Hong Kong's government has plans to legalize retail trading of cryptocurrency, allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds.

The city, which previously proposed limiting crypto trade to professional investors, will loose regulation for cryptocurrency.

After a planned mandatory licensing program for crypto platforms that take effect on March next year, crypto platforms will be required to apply for a license to offer retail trading, according to a Bloomberg report, citing a source closed to the matter. The government will also review property rights for tokenised assets and explore legalising smart contracts.

Other possible moves in cryptocurrency include establishing a regime to authorize exchange-traded funds offering exposure to mainstream virtual assets, according to Elizabeth Wong, the fintech head of the city’s Securities and Futures Commission.

The move aims to reestablish Hong Kong’s reputation as a global financial hub after years of political turmoil that sparked a talent exodus.

According to blockchain specialist Chainalysis Inc, cryptocurrency transaction volume in Hong Kong grow less than 10% in the 12 months through June from a year earlier, the least in East Asia beside mainland China.

Singapore, Hong Kong’s traditional rival for financial business, allows retail investors to trade in cryptocurrencies, but it has been discouraging the public from speculative trading in cryptocurrencies and limiting the advertisement with regards to cryptocurrency services in public places. Singapore earlier this week proposed banning leveraged retail token purchases.