Ukrainian legislators voted to legalize cryptocurrencies on Thursday, making it easier for them to be used in the country amid heightened tensions with Russia.

The Federal Bureau of Investigation (FBI) has formed a new team to investigate crimes involving cryptocurrencies, the National Cryptocurrency Enforcement Team (NCET).

Sequoia Capital, one of the oldest and most successful venture capital firms in the world, is launching a cryptocurrency-focused fund to primarily invest in “liquid tokens,” or tokens that are already listed on cryptocurrency exchanges.

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Top stories in the Crypto Roundup today:

• Ukraine Legalizes Cryptocurrencies
• FBI Forms Cryptocurrency Crimes Unit
• Sequoia Capital to Launch Crypto Fund of As Much as $600 Million
• Crypto Market Movers – MANA, KNC, QSP
• Sponsored: Register for a Rewarding Bybit Experience

Ukraine Legalizes Cryptocurrencies

Ukrainian legislators voted to legalize cryptocurrencies on Thursday, making it easier for them to be used in the country amid heightened tensions with Russia.

Bill no. 3637, or the Law of Ukraine on Virtual Assets, was passed by the Verkhovna Rada, the Ukrainian Parliament, with 272 votes, while only needing 226 to pass. Ukraine’s minister of digital transformation, Mykhailo Federov, said on social media that the move will reduce corruption risks and prevent fraud in crypto exchanges.

The bill contains requirements cryptocurrency service providers, such as exchanges, should abide by, and determines fines for violations of the law’s provisions. It also determines the country’s National Securities Commission is to regulate the cryptocurrency market, issuing permits to service providers and monitoring activities.

In early October, President Volodymyr Zelensky vetoed a bill calling for the creation of an independent regulatory body to oversee cryptocurrency exchanges, saying it wasn’t in the county's budget and the bill should be revised.

FBI Forms Cryptocurrency Crimes Unit

The Federal Bureau of Investigation (FBI) has formed a new team to investigate crimes involving cryptocurrencies, the National Cryptocurrency Enforcement Team (NCET).

The move was announced by Deputy Attorney General Lisa Monaco, who detailed the agency will evaluate which types of crimes involving crypto may need more resources to investigate and prosecute. The team will be led by longtime prosecutor Eun Young Choi.

The new unit is set to conduct its own blockchain analysis and seizing of assets involved in crimes. It’s set to focus on cryptocurrency exchanges, tumblers, and other types of crypto infrastructure providers that might allow for “the criminal misuse of cryptocurrencies.”

Ransomware, according to Monaco, will also be a key focus as law enforcement officials have to “bust [the] business model” for launching these attacks.

Late last year, the U.S. Department of Justice also launched its own cryptocurrency enforcement team, composed of cybercrime and anti-money laundering experts.

Sequoia Capital to Launch Crypto Fund of As Much as $600 Million

Sequoia Capital, one of the oldest and most successful venture capital firms in the world, is launching a cryptocurrency-focused fund to primarily invest in “liquid tokens,” or tokens that are already listed on cryptocurrency exchanges.

The fund is the first-ever sector-specific fund Sequoia is launching since its inception in 1972. It’s set to be between $500 and $600 million and be a part of the bigger Sequoia Capital Fund, which was formed in October as part of the VC firm’s restructuring.

Sequoia is also set to continue to invest in cryptocurrency startups out of its main seed, venture growth and expansion funds that have over $7.5 billion in capital commitments. Its portfolio currently includes FTX, Fireblocks, StarkWare, and Filecoin.

Crypto Market Movers – MANA, KNC, QSP

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Decentraland (MANA) - Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. Land in Decentraland is permanently owned by the community, giving them full control over their creations. Users claim ownership of virtual land on a blockchain-based ledger of parcels. Landowners control what content is published to their portion of land, which is identified by a set of cartesian coordinates (x,y).

Kyber Network (KNC) - KyberNetwork is an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.

Quantstamp (QSP) - Quantstamp is a protocol that aims to create a scalable and cost-effective audit system for all smart contracts on the Ethereum network. In order to have the necessary computing power for the software, Quantstamp leverages a distributed network of participants.

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