Global DCA launches ‘Crypto Resource Hub’ to support responsible use of digital asset during conflict / humanitarian crisis in Ukraine and beyond

Introduction

Global Digital Asset & Cryptocurrency Association (Global DCA) has launched the ‘Crypto Resource Hub’, a community-driven effort on behalf of the entire Global DCA Membership to support its partners in Ukraine and other jurisdictions facing crisis.

This initiative is coming at a time when the adoption of cryptocurrency, including bitcoin, Ethereum, BNB, for donations has witnessed an astronomical rise due to the ongoing conflict between Russia and Ukraine and the humanitarian crisis that has resulted from this. While millions of dollars have been donated to Ukraine from all around the world, there has also been concerns about the need to ensure that digital assets are being used responsibly, safely, and securely. Besides, for transparency, there is also a need to track all donations made on the blockchain so donations do not end up in the wrong hands, and if they do, they can be traced and possibly investigated and recovered. This is the power of the blockchain, and this is exactly why the Global DCA has launched the Crypto Resource Hub. 

Crypto Resource Hub currently comes with ‘Crypto for Ukraine Live Tracker’. Powered by Merkle Science, this tool provides real-time data and information on crypto donations to Ukraine, including daily donations by currency and the entity making the donations.

The Crypto Resource Hub also comes with a practice governance framework, an AML / KYC Handbook. This is an open-source AML / KYC rulebook that contains guidance on how to structure and operate a strong system of AML / KYC for cryptocurrency and digital assets. The AML /KYC Handbook is the product of a partnership between FinClusive, the Sovrin Foundation, and other global organizations leading a Compliance and Inclusive Finance Working Group (CIFWG). CIFWG works to ensure that new and growing financial services providers in the virtual-asset space ensure essential controls and drive a comprehensive framework for incentivized self-governance. 

Lastly, the Crypto Resource Hub offers an opportunity for a Ransomware Preparedness & Response test, although to be conducted physically on 16 March 2022 at The Drake Hotel in Chicago, IL USA. Supported by the Global DCA, it is provided by the Information Security Forum’s (ISF). Conducting a ransomware preparedness & response test has become even more vital today after the Russia–Ukraine conflict broke out as suspected Russian-sourced cyber-attacks were observed over a 48-hour period at an increase of over 800%, according to a Forbes article

According to Gabriella Kusz, a member of the Board of Directors at Global DCA, “In times of need, actions sometimes speak louder than words and we are happy to contribute our tools, guidance, resources and support to NGOs and other entities which may be navigating first time use of digital assets and cryptocurrencies during these times.”

Contributors to the resources, so far, are BitSage (Bjondi Dervishi), Chrysalis DAE (Joseph Bognanno), Ciphertrace, CrossTower, Eventus, FinClusive, Merkle Science, and Oxonia Consulting (Joseph Bognanno) and partnering organizations Crypto[StudyHall] and The Information Security Forum (ISF).

According to Global DCA, the Crypto Resource Hub will be actively updated from time to time to provide additional resources from contributing organizations supporting humanitarian efforts in Ukraine and others around the world.

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