Cryptocurrency recognition on the rise: from Belarus to the NYSE

 

 

 

 

 

 

 Cryptocurrency recognition on the rise: from Belarus to the NYSE

The media is positively feverish with the upcoming Federal Reserve monetary tightening report, with corrections forecast for the entire financial sector, including stocks and crypto However, being relatively young, the rate of adoption of the cryptocurrency market will prove a more influential factor than the strength of the US dollar or the cheap price of credit.

While the debate in Russia continues between the central bank and the Ministry of Finance over the status of cryptocurrencies, the Republic of Belarus is putting the finishing touches on the legal and regulatory framework for the circulation of crypto assets. Accordingly, the government decree dated 14/02/2022 regulates the creation of a list of virtual wallets used for criminal activities.

"Belarus is seamlessly developing the legal and regulatory framework for activities related to digital assets, and in contrast to many other governments, it allows the free circulation of digital currency. At the same time, this requires constant monitoring of the situation and, if necessary, supplementation and clarification of regulatory standards"

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The emergence of the cryptocurrency sector from the shadows began on December 21, 2018 with the signing of Decree No. 8 “On the Development of the Digital Economy”. Several licensed cryptocurrency exchanges currently operate in Belarus, while the tax exemption on these assets has been extended until January 1, 2023.

Also in 2018, JPMorgan CEO Jamie Dimon called Bitcoin a "scam". However, just one year later, the bank started testing its own crypto platform before releasing JPM Coin shortly thereafter.In 2022, JPMorgan became the first credit institution to open an office in the Decentraland metaverse.In time, the virtual real estate market may begin to see services as in the physical world, including credit, mortgages, and lease agreements," said a recent JPMorgan report.

 

The New York Stock Exchange sees just as much potential for development in the crypto industry, too. On 10 February, the NYSE sent an application to the US Patent Office to register a trademark for an online NFT marketplace.It would appear that the exchange is planning to launch a competitor to OpenSea, Rarible and Magic Eden.The NYSE's interest has no doubt been influenced by the phenomenal growth of the NFT market from $33 million in 2020 to $12.5 billion in 2021.

 

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