The chief executive of the world’s largest crypto exchange platform by volume says a recent development within the field has historically led to bull runs.
Binance CEO Changpeng Zhao say 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 broadcast crypto. It’s a big problem. The Chinese-speaking communities are bustling. Historically, such coverage led to bull runs.
Do not say [the] past predicts the future. And no financial advice.”
The broadcast, which aired May 23, featured securities regulators in Hong Kong creating a mandatory licensing system for providers of digital assets.
In a recent statement, Julia Leung, the CEO of the Hong Kong Securities and Futures Commission (SFC), says clear crypto guidelines will help the industry sustain itself and foster more innovation.
“Providing clear legal expectations is key to promoting responsible development. Hong Kong’s comprehensive regulatory framework for virtual assets follows the principle of “same business, same risks, same rules” and aims to provide robust investor protection and manage key risks.
This enables the industry to develop sustainably and to support innovation.”
The licensing system will start on June 1 after a consultation with industry leaders in February revealed generally positive attitudes towards the change. According to the SFC, companies that do not comply should plan to shut down their businesses.
“The guidelines for operators of virtual asset trading platforms will come into effect on June 1, 2023…
Virtual trading platform operators willing to comply with SFC standards can apply for a license. Those who do not intend to do so should proceed to an orderly closure of their businesses in Hong Kong.”
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