According to a media report, Hong Kong’s financial services providers, including local brokers and fund managers, are seeking advice to prepare for new licencing requirements that will allow them to provide services to retail traders. According to the report, Hong Kong authorities may allow retail investors with a high market capitalization and liquidity to trade cryptocurrencies and virtual assets. Trading in the nascent asset class is currently restricted to professional investors with at least US$1 million in bankable assets. The Hong Kong Legislative Council amended the bill last month to include a licencing regime for virtual asset service providers, which will go into effect on June 1.
