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Ukraine Donation Milestone
Over the years, many crypto partisans have said that the global, instant, permissionless nature of crypto would make it incredibly important in disaster scenarios. As Russia continues its assault on Ukraine, that thesis is proving true. Crypto donations to Ukraine are approaching $100,000,000, with the majority of that going directly to the government itself. This is disruptive and unique in human history. What’s more than that, however, it’s also shaping the narrative. While many crypto critics have tried to accuse crypto of being used to evade sanctions (despite unbiased sources like the US Treasury saying that’s not the case), what’s unignorable is how much the crypto community has rallied to the aid of Ukraine.
Global Crypto Roundup
- Florida’s governor has asked the state to explore crypto for tax payments.
- The Austin, Texas government is exploring something similar.
- New York state is moving closer to a moratorium on Proof of Work mining.
- India’s finance bill (including crypto taxation) is moving forward.
- The Bank of England has outlined a framework for regulating crypto.
- The UK’s Financial Conduct Authority is seeking to build a digital assets division.
- An official in Malaysia said that the government should recognize Bitcoin as legal tender. The country’s national power company has proposed a special rate for Bitcoin miners to discourage illegal use of electricity for mining.
- The city of Lugano in Swizerland has made Bitcoin, Tether, and its own LVGA Points token “de facto” forms of legal tender. They can be used for tax payments and in everyday life.
- Ukraine now has a legal framework for cryptocurrencies that will allow global and local exchanges to set up there.
- Bitcoin isn’t legal money in Honduras ‘for the time being.’
- Thailand bans crypto payments; however, trading and investing in them will still be allowed
Dubai establishes new crypto laws
HH Sheikh Mohammed bin Rashid Al Maktoum approved a new virtual assets legal framework built in collaboration with Binance, and appointed the Dubai Virtual Assets Regulatory Authority as the supervisor for the sector. The ruler of Dubai envisioned the establishment of UAE and Dubai’s “position as a key player in designing the future of virtual assets globally.” Could Dubai become a new hub for cryptocurrencies? Read more.
Biden’s new statement pumps cryptos
The long-awaited executive order did not impose new regulations on the industry. Instead it directs US federal agencies to create a regulatory framework for digital assets, as well as exploring a future digital dollar. But the order seems to rule out potential bans on cryptocurrencies that some had suspected previously. And, with this clarity crypto prices surged at the time of the announcement. Aside from a 10% jump in bitcoin’s price, Ethereum increased by 5% and shares of crypto mining companies and ETFs also surged.
European Parliament AML Rule
The European crypto community had a bit of a scare as anti-proof-of-work language found its way back into an amendment to the Markets in Crypto Assets (MiCA) draft legislation in the European Parliament. The ESG-inspired language set to create environmental standards for consensus mechanisms would have been problematic, to say the least for Bitcoin and other PoW assets.
A similar provision had previously been deleted but the amendment was due for a vote and so the last-minute addition created a frenzy within the community.
Just last week, the European crypto committee sounded the alarm once again that new AML legislation was targeting ‘unhosted’ (or what the crypto industry might call ‘self-hosted’) wallets. This week, those new rules – which could force crypto exchanges and other service providers to collect and verify identity information about any wallet sending or receiving crypto from their platforms – were passed.
The Institutions Are Coming
- Goldman Sachs became the first major US bank to do a crypto OTC transaction (with Galaxy).
- HSBC is buying land in the metaverse; The Sandbox, a virtual world built on a blockchain, becoming the first such financial institution to do so.
- Stripe now provides payment services to cryptocurrency companies.
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