JAKARTA Hong Kong has allowed crypto exchange companies to serve retail investors on May 23. Apparently the move was in the spotlight of one of China's leading television stations, CCTV (China Central Television).
Binance boss Changpeng Zhao also commented on it. According to Zhao, CCTV discussing crypto recently will cause a big problem so that it can affect the market.
"CCTV (China Central Television) has just broadcast crypto. This is a big problem. The Chinese-speaking community is busy. Historically, coverage like this has led to an increase. That doesn't mean the past predicts the future. And it's not financial advice," Zhao said.
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As previously reported, Hong Kong has granted licenses to crypto exchange service providers for domestic investors. Even so, the Hong Kong financial authorities, the Securities and Futures Contracts Commission (SFC) already have clear guidelines regarding crypto regulation.
According to SFC chief Julia Leung, clear guidelines in crypto regulation will help the industry develop responsibly in encouraging digital money innovation. The SFC is also determined to protect investors with the same code of business, the same risk, the same rules.
This licensing system will take effect from June 1 after consultation with industry leaders in February and gain general support for this change. Companies that do not comply with these regulations must leave Hong Kong.
SFC's firm stance on cryptocurrencies is expected to protect domestic investors. At the same time, the SFC also gives crypto exchanges a deadline to comply with their standards by applying for permits to regulators.
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