OTC’s Weekly Retrospect 14/02–18/02/2022

Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

Major news stories this week;

1. Bank of Russia Reports First Successful Digital Ruble Transfers Between Users
2. Coinbase and 17 Other Crypto Firms Launch ‘Travel Rule Universal Solution Technology’
3. Israel added to Binance’s list of global regulatory trouble spots
4. UAE to Issue Federal Crypto Licenses by End of Q1 2022
5. Ukraine legalizes Bitcoin.
6. Canadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests — Vow to Take Back Ottawa in Entirety

Story Summaries;

1. Testing of the digital ruble has started in Russia with the country’s central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state.
2. The publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule. There are currently 18 crypto firms that have joined TRUST so far, and the collaborative effort is welcoming other companies to join the initiative.
3. Israel’s capital market watchdog is asking major cryptocurrency exchange Binance for clarifications on its services in the country and licenses under which it operates. Binance has stopped all Israel-focused activities and marketing, the Globes reported, citing the market regulator.
4. A government official has said the UAE was in the final stages of setting up a crypto licensing framework, and that the country had taken into account guidelines and approaches from different countries while drafting the legislation.
5. Bitcoin is now legal in Ukraine as its parliament approved in final reading a bill that caters to the president’s recommendations. However, the country has not made bitcoin a legal tender.
6. “The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.
7. Canada’s national police have sent letters to cryptocurrency exchanges asking them to freeze at least 34 crypto addresses allegedly connected to the Freedom Convoy protests under the Emergencies Act recently invoked by Prime Minister Justin Trudeau. Banks have also received letters about “designated persons” tied to the protests as the police vow to take back Ottawa.

As always, we wish you a happy and relaxed weekend ahead. From all of us here at OTC Supply… Happy Friday!