A lot has been happening in the crypto ecosystem. Most cryptocurrencies started the month in the red but quickly picked to end the month on a strong note. From the UK financial watchdog’s upcoming deadline aimed at crypto service providers to the war in Ukraine, here are some of the most trending crypto news in March.
The FCA’s Deadline for Registration
The United Kingdom’s financial watchdog, Financial Conduct Authority, had given firms offering crypto services up to 31st March 2022 as the deadline for registration with the financial regulator. Following the industry insiders’ discontentment and frustration with the manner the FCA is handling registration, the watchdog has extended the deadline for some firms.
Blockchain Technology Highlighted at MENA
In other quotas, the ongoing Middle East and North Africa (MENA) week has highlighted blockchain technology as one of the strategies that bring transformative climate action to the region. The event organizers, specifically, the United Arab Emirates government in conjunction with the members of the United Nations Framework Convention on Climate Change (UNFCCC), have expressed their interest to collaborate with the crypto and blockchain community to explore solutions against existing climate risks.
Ukraine Launched an NFT Museum After Invasion
As the invasion by Russia of Ukraine escalates, the latter has launched a Non-Fungible Token (NFT) museum “to keep the memory of war” and celebrate the freedom and identity of Ukraine. The Ministry of Digital Transformation in Ukraine has initiated an online NFT museum where the timeline of all major events in the country will be preserved starting with the Russian military invasion. Also in related news, the Ukrainian government continues to accept crypto donations directly through wallet addresses issues by the Ministry of Digital Transformation since February 26.
India’s Crypto Tax is Revealed to Be More Complex Than Anticipated
The Indian crypto tax policy foreshadows further complexity amid the policy coming to effect on April 1st. The complexity has been unveiled following India’s government clarification during the answering of queries about the tax policies. The government maintains that traders will not be able to offset their losses from one digital asset against the profit of another. In other words, the crypto tax policy expects the traders to treat each investment and loss or profit on a digital asset independently. The impacts of the crypto tax policy are unclear but it is likely to be a death knell for crypto traders.
Zelensky Establishes Crypto Legal Framework in Ukraine
During midmonth, Ukrainian President Volodymyr Zelensky signed the bill on virtual assets into law to establish a legal framework for the country to have a regulated crypto market. The law will allow crypto firms handling digital assets to register with the government so as to operate legally in the country. The law also requires that banks open accounts for crypto firms. Moreover, Ukraine’s national securities and stock market commission has been mandated to issue licenses to crypto firms, determine the country’s policies on digital assets, and act as the financial watchdog.
The U.S. Plans to Raise Awareness About Crypto Investing
The U.S Department of Treasury plans to come up with an initiative to raise awareness about cryptocurrency investing. Considering the difficulties faced by investors and households while purchasing crypto assets and the complexity involved in this operation, the treasury’s Financial Literacy Education Commission anticipates creating educational materials and forming outreach on digital assets. The outreach primarily targets the investors with limited access to mainstream financial services and the public who may be unaware of how crypto works and how it is different from other modes of payment.
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