Crypto Market Overview – March 21^th, 2022

 

NFT and Digital Art on Guard for Free Ukraine

A little more than a week has passed since the Ukrainian government announced the launch of an NFT museum dedicated to the Patriotic War in the country, as a generous fans community of non-fungible tokens began to offer their options for raising funds to restore Ukraine and strengthen its defense system. In particular, the UkraineDAO organization, in collaboration with Nadezhda Tolokonnikova, digital artist Trippy Labs and PleasrDAO, managed to raise $6.7 million in Ethereum by selling an NFT painting depicting the Ukrainian flag. At the same time, as part of another NFT project called Holy Water NFT collection, 500 Ukrainian artists presented their works, which were included in the Holy Water NFT digital collection. Many works have already been sold, and the proceeds from their sale went to support humanitarian organizations in Ukraine. In addition, the web3 NFT community TIMEpieces, which was created and popularized by Time magazine, also announced an exhibition called "Make Art Not War", which aims to raise funds for refugees and migrants from Ukraine. Thus, world artists and the NFT community are already influencing the investment attractiveness of Ukraine, which will contribute to the rapid recovery of the country after the victory over putin's invaders.

 

Portugal Welcomes Crypto Refugees From Ukraine

In parallel with the fact that the Ukrainian authorities before the war began to ennoble the country's crypto sector and introduce an attractive regulatory policy, the Portuguese government also set about creating a kind of crypto hub in the country. However, if in Ukraine such reforms were slowed down by the Russian invasion, Portugal continued to actively create comfortable conditions for the work of crypto companies and individuals. At the same time, since the beginning of the active phase of the war, about 13,000 Ukrainian refugees have temporarily moved closer to the Atlantic, some of which are directly related to the crypto industry. Portugal maintains a zero fee on profits from private investments in cryptocurrencies. That is, when these incomes are not the result of professional activity, they are not subject to income tax. And professional traders can opt for a flat income tax of 20% and a tax on pensions of 10%.

 

The Central Bank of the Russian Federation Prohibits Crypto Transactions in "Unfriendly Countries"

After almost all civilized countries supported sanctions against the Russian Federation in connection with the invasion of the occupying putin troops in Ukraine, the Central Bank of the terrorist country included cryptocurrency in the list of assets that are prohibited from transferring to private and commercial accounts in countries that are in "unfriendly relations" with the aggressor. Deputy Chairman of the Central Bank of the Russian Federation Yuri Isaev explained that banks in the Russian Federation were asked to "to monitor the financial transactions of both individuals and legal entities," paying special attention to "attempts to withdraw assets by organizations that are residents of countries unfriendly to Russia", which now number 48. It’s reported that the Central Bank called on Russian credit institutions "pay increased attention to any unusual behavior on the part of customers." Literally any transactional activity uncharacteristic for companies, as well as changes in the nature of expenses, including investments, fall under the wording of such behavior. Moreover, banks now need to report such incidents to the Central Bank. Now, any attempts to withdraw funds abroad and transactions with digital currency should be under special supervision, and all attempts to circumvent the new restrictions should be immediately stopped, up to blocking transactions or even accounts of private individuals and companies located on the territory of a terrorist country.