THE LEDGER: Regulations looming larger, and Musk reveals the power of his word

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Updated May 19, 2023 | Published May 19, 2023

2 mins read

Whether it’s France or Singapore (or the Bahamas), it can’t just be the promise of cleaner beaches that’s attracting the crypto industry’s biggest players

The threat of tighter regulations for the cryptocurrency and digital gaming industries loomed large once again this week, as exchanges and other industry players plan their next moves.

And the move that Binance took was to removed itself from the Canadian marketplace, citing stricter crypto rules and increasing levels of regulation, eh.

“We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none,” tweeted the company. It’s not Binance, it’s them, seems to be the argument.

French Connection

But, if it fancies landing in a another country where people know how to pronounce kwasant, then France may be the place for you. France has thrown out an open invitation to set up camp in the republic, due to regulatory uncertainty elsewhere (both now and coming down the line).

Officials in France have been boasting about the European country’s regulatory framework that, they claim, offers relative predictability.

Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF, or Financial Markets Authority), said: “If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome.”

Brian's Singapore adventure

In terms of scoping out new markets, Coinbase looks to be ahead of the game, and has begun expanding its services in Singapore, offering customers no fee purchases, as the exchange looks at continued overseas development.

Customers in Singapore will benefit from no fees when purchasing USDC (USD Coin) with Singapore dollar (SGD) and will also receive rewards for holding USDC, making USDC order books available on advanced trading and staking for ETH, SOL, ADA, ATOM, and XTZ.

Coinbase recently launched Coinbase International Exchange in the Bahamas and it is considering the Caribbean island as a possible headquarters, along with the United Arab Emirates and Europe after complaining about lack of clarity on crypto regulations in the US.

Meanwhile, in less sunnier climes …

A panel of UK lawmakers have argued cryptocurrencies should be regulated in the same way gambling is, due to the significant risks the digital currencies reportedly pose to consumers.

A report from parliament’s treasury committee noted that Bitcoin (BTC) and Ethereum (ETH) account for two-thirds of all crypto assets, and are not backed by any currency, which could lead to high volatility in prices.

However, the committee report revealed a hesitant approach to regulating retail trading and investments in unbacked cryptocurrencies, based on a fear of creating a ‘halo’ effect leading to consumers believing the activity is safer or more protected than it actually is.

Florida's digital jitters

It’s probably fair to say Brian isn’t looking at Florida too favorably at the moment, given the head honcho of the southern state's decision to ban the use of central bank digital currencies (CBDCs) in the state.

In a recent press conference, defending cryptocurrencies and claiming CBDCs to be an act of “woke politics”, governor Ron DeSantis voiced his concerns regarding the coins, suggesting they could be used to surveil and control American citizens.

You Musk be joking

And finally, we were once again shown the power of an Elon Musk tweet, with the Milady Meme Coin seeing a 5000% price surge after the billionaire Twitter owner tweeted an image from a linked NFT collection.

Musk tweeted: “There is no meme, I love you” overlaid on a Milady NFT, part of a collection that contains 9,823 images featuring anime-style, wide-eyed childlike faces. The tweet really is mightier than the nerd.

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Written by Edward Pearcey

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