Weekly Digest: FinCEN Warns Russia Could Use Cryptos to Evade Sanctions

What happened to crypto market this week

The US Financial Crimes Enforcement Network (FinCEN) warned Russia could turn to cryptocurrencies to evade sanctions imposed on the country for attacking Ukraine. The agency also reminded companies they should monitor compliance with the imposed restrictions.

US President Joe Biden signed a long-awaited executive order to study the legal and economic conditions for developing a US central bank digital currency (CBDC), and how the US authorities can protect crypto investors. Specifically, the White House required the Department of the Treasury and other federal agencies to develop policy recommendations to "address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth."

Electronic payments system PayPal stopped offering its services in Russia. It should be noted that withdrawals will be available "for a certain period of time," with account balances distributed in accordance with laws and regulations.

Behance, an online platform to showcase and discover creative work, now supports non-fungbile tokens (NFTs) though an integration with Phantom, a cryptocurrency wallet on Solana. According to Will Allen, a Vice President at Adobe, users can now connect their wallets and showcase NFTs based on the Solana network on Behance.