China Central Television (CCTV) reported last night (24th) that Hong Kong will implement new regulations on "digital asset trading licenses" from June 1. CZ (Changpeng Zhao), CEO of Binance, said: The Chinese community regards this as a positive signal for the change of the Chinese government. Similar reports have detonated the bull market.

The Hong Kong government previously announced that it will implement applications for a "digital asset trading license" from June 1 to promote the legalization of cryptocurrency exchanges. On the evening of yesterday (24th), China Central Television (CCTV) No. 2 Financial Channel reported on the new regulations that are about to be implemented in Hong Kong. The name and logo of Bitcoin also appeared many times in the report video.

CCTV broadcasts Hong Kong’s implementation of new regulations on “Digital Asset Trading License”

According to the recording on the CCTV official website, the CCTV anchor first introduced the new regulations and emphasized that cryptocurrency exchanges currently operating in Hong Kong must apply within 9 months of the implementation of the new regulations, otherwise they should withdraw their business in Hong Kong as soon as possible .

At the same time, CCTV also invited Cai Zhonghui, interim director of the Intermediary Department of the Hong Kong Securities and Futures Commission (SFC), to introduce their work. Cai Zhonghui pointed out that SFC is currently focusing on many areas such as network security, customer fund security, and internal control of trading platforms:

The trading platform can see customers placing orders, so we are particularly concerned about conflicts of interest and internal controls on the platform.

Binance CZ: Historically, similar reports have driven bull markets

Due to China's strict ban on cryptocurrency exchanges in recent years, almost all large platforms have completely withdrawn their mainland operations in 2021. Therefore, CCTV once again reported that cryptocurrency exchanges are compliant in Hong Kong, which was regarded as a positive signal by the Chinese community and triggered heated discussions.

CZ (Changpeng Zhao), CEO of Binance, the leading cryptocurrency exchange, also commented on this. He believes that historically, this is important news that promotes the cryptocurrency bull market:

CCTV (China Central Television) just mentioned cryptocurrencies. This was a big signal and the Chinese community was very excited about it, as historically similar reports have helped kick off bull markets.

I am not suggesting that the past will apply to the future, nor is this investment advice.