On May 23, state broadcaster China Central Television (CCTV) aired a program on crypto adoption in Hong Kong. As reported on the show, Hong Kong regulators “have made final preparations” for virtual asset trading in the special administrative region and will be accepting applications from trading platforms. virtual assets.
Zhonghui Cai, an official with Hong Kong’s Securities and Futures Commission (SFC), explained during the broadcast that the regulation of virtual asset providers faces challenges such as security network, securing customer assets, and potential conflicts of interest between the platform and the customer.
CCTV is China’s largest state broadcaster, with various programs serving over 1 billion viewers. Interestingly, there is nothing glaringly negative about the cryptocurrency in the 98-second repertoire. This is in stark contrast to the strict crypto regulation by authorities in mainland China, which includes an outright ban on Bitcoin (BTC) mining and cryptocurrency exchanges. However, cryptocurrency ownership is now allowed.
On April 13, Douyin, the Chinese version of TikTok with over 1 billion users, began publishing cryptocurrency quotes in its search index. A day later, the quotes were removed and replaced with a notice stating: “Unofficial digital currencies do not have the same legal status as fiat currencies. Invest wisely.”