From USA To South Korea- Key Crypto Steps Taken Recently By Countries Around The World – India Times

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Almost every other day, news surrounding various countries around the world taking steps towards or against crypto have been dominating the headlines globally.

So let us bring to you highlights from the key crypto announcements by some countries in the past one week.

Key crypto announcements by 4 countries
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1. South Korean Bank to launch country’s first crypto products and investment fund

One of the biggest banks in South Korea, the Kookmin Bank, has announced plans to launch crypto investment products that would be targeted at retail investors. The bank has also formed a Digital Asset Management Committee with the aim to launch a crypto exchange-traded fund (ETF) and future products as soon as the regulation in the country allows it to do so.

Also Read: How This Korean-Japanese Billionaire Raised $45 Billion In Just 45 Minutes

2. USA to issue an executive order on crypto this week

The USA President Joe Biden is likely to issue an executive order on crypto policy this week, as per a report by Yahoo Finance.

The order is expected to task several agencies with the job of creating reports on the risks associated with cryptocurrency. It will detail measures to protect individual investors, consumers, and businesses from cryptocurrency risks, besides the rumour of having a coordination plan with countries worldwide to standardize rules and regulations for the crypto industry at large.

3. Spain’s Central Bank gives license for country’s first crypto services provider

A leading Spanish crypto exchange, Bit2Me, has obtained approval from the Bank of Spain to be the “first provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets.”

The crypto exchange will reportedly now be able to provide Spanish-based banks with a white-label service allowing crypto trading on their platforms.

Spain headquartered crypto exchange offers crypto services in more than 100 countries and reportedly recorded a trading volume of EUR 1.1 billion ($1.25 billion) in 2021.

4. Ukraine legalizes cryptocurrencies 

Last week, Ukraine legalized cryptocurrencies, even as its tensions with Russia have roiled global markets due to global concerns over the prospect of a wider war.

The country’s Vice Prime Minister

Mykhailo Fedorov said on Twitter “Ukraine is already in top-5 countries on cryptocurrency usage. Today we made one more step forward: Parliament adopted a law on virtual assets! This will legalize crypto exchanges and cryptocurrencies, and Ukrainians could protect their assets from possible abuse or fraud.”

Besides these 4 countries, the UAE too had announced plans to issue crypto licenses in its bud to become an industry hub.

 

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