(Bloomberg) -- Hong Kong will set up a task force to provide recommendations on how it can achieve a recently adopted goal of becoming a crypto hub.

“Over the past few months, a large number of innovative enterprises with potential have been considering setting up business in Hong Kong,” Financial Secretary Paul Chan said in his 2023-2024 fiscal year budget speech.

“For the next step, I will establish and lead a task force on virtual-asset development, with members from relevant policy bureaux, financial regulators and market participants, to provide recommendations on the sustainable and responsible development of the sector,” Chan said on Wednesday.

Hong Kong on Monday outlined a plan to let retail investors trade digital tokens like Bitcoin and Ether, taking a major step toward becoming a crypto capital. The city’s policy shift contrasts with a crackdown in the US following the collapse of the FTX exchange with an $8 billion hole in its finances.

For crypto market prices: CRYP; for top crypto news: TOP CRYPTO. 

©2023 Bloomberg L.P.