• Hong Kong’s authorities are planning to legalize crypto retail trading through a mandatory licensing program, which is expected to be introduced in March 2023, according to Bloomberg.

• The city’s regulators are aiming to allow the trading of major tokens though they will not endorse specific cryptocurrencies like Bitcoin or Ether, the report states.

• The move comes as a part of Hong Kong’s plan to become a crypto hub and restore its status as a finance center after a massive talent exodus during the coronavirus pandemic due to political commotion.

• “Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.”

• The announcement represents an important U-turn for Hong Kong given the city’s skeptical approach toward crypto in recent years.

This article originally appeared on The Tokenist