Crypto Weekly 21/03/2022 by Cryptoweekly

VIDEO OF THE WEEK

HIDDEN GEMS

CRYPTO Page 21

BEGINNERS GUIDE

Page 30

Page 16

To invest or not to?

WEEKLY

The Metaverse Mainstream

$2 cryptoweeklymag.com march 2022 | Volume 19

The Global Structure of Crypto

Page 05

Page 14

Selling Crypto Hype

Ukrainians Get 1k from KRAKEN

Page 06

The Threats of Web 3.0

Page 32

Crypto and an EMP Event

Page 12

Ukraine's Crypto Donations

Page 24

Page 22

Crypto Innovation and Economies Page 37

BIDEN'S

EXECUTIVE ORDER Page 34

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CONTENTS $2 cryptoweeklymag.com march 2022 | Volume 19

Metaverse Investment Enters the Mainstream With CSOP's New Exchange Traded Fund in Hong Kong

Selling the Future of Crypto with Hype

Compared to an Average Wealthy Person, Crypto Investors are More Entrepreneurial and Risk-tolerant: Wealth-X Report

Avoiding Potential Scams With Crypto Scammers

Web3 is on its Way, and Threats are Looming We have Never had to Face

Global Discussions About Crypto Industry Structure Occurring Since Ukraine Invasion.

Senate Democrat Ron Wyden Says Regulating Crypto is Like Killing the Internet in its Infancy

Despite Three Major Challenges, Kevin O'Leary says Billions of Institutional Dollars Will Enter the NFT Sector

Ukraine Asks for Crypto Donations but Things Take Odd Turn

What Happens to Crypto After the First Electromagnetic Pulse Event (EMP)

Finance Ministry of Russia Submits Bill to Legalize Crypto Investments & Ban Payments

Dubai Grants Binance License to Transact in Virtual Assets

What's in Store for DAOs in 2022?

Every Ukrainian User Will Receive $1,000 in Bitcoin from Kraken

Biden's Executive Order to Benefit the Crypto Industry For Long Run

Ukraine's Appeal for Donations Vanished in China, as Crypto Donations Poured in from All Over the World

Emerging Economies Can Benefit from Crypto Innovations

CRYPTOWEEKLY CEO Nathan Hill

LETTER FROM

THE EDITOR

nathan@cryptoweeklymag.com Publisher: Colin Woolley Colin@cryptoweeklymag.com Editor: Robert Stone

Welcome to Crypto Weekly

Editor@cryptoweeklymag.com Editorial: Anthony Burton Editorial@cryptoweeklymag.com Director of Advertising and Corporate Relations: Philip Greenwood philip@cryptoweeklymag.com Design: Dilin Web: Bill Trevor

nother week has gone by and this is our nineteenth issue of Crypto Weekly. I am Rob Stone, the Editor, and along with the guys at CMC, hope to bring you another weekly read about significant happenings in the cryptosphere.

Crypto Weekly Magazine is published by the Crypto Marketing Company 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ

Seems the world will never rest with all its wars and contrived issues we all have to suffer through as we have seen recently with Russia frightening the world with it`s bullyhood. For me, the life I lead as an editor of a magazine oozes tranquility in comparison. Moments forged for personal consumption. I have become good at it. An empty home welcoming me with all the smatterings of comfort a person needs, yet simple and me. My time and my place to be formed however I arrange. Sometimes in life, all I have had is the bag I carry with the simple things a person needs to care for oneself and be comfortable and dry. I did well for a season with only a tent and a tree in Alaska with my bedroll and U.S Army 4 season bag with a light tent. Along with some cooking gear and fishing equipment, it was easy to live off the bounty of nature. Still, even though so sparsely befitted of such comforts, I had a portable satellite antenna with my laptop and internet connection to the sky. Add a solar charger, and I am set for life alone in the wilds, where I may retreat when desired. The sky rains money for me if I just poke it here and there so I sometimes wonder what the future may bring. I do not need to recess into the wilderness for such simplicity but a cozy room someplace with a table and a fire with a window to let in the light and view will be bounty enough for this simple man who yearns for quiet and peaceful solitude. As it has been another smashing week with crypto and a lot of stuff has happened in the last week because the music never stops in the crypto sphere and the time keeps rolling on. I hope you all enjoy what we have brought together for you this week. Please let us know your thoughts, and if you would like to see something featured please do get in touch.

editor@cryptoweeklymag.com

cryptoweeklymag

FEATURE

Crypto Weekly

Metaverse Investment Enters the Mainstream With CSOP's New Exchange Traded Fund in Hong Kong

new ETF from CSOP Asset Management will be listed on the Hong Kong stock market for the first time, allowing investors to select winning stocks in the next generation of the web. Having a combined capitalization of US$5.2 trillion, the exchange-traded fund (ETF) currently holds 46 US-listed technology stocks, including Apple, Meta, Tencent Holdings, Nvidia, and Roblox. HK$7.80 will be charged for a board lot of 100 units of the actively managed fund, with the mnemonic "3034" in Hong Kong. “In contrast to passive ETFs, the fund manager actively buys and sells stocks from the portfolio,” CSOP said. "As metaverse technologies are constantly changing, an actively managed ETF is more suitable for investing in the Metaverse," said CSOP's Kenneth Lee during a Friday media briefing on Roblox, a platform for virtual

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events and avatars, adding that the active ETF will undergo more frequent reviews than passive funds. ADRs and US-listed stocks that are part of four categories are included in the ETF: chip and telecom network companies, engineering stocks like display makers, application developers, and content providers. The ETF attracted US$9 million in investment when it opened to subscriptions last week. CSOP estimates that global Metaverse market value is expected to reach US$1.5 trillion by 2030, up from US$5 million by 2020, based on data from Bloomberg and PwC. Asia's Korea Exchange had eight Metaverse ETFs and assets under management (AUM) of US$1.1 billion last year, making it a pioneer in Metaverse investing. The growth of Metaverse-related ETFs has been driven

"As metaverse technologies are constantly changing, an actively managed ETF is more suitable for investing in the Metaverse," by retail investors such as Mirae Asset Global Investment and Samsung Asset Management. The head of Samsung Asset Management's ETF management team, Jaewook Chung, said Hong Kong investors couldn't invest in the South Korean market. Hong Kong remains open for CSOP, which has 35 listed out of 150 ETFs in the city, one of the most active local ETF managers. 

March 2022 | Volume 19

FEATURE Crypto Weekly

Selling the Future of Crypto with Hype M

isyrlena Egkolfopoulou writes in Bloomberg that cryptocurrency companies flooded the airwaves during this year's Super Bowl, confusing many viewers. After watching a video of Larry David doubting everything from the moon landing to the Declaration of Independence, the digital currency exchange said: "Don't be like

March 2022 | Volume 19

Larry." Playing on people's fear of missing out, the ad played on the fear of missing out. In a commercial, Coinbase advertised a bouncing QR code that offered $15 in free Bitcoin to new users. The website crashed within minutes, due to the overwhelming demand. Although drug commercials regularly list a long list of risks, there were

no such disclaimers in this advertisement. No one was eager to inform viewers that Bitcoin's price has fallen since November. According to Angela Watercutter in Wired, “this felt like a rerun of the Dotcom Bowl.” In 2000, 20 percent of the advertising space for the Big Game was bought by tech

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FEATURE

Crypto Weekly

20 percent of the advertising space for the Big Game was bought by tech companies riding the wave of euphoria. This bubble burst in 2001. Ads from crypto companies competed with older brands, including Turbotax, trying to capture the reflected crypto glow.

Weiser in the New York Times, the crypto boom has at least produced a large cast of colorful characters from "the murky fringes of crypto culture." No two are strangers to Ilya Lichtenstein and Heather Morgan, known as "the Bonnie and Clyde of Bitcoin." Their public digital trails made them "familiar figures in an arena where the flashiest personalities got rich quick." Prosecutors claim the defendants were "highly sophisticated criminals" involved in a complex scheme to launder 119,000 Bitcoins stolen from a Hong Kong exchange in 2016. It appears that some of the money was traced to accounts controlled by the couple. The investigation represents "a watershed moment in the regulation of digital currency," and "a step forward in tracing its illegal laundering."

companies riding the wave of euphoria. This bubble burst in 2001. Ads from crypto companies competed with older brands, including Turbotax, trying to capture the reflected crypto glow. Chaim Gartenberg, writing in The Verge, said that all the "celebrity-studded efforts to get new buyers into the blockchain hype wheel" felt cynical.

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In none of the ads selling this "towering pyramid scheme," it was explained what cryptocurrency technology would actually do or how that would benefit users. They only emphasized that "not joining would mean missing out." According to Ali Watkins and Benjamin

Cooper says that's good since crypto exchanges are being hacked all the time due to a lack of "elementary security features." The entrepreneurs running the exchanges, however, don't seem to care. Just don't let celebrity crypto endorsers like Matt Damon bully you into thinking "you're a sissy girlyman for not buying some crypto." If you'd bought into his Crypto.com ad at the end of October, "you'd have lost nearly half your money." 

March 2022 | Volume 19

FEATURE Crypto Weekly

Compared to an Average Wealthy Person, Crypto Investors are More Entrepreneurial and Risk-tolerant: Wealth-X Report

mong those interested in cryptocurrencies, the tendency towards entrepreneurship is even more pronounced. Wealth-X report: 90% of those with a general interest in cryptocurrencies created all their own wealth - Wealthy crypto investors tend to be even more entrepreneurial than the average wealthy investor. Bloomberg reports that according to Wealth-X, wealthier individuals who are involved in, or have an investment in, cryptocurrencies are considered more entrepreneurial. The Wealth-X study estimates that 84 percent of the 3.6 million wealthy individuals around the world are self-made while the rest inherit their fortunes. The US-based provider of wealth information and insights reports that entrepreneurship is more common among the wealthy who are interested in cryptocurrencies. According to the report, "nearly 90% of cryptocurrency enthusiasts created their own wealth, with just 5% relying on inheritance." Moreover, self-made wealthy individuals are more likely to invest in volatile assets such as cryptocurrencies.

March 2022 | Volume 19

According to the report, for those whose wealth is derived from cryptocurrencyrelated activities, inheritance rarely plays a role in gaining wealth. Cryptocurrencies are digital or virtual currencies protected by cryptography and can be used to buy products and services, but they are not backed by a government, which could make them a risky investment. According to trading platform Coinmarketcap, the current price of Bitcoin, perhaps the most widely known cryptocurrency, is about US$40,000. During the past three years, the increase has been over 1,000 percent, but there has been considerable volatility. At the top of the list of cryptocurrency founders is Vitalik Buterin, the Russian-Canadian co-founder of Ethereum, whose wealth is estimated at US$1.2 billion, and Cameron and Tyler Howard Winklevoss, each worth US$3.8 billion. Jihan Wu, the chairman of Bitdeer Technologies Holding in Asia, is estimated to have a net worth of $3 billion. Elon Musk,

the founder of Tesla, and Ashton Kutcher, a Hollywood actor, are other high profile people with an interest in cryptocurrencies. The average age of cryptocurrency investors is just over 47, and nine out of ten are male. According to Wealth-X, the global wealthy population has an average age of just over 60 as it typically takes most of a professional career to accumulate wealth. It states that "the fast-moving crypto sector is a notable exception, particularly among crypto founders/investors, whose average age is just over 47." "It's interesting to note that wealthy people who are interested in crypto are also younger by a fair margin, reflecting the general public's tendency to take an interest in crypto earlier." The number of people using cryptocurrencies as a medium of exchange in Hong Kong is estimated to be around one-third, the second-highest level of engagement among developed markets with the new asset class, according to a December survey by credit card company Visa. 

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FUDDOXX

Crypto Weekly

Avoiding Potential Scams

With Crypto Scammers

Avoiding Potential Scams

With Crypto Scammers I

n a project involving cryptocurrencies, this warning rings true, and it comes from developers and admins in chats like Telegram, and it should be taken very seriously. "I will not DM first!" In light of the elaborate scams being committed in crypto investments, we must

take measures to prevent inviting scammers into our circle of trust. One way to avoid this is to never respond to a developer unless they announce it first in the main chat. Now, why is a developer reaching out to you necessarily a bad thing? In most cases, it's not, but when the developer is a scammer

posing as a developer, it opens you up to all sorts of financial threats. I have personally seen this act occur where a simple plight for help in the main chat of a Telegram group resulted in an admin member reaching out to offer some assistance. In most everyday situations, you would welcome the help, but when they are not a team member, and their sole purpose in life is to steal your money, you can only imagine the result if you do not keep your wits about you. A well-planned scammer will always start by letting you know who they are, "this is the active admin," "how may I help you?" Now you will be feeling a sense of relief that someone is willing to help you out in your time of need. Still, it is at this point you really should be asking why they have contacted me personally and not tried to help in the main chat. If you make the rash decision to take up a conversation with the so-called admin, you need to start to watch out for key signs that they are trying to steal from you, and the first is if they begin to talk to

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March 2022 | Volume 19

FUDDOXX

Crypto Weekly

this and thinking how stupid that guy was to hand over his phrase. Still, in the heat of the moment and a lack of knowledge, this person was not thinking straight and just wanted to resolve a problem that, in the end, turned out to be nothing more than the network lagging. It's also safe to say that FOMO (fear of missing out) had also settled in as the market was shifting quite quickly then. He needed to hurry to maximize his results. Still, in the end, this is what can cause you to lose focus, when in fact, this is the time to be more aware and alert while we are amongst these scammers that are always looking for their next victim.

A well-planned scammer will always start by letting you know who they are, "this is the active admin," "how may I help you?"

you about your wallet, and its validation. There should be absolutely no need for any validation of any sort if you are using Pancake Swap or Uniswap. For example, these Dex do not need anything more than your wallet to be connected, which you can take care of. It clearly shows if you are connected or not. If you are using a Cex, then if you are in your private wallet and are connected, once again, no need for any socalled validation. Then we move on to the most critical rule everyone should know, "you never give out your seed phrase!" Now, if you are not familiar with what a seed phrase is, then I suggest you take some time to do some research to find out how crucial it is to your investments and being able to keep them safe. The seed phrase should

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never be brought up in any conversation with anyone. There is just no need for that to be mentioned at all unless you have ulterior motives. Unfortunately, for my friend and his lack of knowledge and language breakdown, he was convinced, relatively easy, to hand over his seed phrase in the hope that his new 'knight in shining armor' would help fix a simple problem. But there was to be no help, only for him to become a victim of a scam. Within seconds of this person receiving the seed phrase, his entire wallet was drained of all his tokens, leaving him a balance of zero. He lost around $20k in a few minutes, highlighting how quickly these fraudulent people are once they have the keys to access your vital information. Now I know there will be people reading

Not that the whole experience was bad enough to lose all his money in the blink of an eye, he was told by the scammer that the problem would be fixed, so he then thanked the scammer for his help only to receive a thumbs-up emoji. After discovering all his tokens were gone, he reached out for an explanation to only receive silence. We all work hard to build our portfolios, and to have them ripped from underneath our noses cuts even more deeply, even more so than if you had made a bad trade or the market dives. It's an elaborate scam that is quite effective to the untrained eye, made even more challenging to spot when they use the same logos and names as the legitimate team. So my advice would be to ask your questions in the main chat and wait for a response from someone in the main chat. Do not wait for someone from the team to reach out to you for "I WILL NOT DM FIRST." 

March 2022 | Volume 19

FEATURE Crypto Weekly

Web3 is on its Way,

and Threats are Looming We have Never had to Face

any people think that Web3 is a buzzword, but it's anything but. It is difficult to comprehend the profound implications Web3, also called Web 3.0, will have on our lives in the future. Internet 2.0 represents an era of disruption that promises to be as disruptive and destabilizing as the internet boom of the late 1990s (Web 1.0). Because data will be decentralized, security will be more challenging to manage. Web3 is what, exactly? In other words, it's a decentralized internet, powered by blockchain technology. Contrary to Web 2.0, which was dominated by significant, centralized tech companies like Google GOOG, 1.65%, and Facebook FB, 3.91%, Web3 will make the web more democratic and permissionless, taking data away from Silicon Valley into a decentralized cloud.

March 2022 | Volume 19

Connecting and managing ownerless data will also become increasingly dependent on artificial intelligence. The question of why this matters is natural. In fact, it appears that most of our data is held by large tech companies, banks, healthcare providers, and other entities that have pledged - to varying degrees of success - to secure it for us. As consumer frustration grows over big tech firms profiting from their data and undermining their privacy, they will opt to pull their personal information into the blockchain. By offering decentralized apps that can be customized and are device-independent, Web3 gives users more control over their personal information. This may seem to be a welcome and empowering change,

but it comes with great risks. Data will be more challenging to piece together and glean valuable information because it will be encrypted and ownerless. However, it is less clear who is responsible for securing someone's data if no one entity controls their data. As an example, let's look at the healthcare industry. The accessibility of data, wherever they may be, will benefit doctors. Yet, this also raises questions about who will have access to the data and how it will be secured. Who is responsible for the mistakes made by an AI algorithm if it decides how data should be released? Would you react if a malicious hacker gained control of the entire cluster? Such a system can also be used to commit fraud. An example of the danger is the

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FEATURE Crypto Weekly

Africrypt heist in South Africa last summer. Bitcoin was stolen by two brothers who then disappeared, leaving investors with limited legal recourse to recover their cryptocurrency. Additionally, cybersecurity will require a rethink. Currently, security practices are based on creating wrappers around systems and data, but this becomes much more challenging in an open environment that empowers users. A lack of cybersecurity practices will likely cost consumers. The advantages of Web3 are, of course, enormous. A future American may be able to choose from lending offers from banks in Finland or Australia as an example - no longer limited to only U.S. institutions. These positives show why creating new and secure Web3 structures is so essential. To facilitate data exchange on blockchain protocols, the industry sectors should discuss challenges and standardize data types. The new paradigm of data privacy will require governments and international regimes to rewrite regulations accordingly. Data privacy frameworks, such as Europe's GDPR, will likely need to be amended to address the challenges ahead. It's perhaps most important that we all rethink how we view privacy. Control of information will shift from an oligopoly to structured anarchy. That will create some benefits for us all, but are we willing to endure the risks required to achieve them? 

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March 2022 | Volume 19

NEWS Crypto Weekly

GLOBAL DISCUSSIONS ABOUT CRYPTO INDUSTRY STRUCTURE OCCURRING SINCE UKRAINE INVASION.

old shot up to its highest level in over a year as Russia invaded Ukraine last week, while Bitcoin (BTC) plummeted alongside other risk assets. In spite of soaring inflation, the bellwether crypto asset has been unable to demonstrate its gold-like qualities or its ability to hedge inflation. Cynics and critics of Bitcoin have been quick to point out its inconsistencies. Two titans of the crypto industry are pushing back, pointing out that critics may have been too quick to judge Bitcoin because of recent geopolitical events. Researchers from Bitwise and QCP Capital describe how Bitcoin is finally showing signs that it is an "emerging store of value" despite uncertainty in their research notes published this week. Bitwise manages $1.7 billion in crypto assets, while QCP Capital is based in Asia.

March 2022 | Volume 19

“Whether Ukraine collected $20 million in crypto donations to resist the invasion or the Biden administration asked crypto exchanges to ensure they weren't used to evade sanctions, crypto is moving from being a quirky asset class to being a part of national security discussions,” Bitwise's chief investment officer Matt Hougan said last week.

Taking steps to hedge the financial system. QCP Capital reported on March 3 that Russia's war has fundamentally undermined the credibility of fiat currencies. Crypto is proving to be a viable alternative as a result. So far, the Ukrainian government has raised more than $50 million in cryptocurrency donations, while Ukrainians have turned to cryptocurrency after their own currency

collapsed. Since crypto offers anonymity and is not controlled by a single central authority, Ukrainians on the ground who fear surveillance and have limited access to bank accounts amid Russia's invasion now have an alternative. However, the solution is not flawless. Even in a typical environment, setting up cryptocurrency systems, such as signing up for exchanges or transferring funds between wallets, can be challenging, let alone during times of crisis and market turmoil. Moreover, there is a concern that Russia could launch cyber-attacks against crypto users or that Russia itself could use crypto to evade sanctions, which is the main weapon the West uses against the country. “Individuals will naturally look for alternatives to the fiat system if it is being used as a geopolitical tool,” the QCP team said. According to them, the war has sparked a

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NEWS

Crypto Weekly

The resilience of the network. However, there are still structural challenges. The mainstream has yet to embrace crypto to such an extent that individuals can easily switch from fiat to digital currency. Swan Bitcoin CEO Cory Klippsten says he's attracted to Bitcoin because it's a hedge against the financial system as a whole. Crises, such as Russia's invasion of Ukraine, often occur too late to use Bitcoin as a hedge. Klippsten said: "You have to have all your ducks in a row long before the crisis actually occurs. And we see this same pattern playing out all over Ukraine with these lines outside ATMs." tectonic shift that will lead to a multi-decade crypto bull run in the not too distant future. A significant amount of Bitcoin spot and Bitcoin call options were bought by QCP in the last week.

During times of stress, investors will therefore sell volatile assets to raise cash. In a recent interview, the Bitcoin bull and hedge fund manager, Mark Yusko said, "all correlations are heading towards one."

There is less evidence that Bitcoins can be used as inflation hedges while traditional markets are closed and cryptocurrencies trade. Cryptocurrencies can act as a "weekend hedge for event risk."

According to Yusko, the correlation between Bitcoin and stocks has been 0.15 for a long time. The long-term correlation is 0.15, while the correlation with bonds is 0. The higher the correlation between two assets, the more likely they are to move in lockstep. Rather than looking at Bitcoin in terms of weeks or quarters, Hougan urges investors to consider it in terms of years. Hougan said Bitcoin had done remarkably well over the past decade, posting a 4,000,000%+ return.

According to them, Bitcoin is not a hedge against inflation. The longer term prospects for 'digital gold' are unclear, but so far, the answer stands as 'no.'

In a crisis, you can't catch up if you weren't prepared. Getting prepared before an emergency happens is the best idea. “The network, however, has proved resilient among those who were already set up,” Hougan said. Hougan said there is no way to predict where prices will go from here, but many believe the industry is poised for another quantum leap, just like during the Covid-19 crisis. He argued that investors who invested during such transitions in the past have ultimately been rewarded despite crypto investments not being the most comfortable time right now. According to analysts, "the coming dip could be the best time to build up a long structural position in crypto." 

Don't pay attention to short-term correlations. Bitwise's Hougan expressed similar sentiments. “Bitcoin cannot be predicted with 100% certainty whether it will be a successful hedge against inflation. In a world with runaway price increases, financial instability, or where the dollar is no longer the world's reserve currency, would you want to own more Bitcoin or less?” Hughes wrote. “Investors who rely on short-term correlations to understand cryptocurrency do themselves a disservice,” Hougan said. “Short-term spikes do not alter Bitcoin's value in correlation because it provides a long-term hedge against monetary disorder and geopolitical risk,” Hougan said. “Cryptocurrencies are volatile and futureoriented,” he added.

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March 2022 | Volume 19

BEGGINERS GUIDE Crypto Weekly

Should I, or Shouldn't I, Invest in Crypto?

Crypto may be lucrative, but is it right for you?

Cryptocurrency could be a great investment right now.

Cryptocurrencies have been among the hottest investments of the past year, but they are also incredibly controversial and divisive. Their future performance cannot be predicted. Crypto can change the world for some, but some worry it will crash as it is overhyped. Nonetheless, there are a few reasons why now is a great time to buy -- and one reason you should steer clear for now.

Investments like this can be lucrative. Although controversial, cryptocurrency does have a lot of potential. In the crypto market, ETH (ETH 3.11%) has gained traction as a platform for non-fungible tokens (NFT) and decentralized finance (DeFi). Bitcoin (BTC 3.12% ) has also been dubbed "digital gold." Although it is still unclear whether Bitcoin will live up to its name, it has steadily gained acceptance among merchants, individuals,

March 2022 | Volume 19

and institutional investors. Crypto markets have taken a beating in the past two months, but this may make now a good time to invest. As cryptocurrency technology advances, and mainstream adoption rises, this would make now a perfect opportunity to invest or dollar-cost average. If cryptocurrency becomes the next big thing, you won't regret your purchase. When looking at the most popular investments, you can quickly see how much you would have earned if you had invested

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BEGGINERS GUIDE

Crypto Weekly

earlier. In the 1990s, you could have made a lot of money if you had purchased Amazon. Five or ten years ago, Tesla would have been a great investment. Bitcoin currently costs $42,000 per token. The price is predicted to reach $100,000 within a few years. Many believe it could reach at least $500,000 per token someday. Whether it will reach those prices is not predictable at the moment. Consider the possibility that Bitcoin's price rose and you decided not to invest in every high-risk, high-

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reward investment. You don't have to buy every high-risk, high-reward investment if you don't want to live with regrets. Take the long view. Do you think you'd be more upset if crypto failed or if it succeeded knowing you didn't invest? A small amount of money you can afford to lose may be worth investing if it's the latter. The least you can say is that even if crypto fails, you tried your best.

Here are some reasons why crypto may be better avoided for now.

decade or two, which makes them risky investments. Crypto might not be the best investment for your portfolio if you're riskaverse or don't have the cash to spare on an investment that may or may not pay off. However, this may change in the future. If crypto develops more utility down the road, you can always invest later on. Even though crypto is speculative right now, it won't always be so. While the returns may be less dramatic than if you had invested earlier, the risk of losing money is also lower.

Although there is a lot of hype and predictions about where cryptocurrency prices will be in a few years, it is impossible to predict whether a cryptocurrency will succeed or fail. It is not possible to predict whether cryptocurrencies with the most real-world applications will still exist in a

A cryptocurrency investment can be lucrative, but not everyone is right for it. Think about the risk you are willing to take and how much you can afford to lose before buying. After a little research and preparation, you can easily determine whether crypto is right for your portfolio. 

March 2022 | Volume 19

NEWS Crypto Weekly

Senate Democrat Ron Wyden Says Regulating Crypto is Like Killing the Internet in its Infancy C

apitol Hill has a powerful ally for crypto. Unlike many of his Democratic colleagues, Sen. Ron Wyden, D-Ore., has proposed that regulators shouldn't clamp down hard on crypto. In Wyden's view, the emergence of cryptocurrencies is similar to the emergence of the internet. He and his colleagues introduced Section 230 of the Communications Decency Act, which protects social media companies from lawsuits when users post content on them. "There is a debate about stricter regulation, but I want to be on the side of the innovator," Wyden said. He added that he thinks crypto can help with remittance payments that workers in the U.S. send to their families abroad. He said it's also

March 2022 | Volume 19

a quick way to transfer money in an emergency without the need for banks or other intermediaries. In support of lighter, more favorable regulations for crypto, Wyden joins a group of primarily Republican colleagues, including Sen. Pat Toomey, R-Pa., Rep. Cynthia Lummis, R-Wyo., and Rep. Scott Young, R-Ariz. Wyden's Democratic colleagues have called for stricter crypto regulation, especially since Russia invaded Ukraine. Some senators worry that sanctioned Russians might use crypto to avoid sanctions. The Democratic senators Elizabeth Warren, Mark Warner, Sherrod Brown, and Jack Reed wrote a letter to Treasury Secretary

Janet Yellen last week asking for information about how the Treasury Department will ensure cryptocurrency exchanges comply with sanctions against Russia. Chairman Gary Gensler of the Securities and Exchange Commission has increasingly emphasized the need for crypto regulation. He said, “Cryptocurrency exchanges that do not register with the SEC are breaking the law a year ago when he called crypto markets "rife with fraud." Coinbase CEO Brian Armstrong tweeted last week that his company would not preemptively ban Russian users from its platform. In the tweet, he wrote, "We believe everyone deserves access to basic financial services unless the law provides otherwise." 

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FEATURE Crypto Weekly

Despite Three Major Challenges, Kevin O'Leary says Billions of Institutional Dollars Will Enter the NFT Sector S

hark Tank investor Kevin O'Leary says blue-chip investors are waiting in the wings with billions of dollars that could make their way into the non-fungible token (NFT) space. A new video from the billionaire tells his 556,000 subscribers he is a huge believer in NFTs. However, he notes that there are three major issues preventing institutions from joining the nascent sector.

Compliance issues are the biggest challenge, according to O'Leary. "There are hundreds of billions of dollars of institutional capital that want to go to work [in NFTs], but we have not given them the compliance infrastructure to be able to do so. An individual in a pension plan at a university in Geneva, for example, can see immediately how much they have invested, whether they used leverage, their position is reported at the end of the day, and their regulators can check it at any time. Nothing like that is available with crypto; you have to calculate it manually. That makes regulators nervous..” “Moreover, determining whether NFTs are securities and thus subject to regulations is another challenge the business magnate cites. A smart contract or NFT that has a royalty attached to it distributes capital, and that is generally interpreted as a security. No different than a bond that pays interest or a stock that pays dividends. However, our ruling has not yet been rendered." O'Leary also expressed concern about the amount of scamming occurring within the NFT space. He concluded that wallet security improvements are imperative. 

March 2022 | Volume 19

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Crypto Weekly

of the

week

NFT

Huge Week for Crypto! (Stagflation Scare?) #Crypto this Week

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March 2022 | Volume 19

NEWS Crypto Weekly

UKRAINE ASKS FOR CRYPTO DONATIONS BUT THINGS TAKE ODD TURN

ccording to Elliptic, a blockchain analytics company, the Ukrainian government has collected more than $80 million in cryptocurrency donations since the war began. These cryptocurrency donations will be used to support the war effort. Kuna.io says some crypto donations have already been converted into traditional currency, primarily euros. The Kyiv-based cryptocurrency exchange helped set up and manage the government's crypto wallets. State actors and the private sector bought drones, bulletproof vests, heat-sensitive goggles, and gasoline with the money. Digital blockchains store information in immutable, public ledgers, indicating that none of the donated digital artworks have ever been sold. Michael Chobanian, CEO of Kuna. io, says, “nuclear weapons are out of reach,

March 2022 | Volume 19

but non-lethal items can be purchased using cryptocurrencies at a reasonable price." Cryptocurrencies were expected to be a key factor in the world's first crypto war both for Russia to evade sanctions and for Ukrainian supporters to raise funds. However, since the Russian invasion, the Ukrainian government has become more open about its embrace of crypto, attracting Western crypto evangelists who see a chance to prove that blockchain technology promotes open societies. President Biden announced $350 million in additional military aid for Ukraine last week, while the US Agency for International Development committed $54 million in humanitarian assistance. In addition, Biden has asked Congress for an additional $10 billion.

“Cryptocurrencies have been the best way for Ukrainians to donate since the government instituted martial law on Feb. 24, which limited their ability to send and receive funds,” said Sergey Vasylchuk, Chief Executive of Kyiv-based crypto firm Everstake. Cryptocurrencies have enabled Ukraine to raise money without the restrictions imposed by government bureaucracy or centralized Silicon Valley platforms, and blockchain's public ledger of transactions provides donors with more transparency about how the money is spent. For example, GoFundMe and Patreon prohibit military fundraisers. In her role as chief policy officer for a crypto venture capital firm co-founded by former federal prosecutor Katie Haun, Tomicah Tillemann says, “the outpouring of assistance to Ukraine is a "vivid illustration" of the tech-

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Crypto Weekly

of New York, Lee Reiners, was skeptical about the argument that cryptocurrencies are needed for donations. “As Ukraine is not cut off from the global financial system, it is free to accept donations through GoFundMe, the Red Cross, or any other platform or nongovernmental organization", Reiners added in an email. “Furthermore, the need to convert donations into traditional currency undermines the notion that cryptocurrencies are decentralized. According to my last check, Bitcoin cannot be used to buy missiles.” nology's potential "to strengthen open societies and safeguard democratic values." It is easier to trace cryptocurrency activity, which is why Tillemann said policy makers specializing in security would rather see more financial activity flow to the digital currency. "This is a huge improvement from pallets of cash that were previously sent into conflict zones," he said.

Ukraine's Deputy Prime Minister, Mykhailo Fedorov, 31, made the call for crypto support, demanding that Silicon Valley titans

ban Russia from their platforms and services. On the messaging app Telegram, Fedorov posted a plea for crypto donations in Bitcoin, Ether, and Tether. Half an hour later, the same thing was posted on Fedorov's Twitter account. Ukraine's Twitter account followed suit a few hours later. Co-founder of the Ethereum blockchain, Vitalik Buterin, was unsure if the plea was real, warning his 3 million followers on Twitter to be cautious. However, Buterin deleted his warning once he confirmed that the request was legitimate. “Continue to be vigilant, and always send irreversible cryptocurrency transactions slowly and cautiously," he tweeted. 

Using crowdfunding to fund war is not new in Ukraine, which, after Russia seized Crimea in 2014, used private donors to pay for military equipment. However, the focus on crypto could lead to more illicit activity - as the promise of transparency is lost once it is converted into other currencies to buy goods - or inspire authoritarian governments to adopt a similar approach. The senior associate of the Federal Reserve Bank

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March 2022 | Volume 19

NEWS Crypto Weekly

What Happens to Crypto After the First Electromagnetic Pulse Event (EMP) A

n EMP is a pulse of high-intensity electromagnetic radiation generated primarily by a nuclear blast high above the earth's surface and held to disrupt electronic and electrical systems. Any nuclear bomb detonated high above the atmosphere bathes the area below in a powerful electromagnetic pulse (EMP) that is likely to burn electronic circuits and render them unable to function. For instance, your car would not

March 2022 | Volume 19

work unless it was a very old one without all the electronic systems we have today. It would be the same effect with a solar flare of sufficient magnitude. Decentralized crypto is not at the mercy of a few individuals or governments who can manipulate it as they see fit, or even a solar storm since the effects are localized. Public ledgers are run by literally hundreds of thousands of computers worldwide. It is exceptionally secure because of this. This decentralization of the blockchain - the very concept of Bitcoin and other decentralized ledgers - protects your crypto investments from any EMP attack. It is easier to hack a single computer system than a group of independent systems. Whenever you make a transaction with

decentralized crypto, you are adding a block to the blockchain. Blockchains are collections of recently completed transactions organized into chains and recorded around the world. So, an EMP would have to destroy all the computers and files on the planet in order to destroy the entire chain. It would be impossible. You could theoretically cover the globe with EMPs or strike the planet with CMEs, but in practice, neither would be able to reach everywhere. The vast majority of these events would be local, with little impact on the global blockchain. There would still be blockchains in other parts of the world even if the U.S. lost power from an EMP attack, so decentralized chains still exist. To reclaim the crypto from your wallet, you must have your password memorized or written down. Robert Stone Editor

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NEWS Crypto Weekly

Finance Ministry of Russia Submits Bill to Legalize Crypto Investments & Ban Payments The Ministry of Finance of Russia has prepared and submitted a new bill to the government to expand crypto regulations. The law "On Digital Currency" seeks to introduce rules for investments in cryptocurrencies while banning the use of cryptocurrencies for payments. Crypto turnover in Russia to be regulated by a draft law on digital currency. Government officials tasked the Treasury and the Central Bank of Russia (CBR) with developing the new legal framework. In light of the differing views between the two institutions, the ministry proposed last week to pass two bills to regulate the crypto market, while the monetary authority was working on legislation to implement its proposal for a broad ban on crypto activities. A regulatory concept was approved by Minfin earlier this month. The majority of regulators and relevant government bodies agree with the industry's need for regulation, not blanket bans. Though it is a rare stance shared by both the CBR and the new law, the use of cryptocurrencies will not be permitted. Cryptocurrencies will mainly be used as investment tools. In response, the ministry confirmed it had received the Bank of Russia's legislative amendments, stating that those that do not contradict its approach will be taken into account.

March 2022 | Volume 19

Cryptocurrency investors will be required to identify themselves according to a new bill.

partment added that banks and crypto firms will report suspicious transactions to Rosfinmonitoring.

Under the bill, cryptocurrency exchanges and other platforms involved in the turnover of digital currencies will be subject to new requirements. They will be required to register as digital asset operators.

Moreover, cryptocurrency exchanges will have to provide citizens with information about the risks associated with the acquisition of digital assets. Non-qualified investors can buy up to 600,000 rubles worth of cryptocurrency a year (approx. $7,600) by passing an online test. Besides that, the annual limit is just 50,000 rubles (about $600). Legal entities and qualified investors do not face such restrictions.

There are certain standards that service providers will have to meet regarding corporate governance, information storage, internal audits, risk management, and capital availability. Foreign exchanges must establish a presence in Russia and be licensed and supervised by a governmental agency. Purchasing and selling cryptocurrencies should only be allowed for customers who can prove their identity. Deposits and withdrawals will be limited to traditional financial institutions for crypto platforms. The department explained that identifying customers will be done both by [crypto] operators and banks when opening bank accounts. The de-

Crypto mining has also been considered by Minfin, which defines it as a means to obtain cryptocurrency. Bank of Russia officials have called for its banning, however, officials in Moscow and energy-rich regions have called for its recognition as an economic activity that the government should be able to tap into. As regards the minting of digital currencies, President Putin highlighted the country's "competitive advantages" in January. 

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Dubai Grants Binance License to Transact in Virtual Assets A license has been granted to Binance, the largest cryptocurrency exchange in the world, to operate in Dubai. On Wednesday, the company explained where it plans to conduct regional business. Bahrain, a member of the Gulf Cooperation Council (GCC), granted Binance its first license for crypto-asset service providers from its new Virtual Asset Regulatory Authority (VARA). Binance will be permitted to offer limited exchange products and services to pre-qualified investors and professional financial service providers.

the United Arab Emirates (UAE), the Gulf region's financial capital, has been working to develop the virtual asset sector and regulations. Last week, Dubai, one of the UAE's seven emirates, adopted its first law governing virtual assets and established VARA as a regulator to oversee the sector. Binance said in December it was working with DWTC to help set up an international

virtual asset ecosystem in Dubai and assist with the development of virtual asset regulations. "Binance will be able to operate its regional business from Dubai in the newly announced regulatory ecosystem that is subject to comprehensive legislation and internationally applicable policy frameworks," DWTC Authority Director General, Helal Saeed Almarri said. 

According to Binance, VARA licenses will be monitored to open access to the retail market as they become licensed. The crypto company will also establish a blockchain technology hub in Dubai World Trade Centre (DWTC). Binance has been targeted by financial regulators worldwide, with some banning certain activities and others warning consumers that it doesn't have a license to operate in their jurisdictions. With regional economic competition heating up,

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March 2022 | Volume 19

NEWS Crypto Weekly

What's in Store for DAOs in 2022? A

ccording to Collins Dictionary, 2021 was the year of the non-fungible token (NFT). This year another big trend in crypto could be decentralized autonomous organizations (DAOs), which may end up being the future of online communities. According to industry players speaking with Cryptonews.com, DAOs will be among the year's biggest trends in 2022. DAOs are becoming evident in a variety of areas, including social networks, media outlets, investment funds, and decentralized protocols, among others. Through the DAO model, people will be able to find aligned communities, outlets for their passions, and reward systems that will be rewarding. Several of those organizations are likely to fail, just as many internet companies have over the years. When it comes to the areas

where DAOs may appear, opinions are mixed on this. For DAOs to gain interest from regulators, they must create a stir. In 2022, nearly every part of the crypto ecosystem will face regulatory challenges, including DAOs. Despite variations in the severity of laws from jurisdiction to jurisdiction, commenters generally agreed that most DAOs would be able to comply. In 2022, DAOs will proliferate. A modest amount of attention was paid to DAOs last year, with social-cultural DAOs like Friends With Benefits (FWB) and investment DAOs like ConstitutionDAO diverting attention away from Bitcoin (BTC), NFTs, and the Metaverse. It appears that 2022 will build on such early momentum by making

DAOs more widely used to organize people. Namik Muduroglu, ecosystem and partnerships coordinator at PrimeDAO, a research collective building coordination tools for DAOs, predicted continued growth of service DAOs in 2022. It is Muduroglu's belief that DAOs will grow this year due to their openness and accessibility. “People can work for DAOs and earn for their work while also participating in the future of their projects through DAOs. In this regard, I see DAOs growing in number and enthusiasm in 2022." Muduroglu said. Several industry participants have told Crypto Weekly that DAOs' fluid, open, and dynamic structure will attract more organizations and communities to them shortly. The marketing and communications director at Windranger, which is part of BitDAO, Kevin Rose, said, “one can seamlessly switch between the two and contribute simultaneously to more than one. Increasingly, more tooling solutions are experimenting with access control, member incentives, treasury management, and general governance, which makes it easier for people to move into roles where they are actively contributing." Rose asserts that our lives will witness a shift in how we relate to work and how flexible we need to be, especially in the wake of the COVID-19 pandemic. As a result, he believes DAOs will be able to penetrate a wide range of industries. As long as the tools end up being available, DAO models will

March 2022 | Volume 19

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Crypto Weekly

make it easier to find aligned communities, outlets for passion projects, and ways to be rewarded. Younger generations are influenced by the gig economy rhetoric to be as fluid as DAOs. He believes it's perfect for the future. Weiss, Chief Operating Officer of Gitcoin, a network of developers, believes that as fundraising becomes easier and regulations remain uncertain in many jurisdictions, more and more organizations will adopt DAO-based models. In his words, "I also expect to see several of those organizations fail the same way many internet companies have over time. The DAO model will not solve all problems, and it would be foolish to believe otherwise," he said. Collectors, social networks, games, and fundraising tend to be popular. In a variety of fields, DAOs are expected to appear, but opinions are somewhat mixed on the topic. "Yes, we expect an increasing number of startups to use the DAO model in operations. However, this will have a greater impact on certain sectors over others since their structure is more appropriate for those specific sectors," said a spokesperson for HashCash, a provider of blockchain AI, big data software platforms, and services. DAOs are expected to appear in the following subsectors for HashCash:

Operating Systems Protocol DAOs Investment DAOs Grant DAOs Collectors DAOs Service DAOs Social DAOs Media DAOs

to connect beyond Facebook groups and subreddits. Additionally, he said, “DAOs provide a sense of belonging as well as interesting coordination benefits.” ConstitutionDAO grew largely because people wanted to be involved and to be able to say, "I was a part of it." Weiss expects social DAOs to gain traction in 2022, even if many DAOs are formed around protocols (e.g. voting on governance proposals). Nevertheless, some commenters believe DAOs could appear in a multitude of different fields due to their adaptability to nearly any kind of organization or social structure. “DAOs distribute ownership and decisionmaking, which are universal concepts, across industries,” said Kevin Rose. Despite expressing an openness towards the possibility of DAOs spreading virtually everywhere, Rose also believes there may be a "fantastic confluence" of DAO concepts in gaming. "Ownership is power, and the idea that gamers might own what they earn is perhaps more complex than people realize. It could affect how we perceive the industry as a whole, and how this USD 180 billion market is organized from the top down," he continued.

Collections DAOs, designed for NFTs and artists to support fragmented ownership, or complete ownership of art, have already gained traction. The spokesperson for HashCash says that "DAOs of this kind are sure to be popular." This has been seen with PleasrDAO and Flamingo, for example.

Rose predicts that organizations such as Game7 will help drive this conversion in the coming years, with its recently launched DAO dedicated to distributing funding to gaming developers who want to incorporate blockchain technology into their games. Fundraising and investment are also likely trends for 2022.

Kyle Weiss picks social DAOs as one of his big areas to watch this year as another sub-category mentioned frequently. The Bored Ape Yacht Club, among others, have shown that people are interested in ways

DAO core contributor MiaKoda Grodsky suggests that DAOs will give rise to a flash fundraising model, as can already be seen with, not just, ConstitutionDAO, but also LinksDAO, BlockbusterDAO, MoonDAO,

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and others. According to her, the trend is expected to continue in the arts, fashion, music, and all other cultural subsets, in which individuals leverage the collective power of their community to accomplish things that are otherwise impossible. 'The regulatory change.'

landscape

needs

A trends article would not be complete without a consideration of how regulations might affect DAO evolution. The DAO ecosystem could be more successful than other aspects of the crypto ecosystem, such as DeFi. "I think DAOs will be more welcomed than DeFi because the financial system is a critical part of society and a key source of legitimacy and control. I am also interested in hearing what will happen in emerging markets because you are redistributing power from the government to the people," said Namik Muduroglu. Compared to Bitcoin or DeFi, DAOs are still too young for financial regulators to sit up and take notice, according to some industry figures. In order to predict if, or when, DAOs might gain interest from the regulatory authorities, they would have to make waves. A HashCash spokesperson noted that Wyoming passed legislation in 2021 recognizing DAOs as limited liability companies, but this will only happen when successful projects are showcased. “Wyoming's example suggests that DAOs might benefit from fairly balanced regulation that would not stifle their development. As long as DAOs put processes in place for paying taxes to U.S. entities or organizations, they will be fine in the short-term. But in the medium-term, the regulatory landscape needs to be more inclusive of how decentralized groups want to operate," Kyle Weiss said. 

March 2022 | Volume 19

3030

HIDDEN GEMS Crypto Weekly

PROJECT 1

military.finance

Military.Finance

Military.Finance announced its partnership with the Heart of a Lion Foundation in parallel with launching a new cryptocurrency some months ago now. It is the company's goal to provide financial assistance and support to the families of service members who have returned from war. This is a fully decentralized, community-built project, first launched on BSC, and soon to be launching on Ethereum network with the sole purpose of helping veterans and charities. Veterans and veteran organizations can take part in receiving donations from Military.Finance. In its core, the project helps connect members of the armed forces and charitable organizations to cryptocurrencies. With Military.Finance, veterans can farm, lend, stake, and earn passive income. Military.Finance's project aims

PROJECT 2

adacash.io

to empower community members and reward them for helping those in need. As well, Military.Finance rewards those who buy and hold $MIL tokens. As well as achieving its mandate, the project will build trust and transparency. Military.Finance ($MIL) is expected to be a hot topic at the upcoming Crypto Expo in Dubai on March 16-17, to which Crypto Weekly Magazine is an official sponsor. Over 60 other speakers from over 30 countries will attend the conference, including Nathan Hill, co-owner of the CMC group, which owns Crypto Weekly. The event is expected to attract over 10,000 traders and investors, and Stumpf is keen to raise awareness of Military.Finance's goals: "The token empowers the public to make a significant impact on restoring the lives of veterans across the country. This is a project for those heroes, backed by heroes."

ADAcash (ADAcash)

adacashtoken

ADACash is the step forward in yield-generating contracts on the Binance Smart Chain (BSC). A revolutionary new token that earns you ADA reflections just for holding. On each transaction 10% is distributed between all holders as CARDANO every 60 minutes dependant on volume. You receive rewards distributed in ADA rather than token reflections and the contract employs a static reward system. This allows rewards to extend outside of simply holding the coin as would a reflection-based coin operate.

March 2022 | Volume 19

Mil_Finance

Mil_Finance_NFT

adacashbsc

ADACash’s Tokenomics:

Token supply of 100,000,000,000,000 ADACash

15% Buy and Sale Tax* • • •

10% ADA is redistributed among holders 2% is used to increase the liquidity pool. 3% is allocated towards funding the marketing wallet.

NOTE: you must hold 200,000,000 or more ADACash tokens to be eligible for the ADA dividends.

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HIDDEN GEMS

Crypto Weekly

PROJECT 3

fasttoken

Fasttoken

fasttoken_com

fasttoken_eng

FasTToken is a full-fledged blockchain ecosystem designed to deliver the benefits of the technology to all the industries that our partners operate in.

exchange, NFT marketplace, and ultimately, our unique blockchain solution, based on the Ethereum network, as well as supporting numerous decentralized applications.

We build scalable, unique solutions that will streamline business operations and open up the gates towards cryptocurrencies and decentralization.

Besides this, FTN is the official cryptocurrency of SoftConstruct, which means, 1 million active users and 700 partners all over the globe, want to be one of our partners or just a friend. Come and say "hi", we would love to tell you more about the future of our business, and how we are helping move the crypto revolution forward, with synergy as the catalyst.

Our product line includes the FasTToken cryptocurrency, cryptocurrency payments and terminals, cryptocurrency

PROJECT 4

FuddoxxToken

FudDoxx Token (FDOX)

FudDoxx

Building on security, FudDoxx offers a wide range of services to benefit the entire crypto space. The team has compiled a list of projects that have passed their extensive verification process. FudDoxx offers doxxing services to bridge the gap between investors and developers. The doxxing info received by the team is securely stored for use in the event that a project scams, and is proven as far as possible, then that information would be released to the public and authorities. FudDoxx Audit service goes beyond the detailed analysis of solidity code. Not only tearing apart the smart contracts, but their risk assessment factors in the audited projects vision, team, maturity, funding, and community.

name a few. The simple navigation process streamlines buying and selling digital art.

The FudDoxx team has also incorporated a beautiful, userfriendly NFT marketplace in their ecosystem, (see for yourself, FudCoinNFT.com), where you will find everything from pixelated images, audio, video, and unique sports memorabilia NFT's, to

FudDoxx Token (FDOX) launched on Binance Smart Chain with a total supply of 100 trillion and has 328 holders at the time of writing. A 12% tax is attached to every transaction which breaks down to 7% LP, 3% marketing in BNB, and 2% native reflections.

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Fuddoxx doesn't stop there!

Swap platform: Complete (Swap.FudDoxx.com) Staking and Farming platform: In development ICO launchpad: In development

With so many avenues for continual success in crypto, FudDoxx truly covers every base with their comprehensive suite of revenue-generating, and security, features.

March 2022 | Volume 19

NEWS Crypto Weekly

Every Ukrainian User Will Receive $1,000 in Bitcoin from Kraken K

raken has announced that it will give $1,000 in Bitcoin to Ukrainian customers who opened an account before March 9. Cryptocurrencies can be withdrawn immediately - and are intended to assist those who may have been displaced by Russia's invasion. In addition, Kraken is providing recipients with a further $1,000 worth of fee credits so they can convert currencies at no cost. In order to qualify, users must have undergone Know Your Customer verification at the intermediate or pro levels. Additionally, crypto will be distributed throughout the second quarter of 2022 so that eligible users have time to get verified. According to Kraken, more than $10 million will be donated directly to Ukrainians. Since the trading platform rejected calls to block Russian users, the exchange will be hoping this is viewed as a reasonable compromise. The Kraken CEO said: "We wish to continue providing essential financial services to our clients, both in Ukraine and in Russia, even in these difficult times. Cryptocurrencies remain an important humanitarian tool, especially now that people can't turn to traditional banks." Kraken believes the donations delivered through this aid package will be the same as the total trading fees paid by customers based in Russia over the first half of 2022, which effectively means the company is not profiting from its business.

March 2022 | Volume 19

What is a compromise? Kraken is effectively trying to maneuver itself out of a tough situation. While crypto exchanges have faced calls to block all Russians — following in the footsteps of other companies who have condemned the Ukraine invasion — many of these businesses have been reluctant to do so. They argue that many consumers there are opposed to what is happening, and are feeling the effects of unprecedented currency devaluation. The company added: "We believe this aid program benefits both

"We wish to continue providing essential financial services to our clients, both in Ukraine and in Russia, even in these difficult times. Cryptocurrencies remain an important humanitarian tool, especially now that people can't turn to traditional banks."

our company and our clients, ensuring none are disenfranchised by the actions of their representatives and leaders." On Thursday, Ukrainian Kraken users will receive the same amount of Bitcoin as they have paid in fees over the past nine years in tranche 1. As in the first quarter of this year, subsequent tranches of BTC will be equal to the fees collected from Russia-based Kraken accounts. Kraken clients in Russia who pay $5 million in fees in Q1 will receive $500 USD worth of Bitcoin per account if there are 10,000 qualifying accounts in tranche 2. Jesse Powell, Kraken's CEO, explained it like this: “The more trade that Kraken's clients make in Russia, the more fellow users will receive in Ukraine. Due to Visa, Mastercard, and PayPal suspending operations in Russia, it has become more challenging to top up crypto exchange accounts with fiat.” By blocking new accounts in Russia, CoinZoom broke ranks by becoming the first crypto exchange to do so, but existing users will not be removed from the platform. The major trading platforms have all confirmed that they are freezing accounts that belong to sanctioned individuals and entities, with Coinbase reporting that 25,000 Russian accounts tied to illicit activity have been targeted to date. Exchanges argue that it isn't their responsibility to bar an entire country from using their services, and they will only enforce such drastic measures if the U.S. orders them to do so. 

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NEWS Crypto Weekly

Biden's Executive Order to Benefit the Crypto Industry For Long Run P

resident Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 9. The order was expected for several months, giving those in the industry ample time to build up trepidation. The executive order, or EO, was met with widespread approval once it was released. Ari Redborn, TRM Labs' head of legal and government affairs, said, "I did not anticipate the positive tone." Jerry Brito, the director of the cryptocurrency advocacy group Coin Center, said, “The EO shows that when serious officials look at crypto, they recognize it as an innovation the U.S. should support.” Crypto Senator Cynthia Loomis, a Republican from Wyoming, said, "I am happy with the growing interest in digital assets by the Biden administration." The EO recognizes the importance of digital assets in national and global economies, noting that non-state digital assets have grown in market capitalization from $14

March 2022 | Volume 19

billion in November 2016 to $3 trillion five years later. The rapid development of digital assets and inconsistent controls "require a change in approach to digital assets from the United States government," it states. Consumer protection, financial stability, illicit finance, national security, underbanked services, and responsible development are included in the EO.

Resolving their differences. No regulatory actions are specified in the EO. This document proposes an interagency process involving 16 high-ranking officials, including several Cabinet members, with the participation of independent regulatory agencies. Jake Sullivan, Assistant to the President for National Security Affairs, and Brian Deese, Assistant to the President for Economic Policy, will coordinate the interagency process. Between 90 days and over a year following the publication of the Executive Order, a series of elaborate

reports will be due, including a variety of supplements and annexes. The EO project requires complex management. Alex Barrage, a former FDIC Associate Director, currently at Davis Wright Tremaine LLP, told Cointelegraph that the interagency process is "a testament to how digital assets go beyond a single agency's capabilities." “All reports and recommendations will be built upon each other,” she said, “and quality control oversight will be required. You don't want to have 20 conflicting opinions,” she explained. After the report is completed, the administration will continue to work toward implementing its policy objectives. Cointelegraph spoke with Oleg Elkhunovich, Partner at Susman Godfrey LLP, who said the EO is "very well-balanced, very intentional" in its language, and it is "throughly thought out and cogent." Its final effect, however, is not yet clear. Elkhunovich said the majority

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Crypto Weekly

of industry wants regulations because innovation would be at risk without actively enforced regulations. “Due to the EO, cryptocurrency is no longer viewed as a wild west. Market size is $3 trillion,” Elkhunovich said. "You can't have that." In theory, having uniform regulation without gaps would be ideal, but it "will be difficult to achieve in practice - particularly given the constant and rapid changes in technology, which means that regulations will have to continuously sprint to keep up." "Knowing with some certainty whether one is subject to regulation by the SEC, CFTC, FinCEN, or some combination of them - and how would be extremely valuable," Hardy told Cointelegraph by email. Behind the scenes, a lot needs to be sorted out before crypto companies find out which agencies will regulate them. The EO names seven regulatory agencies by name, and some have been jostling for power for some time. Last year, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) disagreed over chartering fintech companies, and the director of the Commodity Futures Trading Commission (CFTC) pressed for increased enforcement authority over cryptocurrency in the Senate. Securities and Exchange Commission (SEC) enforcement efforts have been accused of overreaching. The EO barely mentions that agency and does not give its role much prominence.

Green dollars and digital dollars. An EO requires the preparation of a report examining blockchain technology's potential environmental issues and how it can "hinder

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or advance efforts to combat climate change." The Environmental Protection Agency (EPA) administrator will participate in the report. The EPA's regulatory activities have grown significantly since the Biden administration took office, which has already begun to affect the crypto mining industry as well as its energy sources. John Belizaire, CEO of Soluna Computers, cited the crypto industry's carbon footprint, fossil fuel use, equipment recycling and other forms of waste handling as issues likely to concern the agency in the future. “Crypto-industry operations are already improving and maturing,” Belizaire writes. “The industry would benefit from enhanced regulation,” he said, concluding that, “synergy between the industry and regulators would strengthen the energy grid.” In addition, the EO states that the administration places the highest priority on research and development into potential designs and deployment strategies for a United States central bank digital currency or CBDC. CBDCs have seen rapid growth around the world, despite the Federal

Reserve's cautious stance. An EO instructs the Treasury Secretary to prepare a CBDC report in conjunction with other relevant officials. In order to examine a CBDC, the board of governors of the Federal Reserve System is encouraged, and the Attorney General is charged with determining if legislative changes are needed to issue a CBDC within 180 days.

A long process lies ahead. Due to the midterm elections, the legislative environment in which the work will appear cannot be predicted. The legislative proposal will merely be the first of many steps in a long process. \ According to David Carlisle, Director of Policy and Regulatory Affairs at blockchain security firm Elliptic, "this demonstrates that the U.S. is (finally) thinking strategically about the impact of crypto on financial innovation and competitiveness." "While a digital dollar isn't a foregone conclusion, it suggests the U.S. may lose its competitive edge as the nation embraces crypto innovation." Cryptocurrencies and adjacent companies' stocks saw a brief surge after the release of the EO. The EO is unlikely to have any influence on the market any time soon. Gai Sher, senior counsel at Greenspoon Marder LLP, observed in a statement to Cointelegraph, as "it does not require any action or inaction from market players." She continues, "We await actionable regulation. In the meantime, the international community is forging forward." In the interim before regulation begins, the industry will not necessarily lose time. "We commit to working with our allies, partners, and the broader digital asset community," say coordinators Sullivan and Deese. 

March 2022 | Volume 19

NEWS Crypto Weekly

Ukraine's Appeal for Donations Vanished in China, as Crypto Donations Poured in from All Over the World B

itcoin and Ether, two popular cryptocurrencies, are donated to the Ukrainian government by people across the globe. Pro-Russia netizens criticize the Ukrainian embassy for asking for contributions on Weibo. In a bid to maintain a delicate balance regarding the war between Russia and Ukraine, China's state broadcaster briefly shared an online appeal asking for donations from the Ukrainian embassy in China. Ukraine's National Bank has announced the creation of a special fundraising account in response to Russia's armed invasion and to safeguard Ukraine's sovereignty and territorial integrity. Originally published on Friday, the embassy's post encouraged people to donate in yuan, dollar, euro, or sterling to the Ukrainian central bank. The embassy published a similar post on Monday after it was removed from the microblogging site Weibo. According to screenshots widely circulated on Chinese social media, China Central Television (CCTV) published a Weibo post on Sunday showing the embassy's message. On Monday, CCTV's news post featured a

March 2022 | Volume 19

hashtag that attracted more than 3 million clicks. In China, pro-Russian netizens interpreted CCTV's post to endorse Ukraine's appeal for funding. According to some, the Ukrainian government's call for donations may constitute "illegal fundraising". CCTV removed the post. How many people in China offered to donate to Ukraine is unknown. Russian military action in Ukraine is not considered an invasion by China, and China's foreign ministry opposes economic sanctions. Ukrainian officials posted a request for cryptocurrency donations on Twitter on Saturday. There were three addresses provided to donate in Bitcoin, Ethereum, or Tether (USDT). On Monday morning, nearly 180,000 people liked the tweet. According to UK-based blockchain analysis firm Elliptic, the Ukrainian government and non-governmental organizations assisting the country's military raised $22.8 million in cryptocurrencies. An estimated US$6 million has already been sent to support humanitarian efforts by the

company, which announced it would donate US$10 million on Monday. In a tweet on Sunday, Binance CEO Zhao Changpeng said, “Blockchain shines when it comes to global fundraising.” Bitcoin billionaire, Justin Sun, the founder of cryptocurrency platform Tron and CEO of software company BitTorrent, announced on Twitter that he donated USDT worth $200,000 to Ukraine. “During military conflicts, cryptocurrencies and related assets have become a popular crowdfunding tool, helping countries on both sides of the conflict overcome financial barriers,” according to Robbie Liu, a senior researcher at Babel Finance, a Hong Kongbased cryptocurrency financial services provider. "In the short term, [cryptocurrency] is a good way for people in Ukraine to gain access to major foreign currencies for daily needs and [as a] store of wealth," Liu said. "In the long term, using cryptocurrencies to avoid sanctions remains unrealistic for Russia. But currently, major crypto exchanges are working out ways to target sanctioned entities in Russia and protect their users in the region." 

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FEATURE

Crypto Weekly

Emerging Economies Can Benefit from Crypto Innovations D

espite mainstream interest in digital assets, there is still a lot of hype surrounding crypto's potential to shape the future. There has been excessive chasing after the hottest new trends among investors, entrepreneurs, and analysts. In less-developed regions, entrepreneurs use digital innovations to benefit their societies, while investors and financial markets chase the latest trends, and we should support them. Crypto's potential to elevate the developing world can be better realized if more resources, energy, and intellectual capital are allocated. Non-fungible tokens (NFTs) - unique digital assets verified and stored on the blockchain, often works of art - were valued at US$43 billion in October. Many people are paying attention to NFTs, the latest DeFi (decentralized finance) derivatives, meme currencies, and the speculative bubbles they

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cause. What if more energy, resources and intellectual capital were directed towards crypto's potential to uplift the developing world? Easier access to vital medicines, new agricultural markets, more efficient transport – crypto adoption can facilitate those outcomes in less-developed nations. Given the tools and funding to innovate in the crypto space, entrepreneurs in emerging markets will be able to produce innovative solutions to real-world problems. Models for how crypto can change lives in these regions are already developing organically. For example, a crypto blogger and entrepreneur based in the Democratic Republic of the Congo (DRC) helped sustain a community displaced by a volcanic eruption by purchasing smartphones, providing Bitcoin, and educating individuals

and business owners about the currency. As a result of future endeavors to create micro-economies around the use of crypto, disadvantaged people could become the owners of their own financial future, especially in places where traditional banking services are not widely available. The transformative effect of mobile phones in Africa provided a glimpse of how crypto could revolutionize economic activity in less-developed regions. In many African countries where fixed landlines only ever covered limited areas, mobile phones provided internet access to significant portions of the population for the first time. As a result, local carriers and developers created tools to meet the needs of the areas they served. Crypto adoption could follow the same path, allowing underbanked regions and individuals to skip past the need for institutionalized banking services.

March 2022 | Volume 19

NEWS Crypto Weekly

Mobile payment services have become a significant driver of trade throughout Africa. According to a recent study, Kenya and Ghana have the second- and third-highest mobile payment rates in the world, after China, with transactions via mobile wallets and phones representing 87 percent of Kenya's GDP and 82 percent of Ghana's. Jockeys watched a video of their race on a mobile phone at Ngong Racecourse in Nairobi, Kenya, in October 2018. Mobile revolution for Africa was not imagined or created by the developed world. Furthermore, it shouldn't be the driver of crypto's ability to solve real problems

in developing countries. An alternative approach would be to intentionally support the innovations people in these countries are making through inclusion, empowerment, and education. By providing access to new financial tools and digital assets, Bullish Exchange plans to include emerging markets in its product rollout. It can take many forms, such as capital allocation or technological focus. Since the most innovative ideas are often born out of necessity, perhaps developing lighterweight blockchain protocols that work with poor connections will help make a breakthrough. To create a more inclusive

financial future, it is also necessary to educate future entrepreneurs on the workings of blockchain. The digital assets industry could also support projects that enable local communities to self-govern. Suppose everyone in a rural village in Kenya, Cambodia, or Venezuela has their own wallet to use cryptocurrency. In that case, they could use that same wallet to vote, receive government services, and even monitor the status of public initiatives in which the community has a collective stake – for example, building a new school. Given that cash is vulnerable to theft and hard to track, the displacement of money by digital transfers is a clear advantage. Increased use of crypto would be a logical next step. Blockchain and crypto can bring integrity and development to the developing world. This is more than just a philosophical or moral pursuit – it can make a difference to people's livelihoods and enable innovation that will move us all forward. 

March 2022 | Volume 19

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