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On March 23, Li Lecheng, Minister of Industry and Information Technology, and Vice Ministers Xin Guobin and Xiong Jijun met separately in Beijing with Tim Cook, CEO of Apple Inc.; Cristiano Amon, President and CEO of Qualcomm Inc.; Guo Luzheng, President and CEO of SK Hynix Co., Ltd.; Mark Obermünster, Chairman of the Board of Management of Volkswagen Group; Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group; and the Chairman of the Board of Management of Siemens AG, who were in China to attend the China Development Forum 2026. Officials from the Ministry of Industry and Information Technology stated that China is vigorously promoting new industrialization, accelerating the construction of a modern industrial system with advanced manufacturing as its backbone, consolidating and strengthening the foundation of the real economy, and ensuring a good start to the 15th Five-Year Plan. China will further deepen reforms comprehensively, continuously expand high-level opening-up, create a first-class business environment that is market-oriented, rule-of-law based, and internationalized, and share the opportunities of Chinas modernization with all parties. They expressed hope that multinational corporations will continue to deepen their presence in the Chinese market, collaborate with upstream and downstream enterprises in Chinas industrial chain for innovation and growth, and achieve mutually beneficial development.The Stoxx Europe 600 index surged and turned positive for the day, rising 0.1%, after US President Trump announced a five-day delay to any and all military strikes against Iranian power plants and energy infrastructure.Market news: Nvidia and Emerald AI have joined forces with leading energy companies to pioneer the use of flexible AI factories as grid assets.According to Hong Kong Stock Exchange filings, Xiaomi Group repurchased 3.1 million Class B shares for HK$100 million on March 23.On March 23, Liu Jiannan, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Xu Xinxiong, CEO of Thailands TCP Group, in Beijing. Liu briefed them on the "15th Five-Year Plan" policy regarding accelerating the construction of a healthy China and exchanged views on supporting TCP Groups development in China and its participation in APEC business activities. On the same day, Liu also met with a delegation led by Lu Boda, President of Ralph Lauren, and Ambassador Kang Da, Partner of US-based Asia Group, in Beijing. Liu briefed them on the policies of the National Peoples Congress and the Chinese Peoples Political Consultative Conference (NPC and CPPCC) regarding further expanding high-level opening-up and exchanged views on deepening international cooperation in industrial and supply chains and promoting the healthy and stable development of China-US economic and trade relations.

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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