Mainland Chinese authorities talked about crypto adoption in Hong Kong on national television. Approximately 1 billion people watched the broadcast. Amid this backdrop, large companies are actively promoting the development of the cryptocurrency market in the region. 

Hong Kong Develops Crypto Market with Mainland China’s Support

Gate Group, the company behind crypto exchange, announced the launch of a new virtual asset trading platform, Gate.HK, in Hong Kong. Users can deposit and withdraw digital assets through the platform, as well as participate in spot crypto trading.

The Gate.HK platform is already open for registration and offers a wide range of trading services covering both retail users and professional investors. In the future, the platform plans to implement extra services to provide users with even more trading options while meeting the requirements of Hong Kong’s regulatory authorities.

Recently, it also became known that the Hong Kong virtual bank ZA Bank announced plans to provide virtual asset trading services for retail investors. 

According to Ronald Lu, CEO of ZA Bank, the company will partner with licensed virtual asset exchanges to allow customers to trade assets using fiat currency through the ZA Bank app. He also noted that the move is part of the company’s strategic plan to strengthen its position as an innovative wealth management platform, offering various financial services and adhering to high security and regulatory standards. 

Remarkably, despite a strict ban on crypto in China, a short video on crypto adoption in Hong Kong was aired the other day on China Central Television (CCTV), a national TV channel. It’s worth noting that the video shown didn’t contain any criticism or negative comments about cryptocurrencies. About 1 billion Chinese people potentially watched it.

The video caused a lot of buzz among the cryptocurrency community, many members of which believe that a report on crypto initiatives aired on national television may indicate that Chinese authorities are ready to soften their approach to cryptocurrency regulation in the country. However, according to Changpeng Zhao, CEO of Binance, the only thing to expect after the broadcast is “bull runs” in the crypto market. 

Recall that Hong Kong authorities are actively developing the crypto industry, opening up new opportunities for trading virtual assets in the region through the licensing of crypto exchanges and other trading platforms. Thus, many large trading companies are already looking to expand their offices in Hong Kong.

UPD: China Central Television (CCTV) deleted the video about cryptocurrencies that attracted a lot of attention among the crypto community on Twitter. However, users saved the video.

Author: Nataly Antonenko
#Cryptocurrency #Finance #News