On May 24, 2023, China Central Television (CCTV), a state broadcasting corporation, telecasted about Hong Kong adopting cryptocurrencies, stated Cointelegraph. Reportedly, the regulators of Hong Kong “have made final preparations” for the exchange of virtual assets in some specific region and will accept applications from virtual asset exchange platforms.
As reported by Cointelegraph, Zhonghui Cai, an official, Securities and Futures Commission (SFC), Hong Kong, mentioned that the regulation of virtual asset providers might go through hurdles such as cybersecurity, surety of clients’ assets and potential conflict of interest between platforms and clients. It is expected that on June 2023, the guidelines will become effective and the Securities and Futures Commission has not yet approved.
Reportedly, some people appreciated the featuring of crypto in state media. Furthermore, “It’s a big deal. The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs,” Changpeng Zhao, CEO, Binance, tweeted, Cointelegraph concluded.
(With insights from Cointelegraph)
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