Bitcoin and crypto markets are surging today, bolstered by positive news that Hong Kong will be opening the doors to welcome digital assets and investors.

Hong Kong has ambitious plans to become an Asian crypto hub. In June, it will officially make crypto buying, selling, and trading fully legal for all its citizens. That also includes mainland Chinese institutions.

Amid a war on crypto waged by U.S. regulators, markets have reacted to this positive news by surging 9% on the day.

A fully open Hong Kong means that money from China can flow easily back into digital assets even though the ban on crypto for individuals remains.

The news stems from a January announcement by Paul Chan, the Financial Secretary of Hong Kong. He said that the city plans to become a crypto hub with a robust regulatory framework.

(By Martin Young)

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