Daily Crypto Update 03/17/2022
Here is what we are covering today:
🔥The President of Ukraine legalizes crypto
🔥Bitcoin pops above $ 41,000
🔥The Sandbox and HSBC join forces
🔥Argentina adds the crypto companies in anti-money laundering regulations
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🔥The President of Ukraine legalizes crypto
During the ongoing conflict between Russia and Ukraine, Ukrainian President Volodymyr Zelensky considered it is the exact moment to legalize crypto assets in the country.
He signed a law giving the Central Bank and the National Commission on Securities and Stock Market the opportunity to establish regulations on the sector.
The original version of the text was ready in September, but the president requested changes, and the law was passed yesterday.
In fact, cryptocurrencies have not been illegal in Ukraine so far. The new law also has a totally different idea compared to El Salvador’s move, which adopted Bitcoin as legal tender.
In response, the Prime Minister of the Ministry of Digital Transformation announced that cryptocurrencies have a "vital role in Ukraine's defense process". The country accepts crypto donations in an attempt to stop the invasion of Russian forces. Currently, donations are possible in Bitcoin, Ethereum, Polkadot, and even the meme coin Dogecoin.
Meme of the day:
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🔥Bitcoin pops above $ 41,000
From the beginning of the year, the market was going up and down. After a flat week however the crypto market finally popped.
Bitcoin broke $ 41,000 and hit its highest valuation at $ 41,323 for the last 24 hours. As of writing, the price is $ 40 699, an increase of 2.90%.
Ethereum also saw an increase and is now changing hands at $ 2,754. Despite that, the second cryptocurrency by popularity couldn’t reach $ 3,000 lastly touched on March 2. Among the top 10 cryptocurrencies, the main gainer was Avalanche with an increase of 10.38%.
Solana - 5.27%, Polkadot - 4.13%, Cardano - 5.03%.
🔥The Sandbox and HSBC join forces
Digital land continues to be an interesting topic even for banks. Recently the leading financial institution JP Morgan bought digital land. Now was time for HSBC.
The Sandbox token jumped 9.87% in the last 24 hours after HSBC announced a partnership.
The bank will use the newly purchased digital land to create gaming activities for enthusiasts.
Another partnership accompanied that helped the token to spike was related to the crypto advocate Paris Hilton who give a virtual concert on Tuesday, prepared by The Sandbox.
🔥Argentina adds the crypto companies in anti-money laundering regulations
The body that regulates the money laundringArgentina is working on adding crypto companies to the list of entities subject to AML reporting requirements. . According to a person familiar with the case, the new rules will come into force this year.
If the bill pass, the crypto companies will have to report information to the institution. At the moment, they are complying only with 2019 tax reporting regulations.