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November 28th - UK industry data shows that UK car production fell 23.8% to 59,010 units in October, continuing to be affected by the major cyberattack suffered by Jaguar Land Rover, the UKs largest car manufacturer. Jaguar Land Rover, the luxury car brand under Tata Motors, shut down its systems to control the cybersecurity incident, resulting in a six-week shutdown of its UK factories and losses of £196 million (approximately US$259 million), with production only resuming in early October. The Society of Motor Manufacturers and Traders (SMMT) stated that overall car production, including commercial vehicles, fell 30.9% to 62,116 units in October. However, driven by government green targets and other policies, production of electric, plug-in hybrid, and hybrid vehicles bucked the trend, increasing by 10.4% to 27,287 units, accounting for nearly half of the total production for the month.LG Electronics plans to inject 200 billion won for shareholder returns and to improve its financial situation.Market news: Alarms are sounding in Kyiv, Ukraine.According to the Brazilian newspaper Folha de S.Paulo, Petrobras has approved a $109 billion business plan for the period from 2026 to 2030.On November 28th, according to the Financial Times, Belgian Prime Minister Barthes de Wever warned that rushing the EUs plan to use frozen Russian assets to raise €140 billion in loans for Ukraine would undermine the possibility of a peace agreement. In a letter to European Commission President Ursula von der Leyen, de Wever outlined three key conditions: EU member states must provide legally binding joint guarantees for €185 billion in Russian assets held in trust at Eurobank; they must share potential litigation costs; and other EU member states must also contribute their frozen Russian assets to the loan program. De Wever emphasized in the letter that "rushing into a compensation loan program would lead to collateral damage – as the EU, we are effectively hindering the final peace agreement." He also proposed an alternative: the EU should utilize its untapped borrowing capacity under the budget framework to provide €45 billion in aid to Ukraine. While most EU countries support this loan program, Belgium, as the main trustee of Russian assets, is concerned about potential Russian retaliation and legal risks.

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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