CCTV Highlights Hong Kong’s Path to Virtual Asset Trading

China Central Television (CCTV), a state-owned broadcaster, aired a segment on the adoption of cryptocurrencies in Hong Kong on May 23.

According to the part, Hong Kong regulators “have made final preparations” for virtual asset trading in the particular administrative region and will accept applications from trading platforms.

Hong Kong Securities and Futures Commission (SFC) official Zhonghui Cai explained on air that the regulation of virtual asset providers faces challenges such as cybersecurity, the security of clients’ assets, and the possibility of conflicts of interest between platforms and clients.

Previously, it was reported that, even though the guidelines will go into effect in June 2023, the SFC has not approved any retail investor-serving trading platform for virtual assets.

CCTV is the largest state broadcaster in China, with numerous programs aimed at an audience of over one billion people.

During the 98-second segment, no overtly negative remarks about cryptocurrencies were made.

In stark contrast, mainland Chinese authorities have imposed stringent cryptocurrency regulations, including a blanket ban on Bitcoin mining and cryptocurrency exchanges.

However, cryptocurrency ownership is currently permitted.

The Chinese version of TikTok, Douyin, began publishing cryptocurrency price quotes in its search index on April 13.

The following day, the price quotes were removed and replaced with the following message: “Unofficial digital currencies do not have the same legal standing as fiat currencies. Please invest with caution.”

Changpeng Zhao, the CEO of Binance, praised the inclusion of cryptocurrency in state-run media. “This is significant.

The communities of Chinese speakers are bustling. Historically, coverage similar to this has led to price increases,” he wrote on Twitter.