China's Douyin, the local version of TikTok, is now displaying bitcoin prices in search results. This move could be seen as a signal that Beijing is warming up to crypto and loosening its control over the digital asset ecosystem, especially given the tight control over social media within China.
Douyin has 700 million daily active users and is the most downloaded short video-sharing platform in China. Hong Kong is also showing support for the development of the Web3 ecosystem, with the Securities and Futures Commission CEO and the financial secretary emphasizing proper regulation, investor education and protection, and anti-money laundering.
This week, Hong Kong is hosting the HongKong Web3 Festival, which expects more than 10,000 attendees and 300 speakers. The price of bitcoin broke through $30,000 earlier this week, a first since June 2022.
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