According to a Bloomberg report on Thursday, Hong Kong intends to legalize retail cryptocurrency trading in order to establish itself as a crypto hub. As per the report, which cites people familiar with the matter, cryptocurrency platforms will be required to apply for a license to offer retail trading. The city wishes to reestablish itself as a global financial center. This is in contrast to mainland China, where cryptocurrency is prohibited. As part of the “One Country, Two Systems” governance framework, Hong Kong has its own financial and judicial systems separate from the Chinese mainland.