Latest News

Ukraine Opens NFT Museum To Preserve War Memory

The Ministry of Digital Transformation of Ukraine has launched an online museum of NFTs. The museum is designed to preserve a timeline of critical events starting with the Russian military invasion of the country.

Ukraine’s digital transformation minister, Mykhailo Fedorov, said in a tweet on Friday that the government has launched an initiative to paint NFT artworks at key moments from a Ukrainian perspective, starting on February 24.

The NFT shows the events at 5:45 a.m. local time on the day of the conflict when Russia announced a “military special operation” in Ukraine’s Donbas region.

According to the NFT Museum’s website at the time of publication, the 54 NFTs from the February 24-26 war will be available starting March 30, with proceeds from the sale of ether (ETH) to support the military and civilians.

The artwork contains a variety of events and sources based on Twitter posts by government officials. This includes photos from the news media and reactions from world leaders accompanied by personal reflection.

In addition to raising funds for the Ukrainian military, the NFT movement targets Russian state media. Russian media has been criticized for spreading propaganda and misinformation worldwide, especially regarding events in Ukraine after February 24.

The Ukrainian government hinted at an NFT project after canceling an unspecified airdrop plan on March 3. Deputy Digital Transformation Minister Alex Bornyakov later said she planned to release an NFT collection like a museum for the Russian-Ukrainian war Operation.

The Digital Transformation Department collaborates with team members from the NFT platform on the project’s blockchain infrastructure.

Burj Khalifa Developers Adopt Crypto For Payments

Emaar, the largest real estate company in the UAE and the master developer of the Burj Khalifa, the world’s tallest artificial structure, recently announced that it would accept Bitcoin and Ethereum as payment methods.

The news comes from a notice sent by Emaar to real estate agents in the country. Emaar will facilitate its real estate sales in BTC or ETH by partnering with Swiss broker Bitcoin Suisse.

However, Emaar did not publicly announce the news. Additionally, Lovin Dubai took to the Twitter account @CoinzData, which took a screenshot of the image above. Interestingly, @CoinzData deleted the post for unknown reasons.

Rumors have circulated that Emaar has been accepting crypto as a valid payment method for its properties since 2019. Emaar quickly dispelled rumors that it would only accept US dollars or UAE dirhams payments.

Emaar is arguably the most well-known real estate company in the UAE. Besides the construction of the Burj Khalifa, Emaar is also famous for creating luxury properties and communities in the country.

Earlier this month, Dubai also announced the creation of a crypto regulator. The government agency known as the Virtual Assets Regulatory Authority (VARA) will oversee the issuance and trading of cryptocurrencies and the licensing of exchanges.

Rio De Janeiro Will Accept Bitcoin For Property Taxes Starting From 2023

Rio de Janeiro will officially begin accepting Bitcoin to pay taxes related to urban real estate within its city limits.

Minister of Economic Development, Innovation, and Simplification said the new tax code to support cryptocurrencies will start in 2023.

Binance CEO Changpeng Zhao supported the cause and announced he would open a new office in the region.

The program’s launch will make Rio de Janeiro the first Brazilian city to mainstream BTC payments.

Brazil’s Secretary of State Pedro Paul further acknowledged that the city’s goal to accept cryptos is to develop a solid market for this new asset class.

The city also plans to incorporate non-fungible token (NFT)-based governance policies for various markets, including art, culture, and tourism.

On January 29, Meta, the world’s largest social media platform, filed a trademark registration with Brazilian authorities to design, develop and deploy hardware and software for various BTC and crypto-related services.

Meta’s Trademark Application Order was issued from Jamaica on October 5, 2021.

Coinbase Tracks Off-Platform Crypto Transfers In Canada, Singapore, And Japan

Crypto exchange Coinbase announced that it would soon collect more information from Canada, Singapore, and Japan users.

Starting April 1, new rules will apply to Coinbase users from Canada, Singapore, and Japan. Specifically, they will be required to provide additional information when sending crypto to another (non-Coinbase) platform.

Singaporean and Japanese investors must provide additional information about the recipient for each off-platform transaction. Meanwhile, Canadians sending less than US$801 (C$1,000) are exempt from this requirement.

Additionally, Canadian users, barring both of the above conditions, will legally ask for recipient (their) information, even when transferring funds between their crypto wallets.

On the other hand, regulations in both Japan and Singapore require Coinbase to collect beneficiary information from local investors for every off-platform transaction, with no minimum threshold.

Similar to Canadian users, Japanese investors will have to disclose information. This includes the recipient’s name, full address, and the name of the crypto exchange that manages the wallet.

Users in Singapore do not need to provide the recipient’s residential address, just the recipient’s name and country of residence. The lack of required information prevents users from sending cryptocurrencies from the Coinbase platform to the relevant jurisdiction.

Coinbase users who are no longer located in these jurisdictions will need to update their country of registration. Otherwise, they won’t be exempt from the upcoming rules.

Worldwide, strict regulations in the guise of investor protection have paved the way for the adoption of mainstream cryptocurrencies.

As of April 2022, Thailand’s Securities and Exchange Commission (SEC) announced a nationwide ban on crypto payments.

Complementing the law, the SEC also proposed a new rule that would require crypto firms in Thailand, such as brokers, exchanges, and dealers, to disclose information about service quality and IT usage.

Japan To Revise Foreign Exchange Laws Too Close Crypto Loopholes In Russia Sanctions

Japan will amend its foreign exchange laws to prevent Russia from using cryptocurrency assets to circumvent Western financial sanctions after Moscow invaded Ukraine.

Japan’s Chief Cabinet Secretary Hirokazu Matsuno said at a news conference that the government would submit amendments to the Foreign Exchange and Foreign Trade Act at this parliamentary session to strengthen protections against sanctions violations by Russia through digital assets.

Prime Minister Fumio Kishida also called for amendments to the law at a parliamentary session on Monday. He emphasized the need for coordinated measures with Western allies after attending the G7 summit in Belgium last week.

A Treasury official said the proposed changes were being negotiated and said he could not provide further details.

The Japanese government imposed asset-freezing sanctions on more than 100 Russian officials, oligarchs, banks, and other institutions following its invasion of Ukraine. Japan has also banned high-tech exports and stripped Russia of most-favored-nation status. The bans got stricter, especially after Russia described its operations in Ukraine as “special military operations.”

Earlier, Japan’s financial regulator ordered over 30 crypto exchanges in the country not to trade assets with sanctions targets.

Legislative revisions are a stronger step towards implementing such regulations. According to economist Sakai, the Kishida government is likely to have a plan to amend the law, given stricter rules on the issue by Western authorities and the high level of Japanese public support for sanctions against Russia.




Trading Instrument

Subscribe to our newsletter

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News