Crypto Guides, Knowledge & Insights

Ukraine Passes Vote on Bill to Legalize Bitcoin

The Ukrainian parliament has voted in favor of a bill granting legal status to Bitcoin and other cryptocurrencies.　　Ukraine Makes Crypto Legal　　Ukraine is the latest country to adopt a legal framework for crypto assets.　　The Ukrainian parliament voted in favor of a Virtual Assets Bill Thursday that grants legal status to all cryptocurrencies and virtual assets. The bill received 300 votes in its favor and only two votes against it.　　The bill establishes a basic regulatory framework for all virtual assets in Ukraine. It refers to cryptocurrencies such as Bitcoin and Ethereum under the term “virtual asset,” defined as any asset that cannot already be legally used as a payment instrument or traded for other assets, products, or services.　　In addition to laying the legal groundwork for incorporating crypto assets into Ukraine‘s financial and regulatory systems, the bill also confirms citizens’ rights to hold and use cryptocurrencies and defines the rights and duties of all cryptocurrency market participants.　　While the same Virtual Assets Bill previously cleared the Ukrainian parliament in October, it was vetoed by the countrys president, Volodymyr Zelensky. The bill has since been amended to ensure it contained the legal mechanisms needed for the implementation and met constitutional requirements.　　According to Mikhail Fedorov, the

2022-02-18Deep Dive

Colorado residents can now pay their taxes in crypto

As a sign of the mainstream publics continued adoption of digital assets, Governor Jared Polis of Colorado, a state in the western part of the United States, disclosed that they would start accepting cryptocurrencies like Bitcoin and Ethereum as a payment option for taxes in the state.Colorado to accept Bitcoin payments for tax　　According to Governor Polis, the state could also begin accepting crypto payments for other state-related fees. This means that Colorado residents could pay for their drivers license or other state bills using crypto.　　The governor, however, noted that this move does not necessarily mean that the state will have direct exposure to these assets. Per his statement, Colorado would be partnering with a crypto firm to help it accept and convert the crypto payments.　　“Our budget is still in dollars, our expenditures are still in dollars, and, of course, we dont want to take the speculative risk of holding crypto, so we will be having a transactional layer there. It will be entering our systems as dollars.”　　While many crypto enthusiasts might see this as a welcome development, it should be noted that we could not find any official paperwork on this move.　　Colorado is one of the earliest states in the

2022-02-17Deep Dive

JPMorgan, Toshiba, Ciena find new way to protect blockchain with quantum network

A team of quantum computing engineers from JPMorgan Chase & Co, Toshiba Corp and Ciena Corp say they have successfully shown that a powerful, newly-developed encryption network can be used to protect communications on the blockchain, according to a paper published Thursday.　　The group of researchers say it is the first time that a quantum key distribution (QKD) network, a super-secure two-way communication network powered by quantum physics, has been tested as a way to protect the blockchain from quantum computing attacks.　　Quantum computers, which can process information and calculations at a radically faster rate than classical computers, are still being developed, and so experts say quantum computing cyberattacks are still some years away. But the threat they pose is so great that researchers like those at JPMorgan are searching for ways to protect banking systems now.　　“Security is paramount for JPMorgan Chase,” said Marco Pistoia, head of JPMorgans Future Lab for Applied Research and Engineering group and one of the leaders of the research.　　“This work comes … as we continue to prepare for the introduction of production-quality quantum computers, which will change the security landscape of technologies like blockchain and cryptocurrency in the foreseeable future.”　　JPMorgan has been a proponent of blockchain technology

2022-02-17Deep Dive

Mastercard Adds Crypto Consulting Service in Latest Effort to Boost Cryptocurrency Adoption

Mastercards Crypto Consulting Service　　Mastercard announced Tuesday the expansion of its payments-focused consulting service. Among the new practices is one dedicated to “crypto & digital currencies,” the company wrote.　　Noting that it is “helping banks navigate the adoption of digital currencies,” the payments giant detailed:　　Mastercards consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.　　“Mastercard has curated partnerships with digitally native firms that offer best-of-breed solutions in cryptocurrencies,” the company added.　　Moreover, the payments company “has helped fintechs expand into new markets, working through go-to-market planning and commercialization strategies.”　　Mastercard began bringing crypto onto its network in February last year. The company is focusing on developing products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).　　In January, Mastercard partnered with cryptocurrency exchange Coinbase to make non-fungible tokens (NFTs) more accessible to everyone. Customers will be able to use their Mastercard cards to make purchases on Coinbases coming NFT marketplace.

2022-02-17Deep Dive

Coinbase and 17 Other Crypto Firms Launch 'Travel Rule Universal Solution Technology'

18 VASPs Launch TRUST in Order to Comply With FATF‘s Travel Rule　　For quite some time now, FATF’s Travel Rule has been a top concern within the crypto industry as virtual asset service providers (VASPs) have been told they need to comply with the regulatory policy. As cryptocurrency has grown more popular, FATF has been releasing guidelines on the Travel Rule, as the intergovernmental organization believes the rule needs to be applied to VASPs.　　Essentially, the ‘Travel Rule’ is a descriptive label for the regulatory guideline that aims to curb illicit transactions and money laundering. The rule mandates that all companies that deal with finances have to pass on KYC/AML transmission data concerning their customers‘ identities to the next financial institution. The transfer amount tied to FATF’s Travel Rule has a threshold thats equal to $3,000 or higher.　　In a blog post published on Wednesday, Coinbase explains that it has crafted a new plan called TRUST with a slew of other well known VASPs. “Travel Rule Universal Solution Technology” or the TRUST collaborative effort includes VASPs such as Robinhood, Fidelity Digital Assets, Tradestation, Zero Hash, Bittrex, Coinbase, Gemini, Avanti, Circle, Bitflyer, Zodia Custody, Paxos, Anchorage, Symbridge, Bitgo, Kraken, Blockfi, and Standard Custody &

2022-02-17Deep Dive

Exclusive-Universal Music to develop collectible NFTs in deal with Curio platform

Universal Music Group has struck a partnership with NFT platform Curio to develop non-fungible token (NFT) collections for its record labels and artists, the companies said on Thursday.　　The deal is a major move into a potentially new revenue stream by the worlds largest music company, which, like its rivals, depends heavily on streaming music for its financial survival.　　Universal Music said it plans to work with Curio to develop digital artwork and other collectibles for the company and its artists. Curio also will serve as an online outlet where fans can buy officially licensed NFTs, starting in March with a collaboration from Capitol Music Group and the British singer-songwriter Calum Scott. 　　Michael Nash, Universal Music Groups executive vice president of digital strategy, said NFTs and Web3, the coming generation of the internet built on blockchain technology, present an opportunity for labels and artists to create unique digital products for fans at a time when streaming has made access to music ubiquitous.　　“We have an opportunity, with Web3, to have ownership on top of access,” Nash told Reuters in an interview. NFTs are unique data files that can be music, art and more.　　“With all the innovation happening around Web3 and NFTs, youve got

2022-02-17Deep Dive

Arab Federation of Capital Markets Partners With UAE to Launch Blockchain Innovation Challenge

United Arab Emirates (UAE)s Ministry of Economy has joined hands with the Arab Federation of Capital Markets (AFCM) to kickstart a challenge that encourages fintechs to create a know-your-customer (KYC) verification system based on blockchain technology.　　Trustworthiness of Data on the Blockchain　　The AFCM has, in conjunction with the UAEs Ministry of Economy, launched a market innovation challenge wherein participants are expected to create a functional know-your-customer (KYC) blockchain system. The challenge, according to AFCM, is open to “enterprise-ready” fintechs and tech firms from the region and around the world.　　Participants are expected to create a platform that “enable[s] transparency and immutability,” according to the AFCM. Such a KYC platform would, in turn, “allow financial institutions to validate the trustworthiness of data present in the distributed ledger technology (DLT) platform.”　　In detailing its reasons for launching the challenge, AFCM, which is the guiding body for exchanges and clearinghouses from all around the Arab region, explains why it wants the winning KYC platform to be based on blockchain. AFCM said:　　“Blockchain will allow for an accumulation of data from multiple authoritative service providers into one single, cryptographically secured database. KYC verification through this type of architecture has the ability to be faster, more secure and more

2022-02-17Deep Dive

Bank of Russia Reports First Successful Digital Ruble Transfers Between Users

Testing of the digital ruble has started in Russia with the countrys central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state.　　Digital Ruble Transactions Carried Out by Commercial Banks and Bank of Russia　　The Central Bank of the Russian Federation (CBR) and participating financial institutions have begun testing the digitalized national fiat currency. The trials have been launched after a prototype of the digital ruble platform was completed in December, 2021.　　Twelve banks applied to join the pilot group for the project and three of them have already connected their systems to the CBDC platform. Two of the banks have successfully completed a full cycle of digital ruble transfers between clients using mobile banking applications, the regulator explained.　　The users were able to open digital ruble wallets through the apps and exchange regular electronic money from their bank accounts for digital rubles and then transfer the coins between themselves, the CBR detailed in an announcement.　　The digital ruble is based on a two-tier model. Bank of Russia is the issuer and operator of the platform while end customers access it through

2022-02-17Deep Dive

Russian Ministry Wants To Legalize Bitcoin Mining In Specific Locations

The clouds of uncertainty continue to hang over Russias official stance on cryptocurrency. The Finance Ministry and the Central Bank take divergent views on cryptocurrency. The Russian Finance Ministry wants to legalize crypto mining and introduce taxes on the profits accrued from cryptocurrency. In addition, the Russian ministry now wants to legalize Bitcoin Mining in specific locations.　　The Russian government is creating a regulatory regimen for cryptocurrencies; a federal ministry has presented a new proposal concerning the crypto mining sector.　　Russias Ministry of Economic Development has consented to a proposal to allow crypto mining in locations with a sustainable surplus in electricity generation, local news agency Izvestia reported.　　The ministry has suggested offering electricity at lower rates for miners and data centers in specific locations in Russia.　　Ministry wants to set thresholds on power usage for mining　　The ministry also wants to set a threshold for power use by mining rigs and proposed introducing higher energy rates for increased energy spending. However, the report notes that the authority has yet to determine a threshold amount for this.　　The ministry further added that the latest proposals would remove the risks of deficit power supply for housing, social facilities, and infrastructure in other country regions due to crypto

2022-02-17Deep Dive

Canada Bans 34 Crypto Wallets Tied to Freedom Convoy

Canadian authorities have reportedly banned companies from working with 34 cryptocurrency wallets associated with the Freedom Convoy, a protest against COVID-19 restrictions.　　$1.4 Million of Crypto Could Be Halted　　Canadian Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, allowing the government to freeze bank accounts funding the protestors without needing to obtain a court order.　　Now, according to reports from Keann Bexte of the Counter Signal, the Royal Canadian Mounted Police (RCMP) and the Ontario Provincial Police are attempting to freeze transactions from 34 crypto wallets associated with the Freedom Convoy.　　The list purportedly includes 29 Bitcoin wallets, two Ethereum wallets, as well Litecoin, Monero, and Cardano wallets. The wallets are said to contain about 25 BTC worth $1.4 million.　　The order says that Canadian authorities have been “investigating cryptocurrency donations being collected in relation to illegal acts falling under the scope of the Emergency Measures Act.”　　The police order does not suggest that the authorities can freeze the wallets directly. Rather, it aims to prevent FINTRAC-regulated companies from accepting funds from those wallets, thereby preventing the holders from cashing out their crypto via exchanges.　　Emergencies Act Allows for Crypto Regulation　　Crypto Briefing was unable to locate a full copy of the police order in full,

2022-02-17Deep Dive

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