Hong Kong authorizes operations of bitcoin exchanges

As of June 1, 2023, a new regulation will enter into force for cryptocurrency trading platforms in Hong Kong, a special administrative region belonging to China.

Such as local media reports This Wednesday, May 24, the new regulatory measure means that, from next month, cryptocurrency service providers will need to obtain a license to continue operating in Hong Kong. Otherwise, “they should begin to orderly end their operations.”

The regulation will come at a time when several companies from the United States and China are considering opening operations in that Asian region.

As reported by CriptoNoticias, Hong Kong Treasury and Financial Services Secretary Christian Hui noted that several bitcoin and cryptocurrency companies are interested in your country since the end of 2022. He added that dozens of companies seek to establish their physical presence in that nation.

Bitcoin sounds again in the Chinese press

China’s state television channel CCTV was the one that broadcast news about the adoption of cryptocurrencies in Hong Kong and the regulations that will come into effect from next week. This happens after a long time without information regarding the ecosystem in the media of that country.

The naming of cryptocurrencies on Chinese television is a novelty since that country intensified censorship against the ecosystem and banned it in 2021, as reported by CriptoNoticias.

In September of that year, the Central Bank of China declared all business related to Bitcoin and cryptocurrencies illegal. He also warned of investigations and sanctions against those who carry out financial activities linked to crypto assets.

Total, China has banned bitcoin just over 8 times, maintaining tight control over operations with this asset and the rest of the ecosystem, alleging that the commission of crimes is promoted with them.

However, the appearance of bitcoin in the Chinese press – which is totally centralized and controlled by the government – gives light that China is giving new entry to the ecosystemalthough in an inconspicuous way.

A fact that reinforces this idea is that Bitcoin mining is still present in Chinaalbeit clandestinely. The country that banned mining activity more than two years ago holds 20% of the global computing power of the Bitcoin network, according to data from the University of Cambridge.