Last Week’s Cryptocurrency News. Friday, March 18

Friday, March 18. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

Ukraine has legalized cryptocurrency

Ukrainian President Zelensky signed the bill “On Virtual Assets”, which will regulate the turnover of digital assets across the country.

As a result, crypto exchanges can now legally operate in Ukraine, and banks will be able to set up accounts for crypto companies.

Holders of digital assets are guaranteed judicial protection of their rights.

Market regulation is distributed between the NBU (National Bank of Ukraine) and the National Securities and Stock Market Commission (NSSMC). The NBU is in charge of virtual assets backed by currency values.

The regulation is assigned to the NSSMC to regulate the cryptocurrencies turnover and VA secured by shares or derivative financial instruments.

The “On virtual assets” law will take effect after the adoption of amendments to the Tax Code. It will separately specify the peculiarities of cryptocurrency taxation.

Bored Ape Yacht Club to launch a metaverse and gaming token

In 2022, Yuga Labs, the company behind the NFT collection Bored Ape Yacht Club, estimates revenue of $455 million, primarily from the sale of virtual land in a future metaverse.

Last year, the project had net worth of $127 million. The sales volume of the startup’s collectible tokens exceeded $1 billion, including the secondary market.

As a way to diversify income, Yuga Labs opted to push the boundaries of the NFT collection.

With this objective in mind, Yuga Labs is going to create a game-oriented metaverse called MetaRPG. A vital component of the future space would be the APECoin token.

First phase of the MetaRPG launch is a sale of virtual land in the shape of NFT symbol. The company will distribute 200,000 patches of land during two promotions in March and August. Yuga Labs expects to make $178 million in revenue and keep some of the land in its ownership.+

PayPal: crypto to redefine the financial world

Cryptocurrency and blockchain will completely revolutionize the financial system. The announcement was made by PayPal CEO Dan Schulman at the Axis Tel Aviv 2022 event.

The future financial system in Shulman’s vision will be the crossover of CBDCs, stablecoins, digital wallets, and crypto.

Prior to that, the company unveiled the ability to buy/sell bitcoin and several other cryptocurrencies for U.S. users. In April 2021, a similar feature was launched by Venmo, a mobile payment service owned by PayPal.

It was reported that the company is contemplating plans to release its own stablecoin, as well as a crypto wallet.

NFT to emerge on Instagram

During the SXSW conference Mark Zuckerberg, founder and head of Meta, confirmed rumors of the arrival of NFT on Instagram.

As he says, a feature to create non-fungible tokens could appear on Instagram as early as “in the near term.” He would not reveal the exact dates of the first appearance of the technology.

Zuckerberg also made a point of allowing NFTs to be created from the clothing of users’ digital avatars well into the future.

It was previously reported by the Financial Times about the company’s plans to integrate NFT into Instagram and Facebook.

Instagram CEO Adam Mosseri stated back in December 2021 that the company was “actively exploring NFT,” but did not disclose details.

Just to remind you, in January 2022, the Twitter social network integrated the feature to add NFTs as profile avatars.

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