Rarely seen in China, state media reports on crypto adoption in Hong Kong

Chinese state media China Central Television (CCTV) aired a rare program on the adoption of encryption in Hong Kong.

Cointelegraph reports that Hong Kong’s crypto adoption segment aired on May 23

The division revealed that Hong Kong regulators have made final preparations for trading virtual assets in the special administrative region and will accept applications for virtual asset trading platforms.

Cai Zhonghui, an official of Hong Kong’s Securities and Futures Commission (SFC), explained in a live broadcast that the regulation of virtual asset providers faces challenges such as network security, customer asset pledges, and potential conflicts of interest between platforms and customers.

Previously, Cointelegraph reported that while the guidelines will come into effect in June 2023, the SFC has yet to approve virtual asset trading platforms for retail investors.

CCTV is China’s largest national broadcaster, with programs reaching more than 1 billion viewers.

Interestingly, in the 98-second segment, nothing negative was said about Hong Kong’s adoption of encryption.

This stands in stark contrast to the stringent regulation imposed on cryptocurrencies by authorities in mainland China, which includes a blanket ban on bitcoin mining and cryptocurrency trading. However, owning crypto assets is currently permitted.

On April 13, Douyin, the Chinese version of TikTok with more than 1 billion users, began posting cryptocurrency offers in its search index.

A day later, the sentence was removed and replaced with a message: “Unofficial cryptocurrencies do not have the same legal status as fiat currencies. Invest with caution.”

Some, including Binance CEO Changpeng Zhao, applauded allowing mentions of cryptocurrencies in state media.

“This is a big deal. The Chinese community is on fire. Historically, reports like this lead to higher prices,” Zhao tweeted.

Zhao also uploaded the video on CCTV on Wednesday.

Zhao and others claimed it was a big deal, adding that similar reports in the past have led to price increases.

This follows Singapore’s state-owned DBS Bank, Southeast Asia’s largest bank, recently unveiling plans to expand its cryptocurrency trading operations in Hong Kong.

“We plan to apply for a license in Hong Kong to allow the bank to sell Crypto assets to our clients in Hong Kong,” News Bitcoin quoted an executive at the bank as saying.

Headquartered and registered in Singapore, DBS is the largest bank in Southeast Asia with operations in 18 markets.

It should be noted that Hong Kong is currently trying to attract Crypto asset businesses. [ab]

Information source: compiled by 0x information from BLOCKCHAINMEDIA.Copyright belongs to the author, without permission, may not be reproduced

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