Singapore and Dubai leaving China.
Hong Kong authorities will launch a consultation process on giving retail investors "an appropriate degree of access" to digital assets, Finance Minister Paul Chan said in a keynote speech broadcast at Hong Kong's Fintech Week conference.
"We want to clear our political stance in the global market, to show our determination to explore financial media technology with the global digital asset community," he said.
The government will also review property rights for tokenized assets and explore the legalization of so-called smart contracts.
Legalizing cryptocurrencies in retail trade will differentiate Hong Kong from mainland China, which has imposed a ban on crypto trading.
"This is a positive move as it sends a strong message that Hong Kong is taking a different approach to regulating its capital market," said Adrian Wang, chief of crypto brokerage Metalpha.
This article is for informational purposes only and does not replace specialized consulting services with professional experts.
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