Bloomberg reported on Thursday that Hong Kong intends to legalize bitcoin retail trading as it seeks to establish itself as a hub for the industry.

According to the article, which cited persons with knowledge of the situation, cryptocurrency platforms will need to submit an application for a license in order to provide retail trading.

The city seeks to restore its standing as a major financial center on a worldwide scale. In contrast, crypto is not allowed in mainland China.

Hong Kong has its own financial and judicial systems, separate from the Chinese mainland, as part of the “One Country, Two Systems” framework under which it is governed.