Top Cryptocurrency News Today: The biggest moves in NFTs, Bitcoin, crypto rules and more

Cardano was up 0.7 percent to trade at Rs 63.08 and Avalanche dipped 1.09 percent to Rs 5,690. Polkadot was down 0.59 percent to Rs 1,435.42 and Litecoin dipped 0.61 percent to Rs 8,447.95 in the last 24 hours. Tether was down 0.04 percent to Rs 79.16. Read more here.

The latest draft of the European Union's (EU) proposed legislative framework for governing virtual currencies, Markets in Crypto Assets (MiCA), still contains a provision that could limit the use of proof-of-work cryptocurrencies. Proof-of-work is the energy-intensive consensus mechanism that underlies popular cryptocurrencies like bitcoin and ether. The computing process has come under heavy scrutiny from lawmakers in the EU over energy concerns. The EU parliamentarian in charge of the MiCA legislative framework, Stefan Berger, said at the time that the paragraph in question had been removed, but that a final decision had not yet been made. Read more here.

Appealing directly to both stablecoin issuer Tether and Chief Technology Officer Paolo Arduino via Twitter, Ukraine Vice-Prime Minister Mykhailo Fedorov urged the company to stop all dealings with Russians.
While not responding directly to Fedorov, the company said: "Tether conducts constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions." Read here.

The US Treasury Department issued guidance on Friday spelling out how cryptocurrency should not be used to circumvent economic sanctions imposed against Russia for its invasion of Ukraine. In an FAQ on whether Russia-related sanctions extend to virtual currency, the Department wrote: “US persons, including virtual currency exchanges, virtual wallet hosts, and other service providers, such as those that provide nested services for foreign exchanges, are generally prohibited from engaging in or facilitating prohibited transactions, including virtual currency transactions in which blocked persons have an interest.” Read more here.