China's BTCC Welcomes Greater Bitcoin Exchange Oversight
In the face of increasingly diverse rumors, bitcoin exchange BTCC is taking an optimistic view of how domestic regulation may progress.
At least one bitcoin exchange in China is open to the idea that the digital currency could become more well-regulated domestically.
Speaking to CoinDesk today, BTCC CEO Bobby Lee greeted rumors that the People's Bank of China is considering ways to better supervise the industry with enthusiasm, while pushing back against the idea that recent conversations between its executives and the central bank were anything but ordinary.
The comments come in response to a report from China Securities Journal today in which the news source cited undisclosed sources that hinted a "third-party hosting platform" might be set up to better protect local investors.
Though Lee indicated he was not aware of such plans, he spoke to why a common platform may be beneficial.
"In China, stock exchanges are regulated and they have common settlement platforms," he said. "But for bitcoin we're starting at zero."
But, Lee said changes must go deeper than that. Since it was founded in 2011, Lee noted that his firm has been operating without a license.
He told CoinDesk:
Lee voiced his enthusiasm the new attention the industry has received in the wake of notable price benchmarks would prove positive.
Yuan image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.