Key Takeaways

• As of Tuesday, Ukraine had received nearly USD 30M in crypto donations made through NFT sales and donations of Bitcoin (BTC), Ethereum (ETH), USDC, and Polkadot (DOT), amid its ongoing conflict with Russia. Crypto.com made a $1M donation to the Red Cross in support of humanitarian efforts.

• The U.S., EU, and their allies announced that ‘selected’ Russian banks will be cut from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). As a countermeasure, Russia's Central Bank governor said the domestic System for Transfer of Financial Messages (SPFS) will replace SWIFT.

• EU parliament has postponed a vote on a framework aimed at regulating crypto amid concerns over proof-of-work mining. One of its economics committee members allegedly said the parliament needed to clarify ‘the question’ in discussions with stakeholders to ensure a proper legal framework.

• South Korea’s crypto market grew to $45.9B in 2021 despite regulatory scrutiny, according to a new study released by the country’s Financial Service Commission on Tuesday. Meanwhile, the government pledged to invest $187M in its ’Expanded Virtual World’ Metaverse ecosystem to support the growth of digital content. 

Highlights

• European Commission to remove Russian banks from SWIFT cross-border network

• EU members reportedly plan for AML watchdog to oversee crypto firms by 2024

• Apple pay to halt support for Russian banks sanctioned on war in Ukraine

• BNY Mellon plans to launch digital asset custody platform later this year

• China’s Supreme Court adds digital currency to list of illegal fundraising methods

• ECB President calls for crypto regulation to prevent sanction evasion

• Supreme Court asks Centre to clear its stand on legality of crypto trading

• Crypto exchanges consider Ukraine’s call to freeze Russians’ Bitcoin

• Israeli authorities seize Hamas linked crypto accounts

• Private banks propose to help design digital currency in Mexico

• U.S. lawmaker introduces bill to prevent crypto crackdown similar to Canada’s

• Aussie advisory committee lists key factors for easing crypto adoption

G20’s Latest Crypto Policies

G20's Regulatory Heatmap

G20’s Crypto Taxation

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