The parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law “On Virtual Assets” recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses. Ukraine Legalizes Crypto Activities, Defines Virtual Assets Ukraine’s Verkhovna Rada, the country’s parliament, has adopted the law “On Virtual Assets” on second and final reading. The legislation regulates operations with cryptocurrencies in the Ukrainian jurisdiction. Deputies passed the bill with a large majority of 276 votes out of 376 present MPs, with only six voting against the motion. The long-awaited law will enter into force after lawmakers approve amendments to the country’s tax code pertaining to the taxation of cryptocurrency transactions. The Ukrainian legislature is yet to vote on these changes, Forklog noted in its report on the development. Provisions of the new law recognize virtual assets as intangible goods, which can be secured and unsecured. However, cryptocurrencies are not accepted as a legal means of payment in Ukraine and their exchange for other goods or services will not be allowed. The law also introduces the term “financial virtual assets” that must be issued by entities registered in Ukraine. In case these assets are backed by currencies, they will be regulated by the National Bank of Ukraine (NBU), the country’s central bank. If the underlying asset is a security or a derivative, the National Securities and Stock Market Commission (NSSMC) will be the main regulator. Crypto market participants will be able to independently determine the value of virtual assets, open bank accounts to settle transactions, and seek judicial protection for associated rights. Service providers are required to abide by the country’s anti-money laundering regulations and prevent attempts to finance terrorism using their platforms, just like traditional financial institutions. Current Ukrainian authorities have maintained a positive attitude towards the country’s growing crypto industry, confirmed by representatives of the executive power this week. During a visit to the U.S., President Volodymyr Zelensky highlighted the importance of launching a legal digital assets market which he described as a “development vector” of the nation’s digital economy. Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, added the country is working to become an attractive jurisdiction for crypto companies. The draft law “On Virtual Assets” was voted on first reading in the Rada last December. After introducing a number of changes, lawmakers presented a revised version of the document in June of this year. Following criticism from various regulators, including NBU and NSSMC, the bill was once again amended with the authors taking into account concerns expressed by other government institutions. Do you think Ukraine’s business climate will improve for crypto companies following the adoption of the virtual assets law? Share your expectations in the comments section below.
In 2021, meme-based crypto assets skyrocketed in value following the lead of the original meme crypto-asset dogecoin’s massive gains. This week a great number of digital currencies have rebounded in price but a slew of popular meme tokens are not doing so hot this week. However, one specific meme-crypto called “cake monster” has jumped 112% in value during the last 24 hours. Dogecoin and Shiba Inu Markets Have Seen Better Days Bitcoin.com has covered a wide variety of meme-based cryptocurrencies that followed the ‘Dogefather’s’ 8,818% one-year gains. Doge has seen a triumphant rise in 2021 thanks to mainstream media coverage and shoutouts from the Tesla CEO Elon Musk. Doge has gained 36.5% during the last month, but dogecoin is down 13% over the course of the week. At the time of writing, a single DOGE is swapping for $0.284508 per unit. Another meme-asset that took the crypto world by storm is Shiba inu SHIB as it has outpaced dogecoin’s gains gathering a whopping 8,750,740% in less than 12 months. But just like Doge, SHIB is down 14.8% during the last seven days. SHIB has only gained 16.6% during the last 30 days and at the time of writing a single SHIB exchanges hands for $0.00000721 per token. Cake Monster Performance Outshines All the Meme Token Markets Those two crypto assets are the largest meme-based cryptos in terms of market capitalization as DOGE has a $37 billion market valuation and SHIB has a $3.5 billion capitalization.
Brazil and Argentina are present in the recently issued “Chainalysis Global Defi Adoption Index,” which measures how much a country is immersed in decentralized finance markets. These two countries occupy ranks 17 and 16 on a worldwide level. The index takes several factors into consideration and found that in contrast with the current cryptocurrency adoption index, defi is dominated by big investors seeking alpha opportunities in new markets. Brazil and Argentina Top Latam Defi Adopters Brazil and Argentina, two of the most developed economies in Latam, are present in Chainalysis’ defi adoption index. The new report seeks to quantify and locate the countries where decentralized finance (defi) technologies have penetrated the most. The two nations occupy 17th (Brazil) and 16th (Argentina) places in the top 20 countries with the most defi adoption. Chainalysis’s blog post explains that this index takes three factors into consideration, ranking 154 countries in each of these categories. These three factors are on-chain cryptocurrency value received by defi platforms weighted by PPP (purchasing power parity) per capita, the total retail value received by defi platforms, and individual deposits to defi platforms. The first country in the index is the U.S., followed by Vietnam, Thailand, China, and the U.K.
The host of CNBC’s “Mad Money” show, Jim Cramer, has recommended putting up to 5% of portfolios in cryptocurrency. Stating that he owns ethereum directly, Cramer affirmed that he is a believer in crypto. Jim Cramer’s Crypto Allocation Advice Mad Money host Jim Cramer shared his view on cryptocurrency investing Wednesday during his show’s “lighting round,” where he answered investment questions at rapid speed. A former hedge fund manager, Cramer co-founded Thestreet.com, a financial news and literacy website. He was asked whether long-term individual investors should have some portfolio allocations in cryptocurrency. He was also asked if the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN) was a good way to gain cryptocurrency exposure. The Mad Money host opined: “I think Coinbase is inexpensive. I don’t really care for management because I think they let out a lot of stock when they started. I was against that. They should’ve been buyers, not sellers.” He continued: “I think the listing went very, very poorly. I think the company is the … natural repository of crypto.” As for whether investors should have cryptocurrency in their portfolios, he said, “I own ethereum directly,” adding: "I think you should have up to 5% of your portfolio in crypto. I am a believer in crypto".
Rich Dad Poor Dad author Robert Kiyosaki says “Bitcoin has the greatest upside.” He also revealed that he invests in the cryptocurrency because he does not trust “our leaders, the Fed, Treasury, nor the stock market.” Robert Kiyosaki Reveals Why He Buys Bitcoin, Says the Crypto Has the Biggest Upside Robert Kiyosaki, the renowned author of the best-selling book Rich Dad Poor Dad, explained Tuesday why he invests in bitcoin, noting that the cryptocurrency has the biggest upside in the current environment. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Tuesday after bitcoin’s price rose past the $50,000 level: "Bitcoin to $50,000. Great news for bitcoin holders. Bad news for mom and pop. The primary reason I invest in bitcoin, gold, & silver is because I do not trust our leaders, the Fed, Treasury, nor the stock market. Unfortunately mom and pop who save money do."
The price of bitcoin has reached a value not seen since May 15 and a number of traders and analysts believe the market will see a double top. The scenario where bitcoin rises above the $64K all-time high (ATH) and spikes to another ATH after a long and bearish technical reversal pattern.
Leading European soccer teams have reportedly made millions from the sale of crypto tokens to their supporters around the world. The scheme aimed at increasing fan engagement has been praised as an alternative revenue source during the pandemic but also criticized as a “gateway into speculative cryptocurrency.”
The Swedish government must return 33 bitcoin, worth more than $1.5 million, to a drug dealer in the first cryptocurrency seizure case in the country. The prosecutor of the case, who achieved the seizure of the cryptocurrency due to its illegal origin, recorded the seized amount in dollars, and due to price fluctuations, the government must reimburse the mentioned amount. The case might have repercussions in future cases.
Paypal, the payments processor giant, informed it would be launching its cryptocurrency services in the U.K this week. The cryptocurrency service, which was launched in the U.S. in October 2020, will allow U.K. citizens to purchase cryptocurrencies and hold them in their Paypal accounts. This will be Paypal’s first foray into offering cryptocurrency services outside the U.S.
Cybersecurity firm Trend Micro has detected over 120 deceptive cryptocurrency mining apps online. Some of them were found in the Google Play Store, which the internet giant promptly removed. However, there are still “numerous concerning applications of the same type” in the store, and “Some of these apps have even been downloaded more than 100,000 times.”