Changpeng Zhao (CZ), the CEO of Binance, the world’s largest crypto exchange by trading volume, informed the crypto community a couple of hours ago that China Central Television just broadcasted crypto, stating that it is historically a bullish signal for digital assets.
In a tweet on the 24th of May, CZ wrote, “CCTV (China Central Television) just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs. Not saying [the] past predicts the future. And not financial advice.”
CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.
Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93
— CZ 🔶 Binance (@cz_binance) May 24, 2023
The broadcast, which aired on May 23rd, covered securities regulators in Hong Kong creating a mandatory licensing system for digital asset providers.
In a recent statement, Julia Leung, the chief executive of Hong Kong’s Securities and Futures Commission (SFC), says that clear crypto guidelines will help the industry sustain itself as well as foster more innovation:
“Providing clear regulatory expectations is the key to fostering responsible development. Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks. This will enable the industry to develop sustainably and support innovation.”
The licensing system is set to kick off on June 1st after a consultation with industry leaders in February yielded generally positive attitudes toward the change. According to the SFC, firms that do not comply should plan to close their businesses.
“The guidelines for virtual asset trading platform operators will become effective on 1 June 2023… Operators of virtual asset trading platforms who are prepared to comply with the SFC’s standards are welcome to apply for a license. Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong.”