EU: Sanctions also apply to crypto assets
The international community has been following the war in Ukraine with constant sympathy for the last week. The amount of crypto donations to the targeted country also increased to more than $100 million as of March 10. Meanwhile, the EU Commission explicitly underlined that European sanctions against Russia and Belarus also apply to crypto assets. Thus, on the night of March 9, the EU’s highest decision-making body declared that crypto assets should be considered “tradeable securities.” Consequently, these can no longer be negotiated with parts of Russia and Belarus. The EU Commission also emphasized that the same restrictions apply to crypto loans to these two countries as to all other loans. Meanwhile, Bitcoin exchange Coinbase has blocked 25,000 Russian wallet addresses said to be linked to “unauthorized activity.” More crypto news about the Ukraine war can also be found on the BTC-ECHO live ticker.
MiCA Policy: Final Draft Submitted
Today, March 14, the EU Parliament votes on the MiCA guidelines. The regulatory framework for cryptocurrencies that the EU is seeking has sparked heated discussions in the Bitcoin space in recent weeks. One of the drafts was apparently intended to prevent energy-intensive proof-of-work services in the EU. According to EU parliamentarian Stefan Berger (CDU), this should have been a misunderstanding. In any case, the passage in question and thus also the ban on Bitcoin in the EU are now off the table. According to Berger, the current draft text no longer provides for a special regulation for proof of work. However, in the future, rule proposals are conceivable to limit the climate impact emanating from Bitcoin and Co.
The US wants an innovation-friendly crypto framework
Crypto regulation is also advancing by leaps and bounds across the Atlantic. Because on March 9, Joe Biden signed a presidential decree that regulates the crypto space. The decree promises a “holistic approach”. Coupled with a statement from the US Treasury Secretary, meanwhile, sparked juicy gains in the Bitcoin market. Because Janet Yellen also promised regulation of digital assets that promotes innovation. In the context of Biden’s crypto initiative, his agency will work to “promote a fairer, more inclusive, and more efficient financial system.” The US government’s crypto course is characterized by “responsible innovation.” Therefore, risks must be recognized and potential “threats to the financial system” prevented. The Treasury Department will work with other US agencies to prepare a “Report on the Future of Money and Payment Systems.” As cryptocurrencies raise cross-border issues, Yellen also promises international cooperation. Together with partners abroad, she should promote “strong standards and a level playing field.”
The crypto community reacted favorably to Biden and Yellen’s plans. Cameron Winkelvoss of Bitcoin Exchange Gemini and Ripple CEO Brad Garlinghouse expressed their approval on Twitter. Winkelvoss spoke of a “constructive approach” and “well-thought-out crypto regulation.”
China continues to crack down on miners
It has been some time since the Chinese mining ban. But the Middle Kingdom authorities continue their fight against any violation of the rules. Officials in Guangdong province closed down a mining farm that was hidden in an electric vehicle charging center. According to a local press report on March 8, 190 mining artifacts were confiscated. The equipment is said to have been worth around $790,000. Due to inconsistencies in the energy balance of the mining farms, the authorities found out about the crypto miners.
Cake DeFi wants European crypto license
Cake DeFi announced on March 7 that it is seeking a European crypto license. German financial regulator BaFin launched investigations into the company in January. According to the federal authority, the Singapore-based decentralized financial services provider is said to have offered “illegal banking transactions or financial services in Germany.” One wants to actively deal with the acquisition of the license. On March 9, the company also announced plans for its own investment fund, which will be active in the areas of gaming, web 3.0, and fintech.
Looking for the right hardware wallet?
In the BTC-ECHO guide we show you the best providers for the safe storage of cryptocurrencies.
to the guide