Last week, it started with an alarm as a phrase many interpreted as a direct way to ban Proof of Work (PoW) cryptocurrencies that suddenly came back to a major EU directive on digital assets. Many in the field of cryptocurrency policy immediately remembered other cases of harmful additions at the last minute to the binding law in the days and hours before the vote. But it all ended happily, when the Committee on Economic and Monetary Affairs voted against a draft that included hostile language. In the United States, monetary policy has continued to become increasingly political, as evidenced by President Joe Biden’s selection of the Federal Reserve Vice Chair for Monitoring by Sarah Blum Ruskin, who was forced to resign due to a deadlock in the Senate. Ukrainian President Volodymyr Zelensky distracted himself from pressing national defense issues by signing a law to legalize digital assets. Other notable events during the week included the expansion of cryptocurrency platforms in the Gulf region, a series of crypto-related statements and actions by members of the US Congress, and some favorable political developments in Australia.

Cryptocurrency Bay
Several jurisdictions in the Middle East welcomed the major players in the global crypto industry last week. The chain started when Binance, the world’s largest cryptocurrency exchange measured in volume, received approval from Bahrain’s central bank on March 14. The license covers services such as trading, inventory and portfolio management. Less than a day later, for the first time in history, the cryptocurrency exchange FTX received a license from the newly established Dubai Virtual Asset Regulatory Authority. However, Binance was on the heels of FTX by announcing that on March 16 it had received a license to exchange virtual assets in Dubai. When cryptocurrencies line up to open stores in Dubai, it looks like the emirate is poised to become the crypto hub in the region thanks to its leadership. far-sighted political initiatives

Lots of noise on Capitol Hill
Digital assets remain the focus of many U.S. federal lawmakers as the Senate Committee on Banking, Housing and Urban Affairs hosts another congressional hearing, this time on national security and illegal funding. Material problems such as penalties, compliance and assistance with ransomware have inevitably attracted a lot of attention. However, industry representatives also managed to take the time to urge Congress to step up its efforts to achieve regulatory clarity for crypto companies in the United States. Meanwhile, crypto-allies and opponents in Washington, DC, continue to do business. A two-part group of congressmen led by Minnesota Representative Tom Emer, chairman of the Securities and Exchange Commission Gary Gensler, has called for crypto firms to be subjected to unnecessary scrutiny. The Eternal Critics of Crypto: Representative Brad Sherman and Senator Elizabeth Warren, for their part, announced bills that would allow the U.S. government to restrict the ability of digital asset providers to trade with individuals and entities located in Russia.

Great news from below
Australian Senator Andrew Bragg, a longtime champion of the crypto industry, has announced a comprehensive package called the Digital Services Act. In addition to well-known topics such as setting rules for licensing service providers, storage and taxation, the initiative highlights the need to regulate decentralized autonomous organizations, or DAOs. Bragg says such organizations pose a “threat to the tax base” and should therefore be recognized and regulated as soon as possible. A senator from New South Wales presented the proposed structure at the Blockchain conference. The document has not yet been formally submitted to the Australian legislature.

Source: CoinTelegraph