As the U.S. government continues to rein in the crypto industry with a spate of regulations, other places are emerging as new hubs for the virtual asset industry. On Monday, Hong Kong proposed rules that would let retail investors trade certain "large-cap tokens" on licensed exchanges, a stark contrast to mainland China across its border where crypto-related transactions are outright banned. The city's Securities and Futures Commission did not specify which large tokens would be allowed, though a spokesperson from the regulatory body said they would likely be Bitcoin and Ether, two of the biggest digital assets by market value.