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Bloomberg believes that Beijing&#39;s mainland administration may be covertly embracing the concept as Hong Kong gets ready for a consultation process that might lead to the eventual legalization of a type of retail crypto trading in the territory.Bloomberg claims that representatives from China&#39;s Liaison Office have frequently attended crypto events in Hong Kong. With specific projects, the atmosphere of their visits and follow-up calls has been cordial.The Special Administrative Region of China is leveraging its distinct legal structure and markets to serve as a testing ground, just like Hong Kong was China&#39;s first test of open markets in the 20th century, according to several stakeholders. Hong Kong is pushing to become a crypto hub.According to Nick Chan, a member of the National People&#39;s Congress and a cryptocurrency lawyer, &#34;Hong Kong is free to pursue its own pursuit within &#39;One Country, Two Systems&#39; as long as one doesn&#39;t break the bottom line, to not undermine financial stability in China.&#34;The Securities and Futures Commission (SFC) of Hong Kong started a consultation process for Virtual Asset Service Providers (VASPs) looking for a license to offer trading services to retail customers on Monday in an effort to open the door to retail cryptocurrency trading.Among of the conditions the SFC suggests include building up a risk profile for clients to make sure their exposure is &#34;appropriate,&#34; as well as a due diligence procedure on tokens before to listing, which would make only pre-approved tokens available to traders.Following a lengthy consultation process that was finally completed by the SFC, exchanges will be able to cater to professional investors (those whose net worth exceeds $1 million) starting on June 1.When the SFC will wrap up its consultations on granting access to retail investors is unknown.

Crypto in Hong Kong Getting Soft Backing From Beijing: Bloomberg

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