• Binance CEO Changpeng Zhao says that China Central Television’s recent crypto-focused broadcast is a “big deal” and has historically led to bull runs.
• Hong Kong’s Securities and Futures Commission (SFC) is creating a mandatory licensing system for digital asset providers.
• The licensing system will kick off on June 1st after consultation with industry leaders yielded generally positive attitudes towards the change.
Binance CEO’s Comments
Binance CEO Changpeng Zhao says that China Central Television’s recent crypto-focused broadcast is a “big deal,” and has historically led to bull runs. “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.”
Licensing System in Hong Kong
Hong Kong’s Securities and Futures Commission (SFC) is creating a mandatory licensing system for digital asset providers. In a statement, Julia Leung, the chief executive of SFC said 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.”
Timeline for Launch
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 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.”
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