The acceptance of crypto in Hong Kong was the subject of a feature on 23rd May on state-run China Central Television (CCTV). According to the section, Hong Kong administrators would accept applications from virtual asset trading platforms and “have made definite prep” for the trade of digital assets in their special region of administration. During the broadcast, Zhonghui Cai, a representative of the Hong Kong SFC, outlined the difficulties that come with regulating digital asset providers, including cybersecurity, asset protection for clients, and potential conflicts of interest among customers and platforms.
Binance Applauds China Central Television For Mentioning Cryptocurrency
Earlier, it had been revealed that the SFC had not authorized any digital asset trading platforms that catered to retail investors, even though the regulations would go into force in June 2023.
The most popular state broadcaster in China is CCTV, which has over 1B viewers for its varied shows. Fascinatingly, nothing overtly disparaging about cryptocurrency was expressed in the 99-second clip. Contrast this with mainland China’s strict regulations on cryptocurrencies, which include a total prohibition on Bitcoin tickers below $26,786 cryptocurrency and mining exchanges. The possession of cryptocurrency is now permitted, nonetheless. The China Central Television counterpart of TikTok, Douyin, which has over 1B users, started providing cryptocurrency price quotations within its search engine on April 13. A statement saying that “Unofficial virtual currencies don’t have legal standing similar to fiat currencies” was added to the location where the price quotes had been a day earlier. Please be cautious when investing.
Changpeng Zhao, the CEO of Binance, complimented China Central Television for allowing the mention of cryptocurrencies in the media of the state. “It’s a major event. The neighborhoods that speak Chinese are humming. Bull runs have historically been sparked by reportage similar to this, he revealed on social media.