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

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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