Welcome back everyone for another look at what's
happening in crypto around the world now we spend A lot of time covering goings-on in the United
States but today it's time to forget about debt Ceiling debates Fed rate hikes and ripple versus
the SEC and instead turn the focus elsewhere So join me for a look at some headlines
from some other corners of the cryptoverse We don't 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]
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