Crypto Market Overview November 21th | Dex-Trade
Ukrainian Regulator Develops Crypto Protection Rules
The National Commission for Securities and Stock Market of Ukraine (NSSMC) has created an advisory council, which will be entrusted with the further development of the conditions for regulating the crypto market and the rules for taxing digital assets. According to a press release published by the authorities of the country over the weekend, the first task of the new council will be to prepare amendments to the Tax Code of Ukraine, which will have to introduce the conditions for taxing transactions with cryptocurrency, which are necessary for the implementation of the Law of Ukraine “On Virtual Assets,”adopted in September 2021 year and signed after completion by President Volodymyr Zelensky in March of this year. In addition, the council is instructed to prepare appropriate amendments to the Virtual Income Law. According to NSSMC, the law needs to be finalized so that it includes provisions from the European Regulatory Document (MiCA), which is currently the main roadmap for working with crypto markets in the Union countries. In the context of rf's war of conquest against Ukraine, the defending side relies on crypto donations to fund its defense activities and fight the humanitarian crisis. But clear regulation and taxation rules will help the country not only legitimize digital donations, but also become a regional leader in the adoption of cryptocurrencies, since Ukraine was successfully moving towards this goal even before the rf’s invasion.
“Something important Is About to Happen”: intrigue from Vitalik Buterin
Ethereum co-founder Vitalik Buterin wrote a cryptic tweet this morning in which he mentioned that some “important event” was about to happen, but did not even hint at what it was about: “I'm hearing through the grapevine that something important is about to happen. Please recognize the fact that my elite social connections to people who are early to know things make me cool, and please help me validate my self-image of coolness.” The presentation, so uncharacteristic for Buterin, instantly split his followers and the crypto community into two camps. Adherents of the first of them considered Vitalik's tweet to be trolling, while adherents of the second took the message seriously and expect some really big news. Buterin’s veiled warning comes after a dark tweet by prominent venture capitalist Paul Graham in which the latter said the crypto economy was about to experience “a systemic risk,” based on information he heard from “a trustworthy person.” If Buterin's latest tweet really has anything to do with Graham's words, then by all the laws of the genre, this is really trolling. By the way, one of Graham's subscribers commented on his words, specifying that: “Predicting an impending systemic risk to crypto is like predicting rain in England. Yep, you called it. Not news."
Barry Silbert's DCG Owes Genesis Over $1.1 Billion
The number of potential victims of the crypto winter is growing exponentially, and now Genesis, which is engaged in crypto trading and lending, is being fully exposed to a wave of bankruptcies from Three Arrows Capital to FTX, as its parent company Digital Currency Group (DCG), as well as the investment giant Grayscale, fall into a debt coma. It was recently revealed that DCG, owned by Barry Silbert, owes Genesis more than $1.1 billion, with some analysts arguing that even if they start to take preventive measures against a possible bankruptcy, the consequences of DCG's actions could cause more damage to the market than the collapse of FTX. It is important to understand that so far there have been no official statements from either DCG or Genesis. We know about what happened thanks to a tweet by ArchPublic co-founder Andrew Parish. He wrote today that DCG owes Genesis $1.1 billion in a promissory note hidden from potential investors. He believes this debt is the main reason DCG and Genesis are now actively seeking $1 billion in emergency funding from investors. It is also reported that DCG has already provided $140 million to Genesis after withdrawing almost $175 million locked in an FTX trading account. However, this was not enough, so Genesis had to suspend the withdrawal of funds and the issuance of new loans.
