China Central Television Highlights Hong Kong Crypto Exchange Licensing

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Binance CEO Changpeng Zhao tweeted a clip from China Central Television on Wednesday. The topic of discussion? Hong Kong’s decision to accept license applications for crypto exchanges that want to serve retail investors.

China Central Television (CCTV) is a government-controlled national television channel. It is often seen as a means of directly promoting the perspectives and agenda of governments.

Zhao and others say that was a big deal, adding that similar hedging in the past has contributed to bull runs.

The broadcaster notes that from June 1, any virtual asset trading platform must apply for a license from the Hong Kong Securities and Futures Commission to operate in the country.

Crypto trading companies that are already operating will have nine months from June 1 to apply for a license or else they will have to cease all operations, CCTV said.

We have seen that online security is a huge challenge, Zhong Hui Cai, head of the intermediaries department at the Hong Kong Securities and Futures Commission, said on the show.

Cai stressed that special attention will be paid to storing client funds and ensuring that there are no conflicts of interest.

The broadcaster also highlighted two images featuring the Bitcoin logo. Another photo contained what appeared to be a display with Samoyedcoins collection of NFT for dogs.

China has been notoriously strict with cryptocurrency operations, banning bitcoin in 2013, initial coin offerings in 2017, and bitcoin mining operations in 2021.

This latest move to regulate cryptocurrency exchanges suggests that there is still interest among the citizens of the country to trade digital assets.

Note: CCTV quotes have been translated from Chinese to English.

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