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On April 24, Li Xingqian, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Rafael Nados, CEO of the African Union Development Agency, in Beijing. They exchanged views on topics such as promoting Chinas zero-tariff policy on 100% of products from 53 African countries with which it has diplomatic relations, better benefiting enterprises from both sides, promoting exchanges between Chinese and African business communities, and strengthening cooperation in industrial and supply chains.Futures News, April 24th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day. The previous trading day saw no change; 6. Petroleum asphalt futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.On April 24th, it was learned from the Ministry of Public Security that since 2025, public security organs nationwide have been deepening special operations such as "Kunlun" and "Anxin," cracking down on various infringement and counterfeiting crimes according to law. A total of 31,000 cases of intellectual property infringement and the production and sale of counterfeit and shoddy goods have been investigated and prosecuted. It is understood that in their work, public security organs across the country have relied on a new policing operation model of "professionalism + mechanism + big data" to combat intellectual property infringement crimes across the entire chain and comprehensively build a collaborative protection framework. They have also been fully committed to safeguarding innovative development, proactively addressing the development needs of high-tech enterprises, cracking down on crimes infringing on trade secrets according to law, investigating more than 140 criminal cases, promptly eliminating risks and hidden dangers, and effectively safeguarding the core competitiveness of enterprises.The German DAX 30 index opened 13.32 points higher, or 0.06%, at 24,194.00 on Friday, April 24th; the UK FTSE 100 index opened 55.20 points lower, or 0.53%, at 10,401.81; and the French CAC 40 index opened 54.00 points lower, or 0.66%, at 8,173.32. (European...) The Stoxx 50 index opened down 22.13 points, or 0.38%, at 5872.60 on Friday, April 24; the Spanish IBEX 35 index opened down 147.59 points, or 0.83%, at 17738.31 on Friday, April 24; and the Italian FTSE MIB index opened down 334.91 points, or 0.70%, at 47572.50 on Friday, April 24.According to Futures News on April 24, as of 15:00 Beijing time, spot platinum fell 1.61% and spot palladium fell 0.93%.

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.

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