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On May 27, at the opening ceremony of the 20th Shenzhen International Financial Expo, Hong Danyi, Vice President of Tencent Financial Technology, announced that Tencents cross-border payment platform, TenPay Global, and PayPal World have achieved interconnection. PayPal users can now make purchases smoothly at tens of millions of WeChat Pay merchants in China. The first phase will be open to users in the United States.On May 27th, Futures News reported that, to further standardize the handling of preliminary procedures for coal-fired power projects and effectively improve the work efficiency of leagues, cities, and project construction units, the Development and Reform Commission of the Autonomous Region organized a service coordination meeting on energy conservation review and carbon emission assessment for coal-fired power projects on the afternoon of May 26th. The meeting, through policy interpretation and on-site Q&A, fully promoted the coordination of energy conservation review and carbon emission assessment services for coal-fired power projects. At the meeting, the Development and Reform Commission of the Autonomous Region systematically interpreted the latest policy requirements for energy conservation review of coal-fired power projects, deeply analyzed common problems in the project application process, clarified the list and standards for material submission, and, focusing on the core concerns of national review, provided detailed explanations of key aspects such as project energy efficiency levels, carbon emission control, and technical feasibility, providing clear guidance for project units and drafting agencies. Next, the Development and Reform Commission of the Autonomous Region will further strengthen overall coordination, proactively provide services, and solidly carry out all tasks such as joint assessment and demonstration and document preparation for preliminary projects.According to the Financial Times, the Czech Republic, Bulgaria, Poland, Romania, Greece, and Slovakia have called for an increase in carbon emission permits amid the global crisis and high energy prices.On May 27, local time, Irans Ministry of Intelligence issued a statement claiming that "hostile forces" are attempting to exert new pressure on Iran through "soft warfare," "cognitive warfare," and other "hybrid warfare" tactics. The statement said that, according to information obtained by Iran, the adversaries are currently focusing on seven areas: increasing economic pressure, exploiting social issues to incite public opinion, instigating ethnic and religious conflicts, carrying out terrorist attacks and sabotage, smuggling weapons and illegal communication equipment, launching cyberattacks, and conducting information warfare through foreign Persian-language media and social media platforms. The statement also indicated that the adversaries had attempted to launch ground operations from western and northwestern Iran using armed groups, but these plans were thwarted by Iran. The statement further accused some foreign media outlets of participating in information warfare and claimed that Iranian intelligence agencies had seized a large quantity of weapons and communication equipment.Scotiabank: The Bank of Canadas outlook is highly sensitive to the USMCA negotiations and geopolitical developments; it expects the Bank of Canada to raise its policy rate to 3% by the end of the year.

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.