The Chinese version of TikTok’s Douyin has taken down the Bitcoin (BTC) price ticker just hours after it was made available on the app. According to local media reports, users searching for bitcoin prices were presented with a warning about digital asset investment.

The fact that social media is strictly controlled suggests that bitcoin prices appearing on Douyin may indicate that Beijing might be opening up to crypto. The ticker was taken down shortly afterward, however. Douyin has 700,000,000 active users each day and is China’s most downloaded short video-sharing site.

The addition of the bitcoin price ticker coincided with Hong Kong opening its doors to crypto. China’s state-owned bank reportedly sought business from crypto firms. Opening an account with one is still a challenge.

“Cryptocurrency platform are part of the entire Web3 ecosystem and are very supportive of development of the entire Internet ecosystem,” Hong Kong Securities and Futures Commission Chief Executive Officer Leung Fuung-ye stated recently during the question and answer session at Boao Forum Asia Annual Conference 2023. From the standpoint of investor protection, these virtual currency platforms need to protect all investors.

Paul Chan, Hong Kong’s financial secretary, also expressed this support in a blog post.

Web3 will continue to take the path of innovative development. Web3 will use a strategy that emphasizes both “proper regulation” and “promoting development.” “In terms of proper surveillance, in addition to ensuring financial safety and preventing systemic risk, we will also do an excellent job in investor education, protection, and anti money laundering.”

The Hong Kong Web3 Festival is taking place this week in the city. It will host more than 10,000 people and 300 speakers. The price of bitcoin surpassed $30,000 on Tuesday. This was the first time since June 2022.

UPDATE, April 11, 2023 at 12:21 UTC: Updates headline and lead. Reports of the price ticker being taken down are reported. Second paragraph updated.

Sam Reynolds edited the text.