China Central Television aired a series on virtual assets on Tuesday that attracted attention from around the world.
The segment, which lasts just over a minute, features Bitcoin, non-fungible tokens and is titled “Hong Kong Securities Regulatory Commission: Implementation of Compulsory Licensing System for Virtual Asset Trading Platforms from June 1” .
Hong Kong’s financial regulator, the Securities and Futures Commission, on Tuesday completed consultations on the regulation of platforms for trading virtual assets, which will come into force on June 1.
The guidelines include safe custody of assets, segregation of client assets and cybersecurity standards, among other mandates, according to the statement.
The SFC also noted that it “has yet to approve any virtual asset trading platform to provide services to retail investors, and most virtual asset trading platforms currently available to the public are not regulated by the SFC.”
“Hong Kong’s comprehensive virtual asset regulatory framework adheres to the principle of ‘same business, same risks, same rules’ and aims to ensure robust investor protection and key risk management. This will enable the industry to sustainably grow and support innovation,” Julia Leung, Chief Executive Officer of the SFC, said in a press release. releases .
It is noteworthy that cryptocurrency is banned in China.
“It’s a big deal”
Binance CEO Changpeng Zhao tweeted a China Central Television news segment, calling it a “big deal.”
“CCTV (China Central Television) just broadcasted cryptocurrency. This is a big deal. Chinese-speaking communities are buzzing. Historically, such surfaces have led to fast races. They don’t say that the past predicts the future. And not financial advice.”
Binance’s head of communications, Patrick Gillman, called it “predictable.”
“It’s massive, but it was predictable, IMHO. Google, YouTube, Facebook, Steam, Netflix were banned in China shortly before their Chinese versions were released. China was always going to accept cryptocurrency, they just wanted to set themselves up to dominate the market, Hillmann wrote on Twitter.
