EUR/USD 1.17071
-0.102%
Gold 4566.35
-0.963%
Oil 99.012
-0.247%
USD/JPY 157.043
-0.009%
GBP/USD 1.35557
-0.126%
GBP/JPY 212.887
-0.134%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
German Finance Minister Klinger: I will continue to push for an unexpected energy tax, despite the lack of majority support in the EU at present.On May 4th, the Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, released "Several Measures for Continuously Promoting the Stable and Healthy Development of the Real Estate Market in Zhongshan City," aiming to further reduce existing housing stock and optimize new housing supply to better meet residents rigid and improved housing needs. The "Several Measures" consist of seven articles, including continuing to support residents "trade-in" programs; encouraging the market-oriented operation of "trade-in" programs for commercial housing; increasing support for home purchases using housing provident funds; optimizing the criteria for determining the number of housing units eligible for housing provident fund loans; accelerating the reduction of commercial property inventory and encouraging the revitalization of existing resources through multiple channels; increasing financial support and reducing the down payment ratio for commercial property purchase loans; and piloting the implementation of housing voucher resettlement compensation. Among these measures, it is stipulated that acquired old houses can be resold, renovated, or used for market-oriented rental housing, talent apartments, and affordable rental housing. The minimum down payment ratio for commercial property purchase loans has been adjusted to no less than 30%.U.S. Treasury Secretary Bessenter: The United States is opening the Strait of Hormuz.May 4th - According to the Traffic Management Bureau of the Ministry of Public Security, on the fourth day of the May Day holiday, various regions have entered the peak return travel period, with traffic flow on major highways and national and provincial trunk roads across the country generally operating at high levels. Local public security traffic management departments have strengthened order control, strictly investigated serious violations, enhanced emergency response, and widely publicized information to ensure road traffic safety and smooth flow. As of 6 PM, except for a few sections experiencing congestion due to excessive traffic volume and minor accidents, traffic on major highways nationwide was generally stable and orderly, with no prolonged or widespread traffic jams. May 5th is the last day of the May Day holiday, and various regions will see the peak return travel period, with traffic flow on highways and national and provincial trunk roads expected to remain high.German Vice Chancellor and Finance Minister Klingbeer: The EU should begin drafting a windfall profits tax. The US is expected to stick to the tariff agreement.

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