Hong Kong outlined a plan to let retail investors trade digital tokens like Bitcoin and Ether, taking a major step toward its goal of becoming a crypto hub in a policy shift that contrasts with a crackdown in the US.

Individual investors would be allowed to trade larger coins on exchanges licensed by the Securities and Futures Commission, providing safeguards such as knowledge tests, risk profiles and reasonable limits on exposure are put in place, the regulator said in a consultation paper on Monday.

The agency didn’t specify which large-capitalization tokens will be allowed for retail investors. Instead, it said the coins should be included in at least two acceptable, investible indexes from independent providers, one of which should have experience in the traditional financial sector.

The consultation period will end on March 31, and the objective is to allow retail trading in the new licensing regime for crypto exchanges due on June 1. Bitcoin and Ether, the two biggest digital assets by market value, are likely to be listed by Hong Kong platforms, an SFC spokesperson said in a briefing.

The consultation paper didn’t specify particular crypto indexes as a reference point for a taxonomy of allowable tokens. The onus would be on exchanges to monitor listed assets to ensure they qualify for trading by individual investors.

The government has already allowed exchange-traded funds investing in CME Group Bitcoin and Ether futures and this month sold inaugural digital green bonds.

The city’s current regime for crypto exchanges is a voluntary one that restricts them to clients with portfolios of at least HK$8 million ($1 million). HashKey Group and BC Technology Group’s OSL bourse are the only two with permits.