News Updates March 10, 2022
1. Sanctions on Russia and Belarus will include crypto — European Commission
The European Commission has clarified that crypto assets will fall under additional sanctions targeted against Russia and Belarus in response to the military conflict in Ukraine.
In a Wednesday statement, the European Commission said member states had agreed to amend regulations with the goal of ensuring “even more effectively that Russian sanctions cannot be circumvented, including through Belarus.” The commission said crypto assets fell under the scope of “transferable securities,” adding that loans and credit provided using crypto would not be permitted as part of these restrictive financial measures.
2. Dubai establishes virtual asset regulator and announces new crypto law
Sheikh Mohammed bin Rashid Al Maktoum, prime minister and ruler of the United Arab Emirates, has announced a new law on virtual assets as well as the establishment of a crypto regulator.
In a Wednesday announcement, Sheikh Al Maktoum said he had issued a law creating a legal framework for crypto in the Emirate of Dubai aimed at protecting investors and “designing much-warranted international standards” for industry governance. In addition, the ruler said a newly formed Dubai Virtual Asset Regulatory Authority, or VARA, would have enforcement powers in the Emirate’s special development and free zones with the exception of the Dubai International Financial Centre.
According to Sheikh Al Maktoum, the crypto law will require Dubai residents to register with VARA prior to engaging in crypto-related activities. Businesses dealing in virtual asset activities must also establish a presence in Dubai. These activities include operating a crypto exchange, conducting transfers of cryptocurrencies, and other services related to offering and trading tokens.
3. Bitcoin (BTC) Falls Below $40k Ahead Of Red-Hot U.S. Inflation
Bitcoin (BTC) halted its latest rally on Thursday, falling 5% to $39,600 as traders adopted a cautious stance before U.S. inflation data that is expected to show a massive spike in consumer prices through February. Most top altcoins also fell in line with the token.
4. Crypto Industry Welcomes Biden’s Executive Order — Expert Says ‘It’s About as Good as We Could Ask’
U.S. President Joe Biden signed an executive order (EO) Wednesday establishing a national policy for digital assets. The order is “the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology,” the White House described.
Noting that the order also calls on federal agencies to work together towards the country’s crypto policy.
Many people in the crypto industry welcome President Joe Biden’s executive order on crypto. A crypto regulatory expert says, “It’s about as good as we could ask.” Another sees the order as the federal government viewing “cryptocurrency as a legitimate, serious, and important part of the economy and society.”
5. U.S. Treasury Steps Up Initiative On Crypto Education
The U.S. Treasury Department is set to educate people on the risks of investing in cryptocurrencies as the crypto market gradually makes its way into the mainstream. The department, through the Financial Literacy Education Commission, will organize outreach and create educational materials to educate people on how crypto works.
The initiative will also include differentiating crypto investments from other forms of investments and informing people about the high volatility in the digital assets market.
6. Japanese Crypto Exchanges to Enforce FATF’s Travel Rule Next Month
All of Japan’s crypto exchanges will adopt the Financial Action Task Force (FATF)’s Travel Rule on April 1 – a move that means most of East Asia’s biggest trading platforms will have begun complying with the controversial protocol before the law even obliges them to do so.
The Travel Rule essentially requires platforms to stamp out anonymity in crypto transactions in a bid to fight money laundering. At its heart, the rule seeks to create a web of data sharing whereby both the senders and recipients of all cryptoasset transfers have to exchange identifying information, flag suspicious-looking transactions, and inform regulators when they spot a transfer that looks out of place.
7. The future of work: Companies open offices in the metaverse
There’s been a sharp decline in interest for the “metaverse” keyword in Google search. However, while the hype may be waning, it seems that companies are still very keen on dipping their toes into the virtual world.
In March alone, companies have either launched or revealed plans to build metaverse offices that would be used for online meetings with international clients, internal innovation hubs and enhancing social communication with users.
While we may be witnessing its earlier versions, metaverse offices seem like a sneak peek into the future of work.
