The week did not go without important legislative changes, chief among which was the decision of the European Union to drop divisive wording from a proposed crypto bill that could have been misinterpreted as an outright ban on bitcoin and any proof of work protocols.
The move was proactive on part of lawmakers who have been through enough legal hoops to anticipate some of the more serious impacts their legislative wording could have.
Meanwhile, US President Joe Biden signed a crypto bill that would spur the way crypto is treated in the US. While this does not make too much of headway, it still allows federal agencies to work together in a clearer way and help establish a framework that will allow the US remain competitive in the area of digital finance.
For the past year, the fear was that the US would lose its financial supremacy to countries that are pushing ahead with the digitalization of their money, the main competitor of which is China. Now that Russia has been cut from the SWIFT payment system, the risk of further split and weakening of the financial system is even more likely.
Thailand has finally chosen to get rid of a proposed 15% tax that would have otherwise slowed down the rate of adoption of crypto in the country. Thailand went through several similar proposals but ended up getting rid of all of them, including a VAT crypto pitch.
CoinZoom, a fairly small Utah-based cryptocurrency exchange, has chosen not to support Russian accounts any more while the Russian war on Ukraine still rages on. The move is important as it’s one of the first times that a crypto exchange said that it’s going to restrict access to accounts for people based in Russia.
Kraken, Binance and Coinbase said that they would not follow through with such moves as it would directly be restricting economic freedoms of innocent people.
In the meantime, Binance has been able to introduce a crypto-to-fiat payment solution through a subsidiary which makes it easy to onboard business customers along with their clients.
On Monday, Virginia updated crypto regulation to enable mainstream banks to offer cryptocurrencies and other related services.
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