Crypto NEWS From Around The World: Updates You CAN'T Miss!!

have to travel far from the US for our first story though just across the border into Canada in fact Canada as you may know is where binance CEO CZ hails from but that hasn't stopped his exchange from packing up and leaving the country on the 12th of May binance tweeted that it would quote be joining other prominent crypto businesses in proactively withdrawing from the Canadian Marketplace

unfortunately new guidance related to stable coins and investor limits provided to crypto exchanges makes the Canada Market no longer tenable for binance at this time now this follows the introduction of new guidance by the Canadian Securities administrators CSA back in February that put significant constraints on how binance and other crypto exchange platforms can operate in the land of mounties maple syrup and moose now it seems

that binance had initially attempted to comply when Bloomberg reported on the matter back in April it stated that the new rules called for quote unregistered crypto trading platforms operating in the country to commit to a so-called pre-registration undertaking firms are required to follow tougher regulations on segregating customer assets and prohibited from offering margin or leverage to users in Canada now other operators such as okx dydx

and paxos had already signaled their intent to leave the country but binance did reportedly file that pre-registration undertaking before giving up the ghost users now have until the end of September to close out their positions and find alternative platforms now this move by the CSA could well be related to the news that the development of Canada's Central Bank digital currency or cbdc is continuing a pace

earlier this month the Bank of Canada announced a public consultation for its cbdc which follows earlier such consultations on crypto and stablecoins according to crypto slate quote the bank is primarily interested in learning about how Canadians would use the digital dollar what security features are crucial and what concerns citizens with regard to cbdc's accessibility and privacy the announcement also noted that cash usage would remain the

same even if the Canadian digital dollar is rolled out one day crypto and especially stable coins are viewed by many central banks and governments as direct competitors to cbdc's and it's no surprise then that the crypto industry in Canada is coming under pressure as a result that said it does seem like the Bank of Canada is at least making a decent effort to give Canadians a

say when it comes to their cbdc which is more than can be said for other countries that famed Canadian politeness a meanwhile binance is also finding itself under the Cosh in Australia it suffered a double whammy last week when Westpac the country's oldest bank announced a ban on transactions to a number of crypto exchanges including Finance Australia this came on the same day that the exchange

was forced to suspend Aussie dollar Services after its payment provider withdrew its support it's part of an all too familiar tale sadly authorities in Australia as in many other countries are getting spooked by crypto in a big way now one of the reasons cited for this latest action against binance is the amount of money lost to crypto scammers in recent years which is certainly a big

problem in Australia and elsewhere it is worth noting though that cracking down on exchanges like binance is not going to make that problem go away nor does it do anything meaningful to crack down on the scammers themselves sure it might inconvenience those scammers a little bit but the real losers here are the ordinary upstanding people looking to trade crypto dig a Little Deeper of course and

a familiar culprit emerges yup cbdc's The Reserve Bank of Australia is Keen on them too coincidence I think not anyway it's easy to get hung up on countries like Canada and Australia that are struggling to get to grips with crypto while ignoring many other places where it's being used for a lot more than speculation and investment in many countries crypto is fast becoming a Lifeline for

ordinary people as they struggle to deal with levels of inflation way above what many so-called Western countries are experiencing Argentina the Philippines and turkey are three countries where inflation is running red hot and crypto ownership is surging as a result as cryptoslate reported turkey saw its levels of crypto ownership Jump by 27 between 2021 and 2022 largely thanks to a peak rate of 72 percent inflation

Argentina trumped that however as its inflation rate peaked at just under 95 in 2022 causing crypto adoption there to Surge by 23 and a half percent inflation wasn't nearly as high in the Philippines peaking at around 8 percent in late 2022 but the country still saw crypto adoption Rise by 23.4 percent while crypto remains primarily a speculative asset in many countries elsewhere it's becoming a part

of everyday life as people become increasingly tired of their Fiat [__] coins and turned to currencies that can't just be printed at will by their governments expect this trend to continue and keep an eye out for increasing levels of innovation coming out of these countries that are really putting crypto to good use chances are future crypto use cases and super apps could come from somewhere like

Argentina turkey or the Philippines but back to a country where most of the focus is on regulations now the UK was on the list of places we visited in our last look at crypto around the world and I'm afraid it merits a stopover this time too that's because of a couple of bits of recent news first up came the recommendation by the treasury select committee that

the UK government regulate crypto trading in the same way as it regulates gambling the old chestnuts of quote no intrinsic value huge price volatility and no discernible social good were trotted out to back up the committee's reasoning this through a bit of a spanner into the government's plans to regulate crypto in the UK which we summarized in a video a few months back link is below

tldr the proposed regulatory framework for crypto in the UK is very promising albeit potentially subject to changes which could make it less so but there's clearly opposition from many quarters which means that the signing of regulations into law may not be a straightforward process however a few days after the select committee had made its feelings known a contradictory view was expressed by the international organization of

Securities commissions iosco a watchdog group made up of regulators from 130 jurisdictions and one which I must admit I'm not all that familiar with iosco which includes the UK's Financial conduct Authority and the ussec among its members called for the UK to regulate cryptocurrencies quote in the same way as traditional assets such as stocks and bonds according to the guardian doing so quote includes requiring trading

platforms to publicly disclose how they vet crypto assets before allowing them to be traded clearly explain how they store and Safeguard clients crypto assets and ensure they are separated from the firm's own assets that might be used for proprietary trading in short then a lot of compliance would be required from exchanges and other similar platforms which makes sense in the wake of the collapse of Celsius

Voyager FTX Etc the view expressed by the treasury select committee however is that regulating crypto in the same way as other assets would create a quote halo effect which could mislead consumers into thinking that investing in crypto is safer than it actually is which I think kind of misses the point I would argue that anyone investing in crypto is well aware of the risks involved and

that treating it the same as gambling would merely encourage people to act even more irresponsibly than many of them already do that said of course gambling isn't taxed in the UK so if the treasury select committee has its way well I'm sure many would be absolutely delighted okay time to end this Roundup on a high note by stopping off in Hong Kong as I'm sure you're

all aware retail trading of cryptocurrencies will become legal in the china-controlled city-state very soon and in just a few days time on the 1st of June exchanges there will be able to apply for a license from the city's Securities and Futures commission sfc to operate now a few things to be aware of before you get too excited first up it looks like only the major cryptos

like BTC eth and a few others will be accessible to investors in Hong Kong as Bloomberg reported quote individual investors can trade larger coins on exchanges licensed by the sfc under Hong Kong's new approach safeguards include knowledge tests appropriate risk profiling and reasonable limits on exposure the coins should be included in at least two acceptable investable indexes from independent providers one with experience in the traditional

financial sector now it's unclear which cryptos besides BTC and eth meet this criteria but the list is likely to be limited so although retail Traders will be able to invest through licensed and heavily regulated exchanges only a handful of larger cryptos will be accessible to them and they will likely be heavily vetted by said exchanges in order to satisfy the powers that be that they know

what they're doing so don't count on a flood of inexperienced newbies piling into ship on the 1st of June in other words now of course the really big question here is just how much pent-up Chinese money is going to find its way into the crypto market via Hong Kong China is notorious for its strict Capital controls and the CCP will not be Keen to see a

flight from the Yuan to BTC eth and others inflows from the mainland are likely to be restricted and closely monitored that said this could well Mark the beginning of a pivot towards crypto by China as it looks to capitalize on the US's rejection of the industry as I and many others have been saying the next Bull Run could well begin in the East and so we

need to watch what happens in Hong Kong over the coming weeks and months very closely but let's leave the last word on this to Mr binance himself CZ on the 24th of May he tweeted quote CCTV China central television just broadcasted crypto it's a big deal the chinese-speaking communities are buzzing historically coverages like these led to bull runs not saying past predicts the future and not

Financial advice I couldn't have put it better myself thanks folks for watching this Roundup of crypto news from around the world and if you would like to see more news roundups like this do let me know in the comments below also be sure to check out the coin Bureau deals page which is down in the description for some amazing trading fee discounts on some of the

top exchanges and discounts on Hardware wallets as well you would be insane not to check it out thank you so much for watching and I will see you next time this is Guy bidding you goodbye thank you [Music]