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Top Cryptocurrency News on March 14: The biggest moves in cryptos, policy and more – Moneycontrol

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Last Updated : March 14, 2022 / 09:38 AM IST
Top Cryptocurrency News on March 14: The biggest moves in cryptos, policy and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin trading above Rs 30.30 lakh

Cryptocurrencies traded in the red early on March 14. The global crypto market cap is $1.70 trillion, a 2.84 percent decrease over the last day. The total crypto market volume over the last 24 hours is $62.28 billion, which makes a 16.08 percent increase. The total volume in DeFi is currently $9.61 billion, 15.43 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $52.19 billion, which is 83.79 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 30.30 lakh, with a dominance of 42.47 percent. This was a 0.04 percent fall over the day, as per CoinMarketCap data. Read full here

Big Story
US Treasury Department stresses that Russia sanctions extend to cryptocurrency

The US Treasury Department’s Office of Foreign Assets Control (OFAC) issued new guidance clarifying that US citizens and digital asset firms are required to comply with sanctions against Russia, even when facilitating transactions in cryptocurrency. OFAC said in the guidance that people in the United States as well as businesses that deal in cryptocurrency, “must be vigilant against attempts to circumvent OFAC regulations” and should “take risk-based steps to ensure they do not engage in prohibited transactions.” The warning comes as many in the crypto industry are responding to concerns from some lawmakers that digital assets could be used to circumvent western sanctions imposed on Russia following its invasion of Ukraine. Biden administration officials have said that they do not believe Russia would be able to use cryptocurrency to completely evade sanctions, but are still asking companies to be on the lookout. (Reuters)

Policy
Cryptoasset sector told by UK regulators to comply with Russian sanctions

Financial services firms including those in the cryptoasset sector were warned by Britain’s regulatory bodies that they were expected to ensure sanctions imposed against entities and individuals in Russia and Belarus were complied with. (Reuters)

Safe Haven
Russians liquidating crypto in the UAE as they seek safe havens

Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said. Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said. Meanwhile, Switzerland’s financial market supervisor declined to comment on cryptocurrency transaction volumes. The country’s economic affairs secretariat (SECO) said in an emailed statement that crypto assets were subject to the same sanctions and measures Switzerland has imposed on “normal” Russian assets and individuals, so if a person is sanctioned their crypto assets must also be frozen in Switzerland. (Reuters)
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Deidre Richardson is a tech enthusiast who loves to cover the latest news on smartphones, tablets, and mobile gadgets. A graduate of the University of North Carolina at Chapel Hill (B.A, History/Music), you can always find her rocking her Samsung Galaxy Note 3 and LG Nexus 5 on a regular basis.