Binance Crypto exchange CEO Changpeng “CZ” Zhao stated that Chinese-speaking communities are “buzzing” after state broadcaster China Central Television appeared to broadcast a segment about digital currencies that featured the Bitcoin (BTC) logo.
“It’s a big deal,” he wrote on Twitter. “Historically, coverages like these led to bull runs. Not saying past predicts the future. And not financial advice.”
Zhao shared a link to CCTV’s website that showed a segment that featured what appeared to be a Bitcoin (BTC) ATM in Hong Kong. In addition to a large blue logo, an option that stated “Buy Bitcoins” was visible. Non-Fungible Token (NFTs) were likewise highlighted in the segment.
The segment, dated May 23, focused on a Hong Kong licensing system for virtual investment trading platforms. China prohibited the use of digital currencies in 2021.
Bitcoin (BTC) was down 3.4 percent on Wednesday, sliding to $26,295, according to data on TradingView.
Hong Kong regulations
Honk Kong’s Securities and Futures Commission on Tuesday released consultation conclusions about proposed regulatory requirements for virtual investment trading.
“A whole lot of bulk of respondents agreed to our proposition to allow licensed trading platform operators to serve retail investors,” the commission stated. “The SFC will implement a number of robust measures to guard these investors including ensuring suitability in the onboarding process, good governance, enhanced crypto token due diligence, admission criteria and disclosures.”
The “Guidelines for Virtual Investment Trading Platform Operators” will become effective on June 1. The regulations will cover “safe custody of assets, segregation of client assets, avoidance of conflicts of interest and cybersecurity standards and requirements expected of licensed trading platforms.”
“Hong Kong’s comprehensive virtual assets regulatory framework comes after the principle of ‘same business, same dangers, same rules’ and intends to provide robust investor protection and manage key risks,” SFC CEO Julia Leung stated in a statement. “This will enable the industry to develop sustainably and support innovation.”