The crypto industry is seeing continuous developments and collaborations. The month of May has been marked by the regulatory endeavours taken by the authorities of diverse jurisdictions around the globe. In addition to this, some governments have also been engaged in pilot projects for their native Central Bank Digital Currencies (CBDCs). Unlike the first 4 months of 2023, this month witnessed less attacks of crypto projects which is a really good sign.
Moreover, the top players within this burgeoning industry have been making several partnerships to promote innovation. Apart from that, well-known crypto entities have also been introducing exclusive services and products to bring improvement to the user experience. These developments signify that the crypto space is going to see considerable growth and adoption rate in the future.
Venom and Kenyan Authorities Join Forces to Create a Blockchain Platform
As disclosed by Venom Foundation, the platform has started a strategic collaboration with the government in Kenya. On the 10th of this month, the company revealed that the partnership would focus on promoting innovation within significant sectors. The collaboration takes into account financial infrastructure, agriculture, management of supply chains, as well as cross-border trade.
Venom Foundation’s CTO Christopher Louis Tsu stated that there are a lot of natural resources along with human capital in the African region. As per the executive, the collaboration would empower the common masses. The CTO added that the respective move would also assist Kenya as well as the rest of the countries within the continent.
EU Intends to Carry out Regulatory Measures for Crypto After Getting a Green Light from Finance Ministers for Legal Agenda
On the 16th of May, the finance ministers of the European Union endorsed the crypto-related rules. In the EU Council, there were officials representing 27 states within the EU. They unanimously authorized the Markets in Crypto Assets (MiCA) regulation. The groundbreaking decision classifies the EU as the initial prominent jurisdiction that has established a thorough regime for licensing crypto assets.
Along with the approval of the regulatory agenda, the council additionally consented to the implementation of the latest measures to confront money laundering with crypto. The respective regulations denote a great landmark in the endeavours of the EU for the provision of regulatory clarity. Also, they attempt to minimize financial hazards within the swiftly evolving crypto sector.
Hong Kong Monetary Authority Starts a Pilot Project for e-HKD
On the 18th of May, the Hong Kong Monetary Authority (HKMA) announced the commencement of a pilot project for the digital version of its local currency HKD. As per the declaration, the entities engaged in the respective endeavour are 16 in number and they have important positions within the technology, payment, and financial sectors.
Additionally, the HKMA is also endeavouring to promote partnerships among academia, industry, and the government in the case of the CBDC research. Hence, the agency has disclosed a strategy to initiate an exclusive CBDC Expert Group. The respective platform would offer comprehensive insights to boost the future endeavours of Hong Kong.
Ripple Establishes a CBDC Protocol for the CBDCs and Stablecoin Development
The well-known crypto exchange Ripple announced on May 18th that it has established a unique project called Ripple CBDC Platform. The respective endeavour offers an exclusive solution for the CBDC issuance. Financial institutions and governments can leverage this endeavour to launch their separate central bank digital currencies (CBDCs).
With this project, the customers will be allowed to modify the span and the features of the CBDCs according to their requirements. In addition to this, the project also focuses on the management of the distribution as well as the transaction of CBDCs. The central banks and the governments will be permitted by Ripple to offer unique financial services.
OKX Permits Withdrawal of Assets to zkSync Era
The prominent crypto exchange OKX declared on the 19th of this month that the company will permit the withdrawals of assets owned by its client to the zkSync Era. This service will let users conveniently carry out withdrawals. Consumers will also have the facility to perform the respective procedure via mobile phones.
The respective operation is reported to be user-friendly. In this respect, the consumers will be able to verify the whole procedure. The crypto exchange is famous because of its services. OKX enables its clients to have diversified portfolios. It additionally demands low fees and provides comprehensive liquidity.
Securities Commission of Malaysia Accuses Huobi Global of Supposedly Operating an Illegitimate DAX
Huobi Global Limited, a centralized exchange, is facing allegations raised by the Securities Commission Malaysia. The securities regulatory agency of the country says that the crypto exchange allegedly operated a DAX (Digital Asset Exchange) within the country’s jurisdiction but did not secure any registration for that.
The regulator has additionally issued an open reprimand against Huobi and its CEO for the alleged illegitimate operations within the jurisdiction. Furthermore, the regulatory organization stopped the crypto exchange from the publication or circulation of its promotions.
Hotbit Closes Its Activities, Advises Users to Instantly Withdraw Their Funds
The top crypto exchange Hotbit disclosed on the 22nd of May that the platform would stop its operations. Additionally, the crypto exchange has urged consumers to take out their assets immediately. The last date for the withdrawals is the 21st of June. While pointing toward the potential cause of this decision, the crypto exchange referred to the bad market conditions.
Moreover, an investigation was commenced against the crypto exchange back in August last year. As a result of that, the platform was compelled to stop its operations on a provisional basis for several weeks. The crypto exchange also mentioned the recent collapses of the banking institutions and the crypto exchanges like FTX to be responsible for this hard decision.
Binance NFT Releases a Landmark Feature of NFT Loans
Binance NFT, the non-fungible token (NFT) marketplace of the prominent crypto exchange Binance, disclosed on the 25th of May that the platform is releasing an exclusive feature. As per the NFT marketplace, the latest feature to be launched by it is called “NFT Loan.” The respective feature lets users utilize NFTs in the form of collateral.
With this collateral, they can borrow crypto assets. Consumers are also permitted to use blue-chip NFT for borrowing crypto assets. Binance NFT utilizes a ‘Peer to Pool’ approach and operates as a loan pool. In this way, it adds a security layer.
CBDC Trial of Brazil Allures Participation from Microsoft, Visa, and So On
Brazil’s upcoming CBDC pilot project is getting considerable attention from international as well as domestic corporations. A lot of entities are making efforts to take part in the respective project. The project is scheduled to start its operations in June this year. The Central Bank of Brazil will be the entity responsible for managing the pilot project.
Nearly thirty-six applications were received by the organization from diverse entities. Out of them, the central bank chose fourteen for participation. A few of the respective participants denote teams of entities. Microsoft and Visa are included among those participants.
Bybit Gets Authorization from Kazakhstan Government to Serve Traders
Bybit, a well-known crypto exchange platform, has recently secured regulatory approval from the authorities in Kazakhstan. The latest in-principal approval has been provided by the Astana Financial Authority Services Authority (AFSA). With this, the crypto exchange is permitted to provide services to the crypto traders operating within the jurisdiction of the country. Ben Zhou, the CEO of Bybit, said that he was thrilled to have this approval from the country.
As per him, the respective development stresses the commitment of the firm to abide by regulations and offer convenience to the consumers. He added that the crypto exchange has always prioritized offering services within the regulations’ boundaries. According to Zhou, the respective in-principal approval plays the role of a landmark for Bybit. The CEO asserted that the platform is determined to maintain the standards of the industry.
