EUR/USD 1.17135
-0.221%
Gold 4700.95
-0.300%
Oil 98.287
-0.431%
USD/JPY 157.774
0.105%
GBP/USD 1.35023
-0.275%
GBP/JPY 213.036
-0.166%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 13, at the invitation of Chinese President Xi Jinping, US President Donald Trump will pay a state visit to China from May 13 to 15, accompanied by a delegation of representatives from the US business community. What is the China Council for the Promotion of International Trade (CCPIT)s comment on this? A spokesperson for the CCPIT stated that the CCPIT welcomes the visit of representatives from the US business community to China. There is broad space and enormous potential for pragmatic cooperation between China and the US. The CCPIT looks forward to further deepening exchanges and cooperation between the business communities of China and the US under the strategic guidance of the two heads of state, making new contributions to the stable, healthy, and sustainable development of China-US relations. The CCPIT also welcomes more US companies to Beijing to participate in the 4th China International Chain Expo, which will open on June 22, to jointly maintain the stability and smooth flow of the global supply chain.Iranian military spokesman: After this war ends, there will be no turning back.Israel Defense Forces: In the past few hours, Hezbollah has launched multiple explosive drones that exploded near the operational areas of Israel Defense Forces soldiers.On May 13th, MediaTek released its Dimensity AI Intelligent Agent Engine 2.0 and launched the Dimensity AI Development Kit 3.0. Chen Guanzhou, Director and General Manager of MediaTek, stated in his speech that over the past three years, the growth rate of Dimensity AI ecosystem partners has increased by 240%, and the download volume of the development kit has increased by 440%. As the worlds largest mobile chip company in terms of shipments, MediaTek was previously rumored to be collaborating with OpenAI to develop system-on-a-chip (SoC) for smartphones, with mass production expected in 2028. In response, Li Junnan, Senior Director of Technology Planning at MediaTeks Wireless Communications Business Unit, stated, "We are currently actively exploring these new opportunities internally. The role of large-scale models in AI is seeking multiple development paths, and we believe there is significant potential." However, MediaTek did not directly respond to questions regarding specific company collaborations.Israel Defense Forces: The Israeli Air Force recently intercepted two suspicious aerial targets detected by IDF soldiers in their operational area in southern Lebanon. No alert was issued as per protocol.

The Russian Ministry of Finance Has Completed A Bill To Regulate Cryptocurrency Mining

Cory Russell

Apr 18, 2022 10:54

The draft legislation of the crypto bill "On Digital Currency" by the Ministry of Finance (MoF) emphasizes mining and trading laws.


Operators of exchanges and digital trading platforms will be licensed and regulated by a Russian government entity.


The new rule comes as a result of a rising desire for mining among Russian ministers.


Russia's new crypto regulatory law, according to information supplied by Russian news source Kommersant, would be rigorous in its approach.


The most current version of the draft legislation covers the new trading and mining laws for cryptocurrencies (Bitcoin, Ethereum, Litecoin, and others) introduced under the bill "On Digital Currency."

Russia Creates New Crypto Bill

The bill's additional standards for exchange and digital trading platform providers were one of the bill's centerpieces. According to Kommersant, these operators will now work as a team.


The exchange operators will be the ones to buy and sell cryptocurrencies on their own behalf and at their own cost, while the operators of digital trading platforms will be in charge of the organized bidding.


Additionally, these operators will be required to establish a distinct structural unit, produce yearly reports, meet the needs of new management bodies, perform internal control and auditing, and more.


They will also need to be classified as an AML/CFT organization, and their operations will be regulated and licensed by a Russian government authority.


Finally, for the first time, the measure will concentrate on the crypto mining process and companies. After registering with the appropriate authorities, legal companies, and individual miners, the law specified that crypto mining might be done.


These operations will be taxed individually, and data centers will be made available for mining if the owner is a Russian legal company.

Mining is in high demand

While the Russian government was planning to take cryptocurrency in January, things started to pick up pace once the Russian-Ukraine conflict erupted. Not only was the demand for cryptocurrencies increasing, but so was the need for mining.


Russia's Deputy Energy Minister, Evgeny Grabchak, stressed that the legal void around crypto mining must be filled as quickly as possible, with a clear set of laws and regulations in place.


To make the process more efficient, he advised decentralizing it by choosing mining locations on a more regional level rather than at the federal level.


With these rules about to take effect in the near future, it seems that the transition from calling for a mining ban to accepting controls is more of a necessity than a natural shift of attitude.

Suggestion