Top Crypto Market Updates | March 12-14

As Russia seeks a safe haven after sanctions imposed by the US and many of its allies, the elite class of Russians are reportedly liquidating cryptocurrency in the UAE. While some clients are using Dubai-based firms to turn their virtual money into hard currency, others are investing in real estate through the means of cryptocurrencies.

The proof-of-work mechanism has again found a place in the European parliament as regulators discuss whether to block it or not. In an earlier draft Markets in Crypto Assets (MiCA) published by the European Union (EU), it was proposed that a ban on crypto services that relied on an unsustainable and energy inefficient consensus mechanism. Although the clause was rejected, it has, somehow, found its way into the version of the revised document.

Canadian police have charged a former Canadian government IT professional for computer and wire fraud for illegally stealing 719 BTCs. Sébastien Vachon-Desjardins, the accused, is claimed to have used “NetWalker” ransomware to steal cryptocurrencies worth more than $28 million from businesses, hospitals, law enforcement, and municipalities during the height of the COVID-19 pandemic

Israel’s central bank has issued new draft guidelines concerning Anti-Money Laundry (AML) for crypto firms. These regulations have come in response to the growing number of funds flowing into the traditional financial system of the country through the cryptocurrency ecosystem. As per the guidelines, the Bank of Israel will ensure local institutions “conduct a risk assessment and set out policy and procedures for the transfer of money that originates in or is destined for virtual currencies, taking a risk-based approach and identifying the virtual currency service provider.”

El Salvador, the only country where Bitcoin is legal tender, is likely to bring Bitcoin bonds by the end of this week, as reported by Financial Times. The 10-year Bitcoin “volcano bond” is a key experiment of President Nayib Bukele that seeks to help the country bail out from its financial burden.