Bybit, the cryptocurrency exchange, has halted all its services and products being offered in Canada until further notice due to regulatory developments in the country. The exchange announced on May 30 that Canadian nationals and residents of the country would no longer be able to open new accounts with the exchange starting May 31. Bybit
Regulation
The US Commodities and Futures Trading Commission (CFTC) has released a warning related to the clearing of digital assets. The CFTC’s Division of Clearing and Risk (DCR) has seen derivatives clearing organizations (DCOs) and applicants expand their offerings, with some related to digital assets. The DCR has expressed concern about “potentially heightened risks” associated with
CoinEx announced on May 29 that it is launching a new cryptocurrency exchange for users in Hong Kong. The new exchange will be called BitHK and will operate in compliance with Hong Kong’s Guidelines for Virtual Asset Trading Platform Operators. CoinEx has also stated that it will apply to operate as a Virtual Asset Service
The Digital Asset Mining Energy (DAME) excise tax, a proposed 30% tax on energy costs for cryptocurrency miners, was not included in the latest Fiscal Responsibility bill aimed at tackling the Debt Ceiling crisis. The tax drew widespread criticism from stakeholders within the crypto-mining sector and U.S. lawmakers. The news of the omission has been
Russia has decided to halt its plans to create a national cryptocurrency exchange and instead formulate regulations that allow private companies to establish their own exchanges. The head of the State Duma committee on the financial market, Anatoly Aksakov, informed local media Izvestiya on May 29 of the change in strategy. He disclosed that the
UK Prime Minister Rishi Sunak is seeking to update his government’s guidelines for regulating artificial intelligence (AI) development. The government aims to ensure public safety as the technology is advancing rapidly, and some of its uses are unknown. New Regulations to be Implemented According to The Guardian, Sunak’s government published a white paper in March.
On May 27, Beijing released a white paper titled “Internet 3.0 Innovation and Development,” which aims to support and advance Internet 3.0 (web3) and the metaverse, according to Chinese media, ThePaper. However, Binance CEO Changpeng Zhao (CZ) pointed out on Twitter that the timing of the white paper’s publication is just days before the June
Gemini and Genesis have requested the dismissal of the Securities and Exchange Commission’s (SEC) lawsuit regarding their Earn product. The SEC had alleged that the contract setting up the Earn program was a security, but Gemini’s lawyer, Jack Baughman, has argued that the contract was never sold and therefore does not constitute a security. Earn
Binance, one of the world’s largest cryptocurrency exchanges, and Gulf Innova, a wholly-owned subsidiary of Gulf Energy, have been granted a digital asset operator license by Thailand’s Ministry of Finance. The two firms have been working together since 2022 to launch a compliant-first exchange in Thailand. The license paves the way for Gulf Binance to
Fabio Panetta, a board member of the European Central Bank (ECB), has stated that the digital euro is crucial as people increasingly use digital currencies, and there is a possibility that cash will eventually become obsolete. Panetta, who is leading the ECB’s central bank digital currency (CBDC) project, stated in an interview with Les Echos