World’s Best Crypto Exchanges | Ukraine Legalizes Crypto

THE BEST GLOBAL CRYPTO EXCHANGES

There are nearly 600 cryptocurrency exchanges worldwide inviting investors to trade bitcoin, ether and other digital assets. But costs, quality and safety vary widely. For uninitiated crypto investors, distinguishing quality providers from those that appear to be reputable because of a slick website or famous spokesperson, is nearly impossible. To help you navigate these murky waters, Forbes analyzed 60 of the largest crypto exchanges ranking them according to ten different criteria ranging from cyber-security provisions and trading fees to institutional backing and regulatory compliance, which we weighted more heavily. Check out our definitive ranking here.

CRYPTO BRUSHES OFF THE ERA OF FREE MONEY

On Wednesday, the U.S. Federal Reserve raised the federal funds rate 25 bps, the first such increase since 2018. This move, long telegraphed to combat the highest inflation since 2018, is expected to be the first of seven such actions through the rest of 2022. However, while crypto market watchers were skittish about the impact of higher rates, bitcoin and other assets took it in stride. Bitcoin is ending the week up 8.7%, above $40,000 and ether is up 15%. In total, the crypto market cap has gained $145 million over the last five days, approaching $1.9 trillion once again.

CRYPTO GETS LEGAL STATUS IN WAR-TORN NATION

On Wednesday, Ukrainian President Volodymyr Zelenskyy signed into law a bill that effectively legalizes the cryptocurrency sector in the country. According to Ukraine’s Ministry of Digital Transformation, the bill, adopted by the parliament last month, will allow foreign and local cryptocurrency exchanges to operate legally and let banks open accounts for crypto businesses. Blockchain data firm Chainalysis ranks Ukraine as the fourth biggest cryptocurrency adopter in the world. The decision comes as the war-torn nation has received cryptocurrency donations worth tens of millions of dollars to fund resistance against the Russian invasion.

Source: Forbes Digital Assets, powered by Nomics. Prices as of 4:00 p.m. on March 18, 2022.

The True Value Of Cryptocurrencies

Bitcoin and other crypto assets have shrugged off early-2022 headwinds with bitcoin surpassing $40,000 again. Furthermore, the geopolitical strife taking place in Ukraine has once again underlined the true value proposition of digital currencies that are secure, censorship resistant and easily transportable. To get in-depth research, interviews, trading signals and other valuable information unavailable anywhere else subscribe to Forbes CryptoAsset & Blockchain Advisor.

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RUSSIA’S TOP LENDER GETS LICENSE TO ISSUE DIGITAL ASSETS

Meanwhile, Russia’s central bank on Thursday said it had given the country’s major lender, Sberbank, a license to issue and exchange digital assets. The state-controlled entity, currently sanctioned by the U.S. and European Union, is Russia’s largest financial institution and main creditor of its economy holding about a third of all bank assets in the country, according to U.S. Treasury. The move, seen as a potential opportunity for the bank to blunt the effect of Western sanctions, is all the more significant as the Bank of Russia had earlier advocated for a full ban on the trading and mining of cryptocurrency, citing threats to financial stability, citizens’ wellbeing and its monetary policy sovereignty.

BLOCKCHAIN 50 SPOTLIGHT

Ant Group: Since July 2020, this Alibaba affiliate has devoted 10,000 developers to blockchain. Already it has created 30 applications, generating more than 100 million blockchain-tracked documents, including patents, vouchers and warehouse receipts. The most mature AntChain application is Trusple (Trust Made Simple) that connects international buyers of products and components—beads in the apparel industry, say—to six million Chinese sellers. The app simplifies tax, customs and shipping, and enables banks to instantly complete payment, reducing auditing costs and default risk. Nearly 20 global banks, including CitiBank, BNP Paribas, Singapore’s DBS and Japan’s Mizuho, are providing financing via the platform.

ELSEWHERE

The Man Behind Ethereum Is Worried About Crypto’s Future [TIME]

Warren’s Crypto Sanctions Bill Aims to Crack Down On Russia, Track Wallets With Foreign Ties [Decrypt]

Proposal Limiting Proof-of-Work Is Rejected In EU Parliament Committee Vote [CoinDesk]