China's TikTok Embraces Bitcoin: Is Beijing Loosening Its Control Over Crypto?

The popular Chinese social media platform Douyin is displaying the price of Bitcoin BTC/USD in its search results, possibly indicating a shift in China's stance on cryptocurrencies.

Despite tight control over social media in China, Douyin has more than 700 million daily active users, making it a significant platform for reaching a broad audience.

This development comes as Hong Kong is reportedly opening its doors to cryptocurrencies and state-owned banks in China are soliciting business from cryptocurrency firms.

#Bitcoin price is now live on Douyin 抖音 （@tiktok_us in China） pic.twitter.com/sgvdn70LQr

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 10, 2023

Opening an account with a cryptocurrency firm in China remains a challenge.

The Hong Kong Securities and Futures Commission (SFC) has expressed support for the development of the whole Internet ecosystem, including cryptocurrency platforms.

Also Read: SHIB Metaverse To Usher In Bold Era Of Crypto Gaming And Passive Earnings

During the Boao Forum for Asia Annual Conference 2023, SFC CEO Leung Fung-yee said, "These virtual currency platforms must protect the safety of all investors from the perspective of investor protection.”

Hong Kong's financial secretary Paul Chan also emphasized the importance of proper regulation and promoting development in a recent blog post.

He stated, "In terms of proper supervision, in addition to ensuring financial security and preventing systemic risks, we will also do a good job in investor education and protection, and anti-money laundering.”

This week, Hong Kong is hosting the Hong Kong Web3 Festival, which expects to draw more than 10,000 attendees and 300 speakers.

The festival aims to bring together experts in blockchain, cryptocurrencies, and decentralized finance to discuss the future of Web3.

Read Next: Coinbase Product Chief Quits To Work On Secretive Crypto Project
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