A Bitcoin Association of Hong Kong billboard in front of HSBC’s headquarters in September 2020. Image: Twitter

A proposed regulatory move in Hong Kong has raised concerns among local bitcoiners.

The Bitcoin Association of Hong Kong has asked regulators to consider the implications of a new law for digital innovation in the city. The city’s government announced in November plans to ban retail crypto trading as part of its crackdown on money laundering, the South China Morning Post reports.

The Financial Services and Treasury Bureau revealed in a consultation paper published in November that it also had plans to regulate bitcoin ATMs. Data from CoinAtmRadar shows Hong Kong is home to 62 Bitcoin ATMs, Cointelegraph reports.

Leo Weese, co-founder of the association told the SCMP: “To restrict retail individuals from accessing bitcoin would be overshooting the government’s goals of promoting innovation, and financial inclusion.”

If passed, the new regulations would greatly expand the city’s control over crypto activities. At present, the Hong Kong Securities and Futures Commission only requires exchanges that list crypto securities or futures products to register.