On May 23, the state broadcasting company China Central Television (CCTV) broadcast a segment on cryptocurrency adoption in Hong Kong. As noted in the segment, Hong Kong regulators “have made final preparations” for virtual asset trading in the special administrative region and will be accepting applications from virtual asset trading platforms.
Zhonghui Cai, an official with the Securities and Futures Commission (SFC) in Hong Kong, explained during the airtime that the regulation of virtual asset providers faces challenges such as cybersecurity, asset security of customers and potential conflicts of interest between platforms and customers. Previously, Cointelegraph reported that while the guidelines will come into effect in June 2023, the SFC has not approved any virtual asset trading platform at the service of private investors.
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