Cloud Hosting

Douyin, Chinas version of TikTok, has taken down the bitcoin (BTC) price ticker a few hours after it went live on the app. Users searching for bitcoin prices were greeted with a warning on digital asset investment, according to local media reports.

The adding of the bitcoin price ticker seemed to coincide with Hong Kong opening its door to crypto and Chinas state-owned banks reportedly soliciting business from crypto firms, even though opening an account with one remains a challenge.

"Cryptocurrency platforms are part of the whole Web3 ecosystem and we are very supportive of the development of the whole Internet ecosystem," Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Leung Fung-yee said recently during the question-and-answer session at the Boao Forum for Asia Annual Conference 2023. These virtual currency platforms must protect the safety of all investors from the perspective of investor protection.

Paul Chan, Hong Kongs financial secretary also shared this supportive sentiment in a recent blog post.

In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both proper regulation and promoting development, he wrote. 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.

UPDATE (April 11, 2023, 12:21 UTC): Rewrites headline and lead with reports of the price ticker being take down. Updates second paragraph.

Link:
Chinas Douyin App Takes Down Bitcoin Price Ticker Hours After It Went Live - CoinDesk