Growing Recognition of Cryptocurrencies: from Belarus to the New York Stock Exchange
Passions about the imminent tightening of the Fed’s monetary policy are not abating in the media, which is why the correction is predicted for the entire financial sector, including stocks and cryptocurrencies. However, due to youth, the degree of recognition of the cryptocurrency market is more important than the strength of the US dollar or the cheapness of loans.
While the debate between the Central Bank and the Ministry of Finance on the status of cryptocurrencies continues in Russia, the Republic of Belarus is improving the regulatory framework governing the turnover of crypto assets. Thus, the Decree of 02/14/2022 provides for the creation of a register of virtual wallets used in illegal activities.
“Belarus is consistently developing the legal framework for regulating activities related to digital assets, and unlike many other states allows the free circulation of digital currencies. At the same time, it requires constant monitoring of the situation and, if necessary, additions and clarifications of regulatory norms.”
The exit from the shadow of the cryptocurrency sector began on December 21, 2017 with the signing of Decree No. 8 “On the development of the digital Economy”. Currently, several licensed cryptocurrency exchanges are operating in Belarus, and the tax holidays have been extended until January 01, 2023.
In the same 2017, JPMorgan CEO Jamie Dimon called Bitcoin a “fraud”. However, the following year the bank tested its own cryptoplatform, later issued the JPMCoin token, and in 2022 became the first credit institution to open an office in the metaverse of Decentraland.
“Over time, services similar to services in the physical world may appear on the virtual real estate market, including loans, mortgages and lease agreements,” the report says.
The New York Stock Exchange sees no less prospects for the development of the crypto industry.
On February 10, NYSE filed an application with the Patent Office for trademark registration of the online trading platform NFT. Apparently, the exchange plans to release a competitor to OpenSea, Raible and Magic Eden. The exchange’s interest is dictated by the phenomenal growth of the NFT market from $33 million in 2020 to $12.5 billion in 2021.
The year 2021 turned out to be bullish for Bitcoin, and the net inflow of investments into crypto funds reached $9.3 billion, showing a 36% annual increase. And this is despite the ban on financial transactions with cryptocurrencies and mining in China (the leader in Bitcoin hashrate). After all the tests, the Fed’s rate increase can hardly be considered as a serious threat to the cryptocurrency market.