Changpeng Zhao, CEO of crypto exchange Binance, pointed out the timing of the Web 3.0 white paper prepared by the Beijing government in a statement on Twitter.
"The timing between the Beijing government's technology committee's release of the Web 3.0 white paper and the prospects for June 1 in Hong Kong is interesting," Zhao said in a recent tweet.
The tweet came after Chinese state television reported on Bitcoin and cryptocurrencies on Friday. Zhao claimed that this post by Chinese state television CCTV could historically kick off a bull season.
June 1 is the date when Hong Kong will implement a new regulatory regime for crypto companies and allow individual investors to trade major coins like Bitcoin and Ethereum for the first time.
Crypto exchanges will need to obtain virtual asset service provider (VASP) licenses from the Hong Kong Securities and Futures Commission (SFC), which will set strict rules on anti-money laundering, investor protection and market integrity.
*Not investment advice.