RABIT Monthly News(May 2023)

Jun 2, 2023 • 1 min read

The CEO of Ripple has expressed concerns, "Many cryptocurrency companies can leave the U.S. and go to Europe due to confusing regulations of U.S. regulators." Comparing the regulations in the U.S. to that of other countries, the CEO criticized the excessive regulations and frequent policy changes enforced by U.S. regulators.
Following the introduction of stricter regulations on cryptocurrency trading platforms in Canada, Bybit has announced its decision to cease opening new accounts in Canada. In response, Binance also revealed its plans to suspend its activities in Canada.
Effective from June 1st, Hong Kong has implemented a new cryptocurrency regulation plan requiring the mandatory acquisition of cryptocurrency exchange licenses. The announcement states that individual investors will have the opportunity to trade major cryptocurrencies like Bitcoin and Ethereum on these newly licensed digital asset platforms.
The EU Parliament has announced its intention to ease requirements for European Union banks' stablecoins and tokenized assets. This initiative includes lowering the risk weight of stablecoins by 250%. Additionally, cryptocurrencies such as Bitcoin and Ethereum, along with stablecoins, will now carry a risk weight of 1250%, the same as previously announced legislation.

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