Hong Kong is planning to shift to a friendlier approach towards cryptocurrencies starting next year, according to a Bloomberg report, while neighbouring Singapore is planning to impose fresh restrictions on consumers.
People familiar with the matter, who asked to remain anonymous, told Bloomberg that the information is not public yet, but Hong Kong has a planned mandatory licensing program for crypto platforms that are set to be enforced in March next year, which will allow retail trading.
They added that further details and program timetable are yet to be decided as public consultation must be done first.
Hong Kong is not planning to endorse specific coins such as Bitcoin or Ether. However, regulators are planning to allow listings of bigger tokens and legalize crypto trading for retail customers, according to Bloomberg.
This move indicates a positive regulatory measure for cryptocurrencies, which is in contrast with the city’s…
