EUR/USD 1.18150
0.047%
Gold 5178.32
0.275%
Oil 65.559
0.050%
USD/JPY 156.158
-0.135%
GBP/USD 1.35578
-0.010%
GBP/JPY 211.720
-0.133%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. Nvidias Q4 earnings report is strong; the company says demand for computing power remains strong. 2. The US Department of Defense continues to pressure Anthropic to add it to its risk list. 3. SK Hynix: Will invest 21.6 trillion won to build a chip factory between this year and 2030. 4. The reusable rocket Zhuque-3 is scheduled to attempt recovery again in the second quarter of this year. 5. It is reported that the US and UK are discussing cooperation on civilian nuclear technology, and the two countries are discussing jointly hosting a fusion technology summit. 6. Paul Chan: Has requested the Hong Kong Stock Exchange to review relevant listing rules to facilitate and attract more aerospace companies to list in Hong Kong. 1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.63% to 49,482.15 points, the S&P 500 rose 0.81% to 6,946.13 points, and the Nasdaq Composite rose 1.26% to 23,152.08 points. UnitedHealth Group and IBM led the Dow Jones gains with gains of over 3%. The Wind U.S. Tech Giants Index rose 1.44%, with Microsoft rising nearly 3%, Facebook rising over 2%, and Nvidia rising over 1%. Lithium mining stocks performed strongly, with Sigma Lithium rising nearly 30%. The Nasdaq China Golden Dragon Index fell 0.47%, with Tuya Smart rising nearly 6% and Yuchai International falling over 9%. Artificial intelligence stocks generally rose. 2. All three major European stock indexes closed higher. The German DAX rose 0.76% to 25,175.94 points, the French CAC40 rose 0.47% to 8,559.07 points, and the UK FTSE 100 rose 1.18% to 10,806.41 points. 3. The WTI crude oil futures contract closed down 0.09% at $65.57 per barrel; the Brent crude oil futures contract rose 0.45% to $70.9 per barrel. 4. International precious metals futures generally closed higher, with COMEX gold futures rising 0.14% to $5183.70 per ounce and COMEX silver futures rising 1.95% to $89.21 per ounce.US Secretary of State Rubio: Irans insistence on not discussing ballistic missiles is a "very, very serious problem."Federal Reserve Governor Bowman did not comment on monetary policy or the economic outlook in her prepared testimony submitted to the Senate Banking Committee.US Secretary of State Rubio: Iran is attempting to develop an intercontinental ballistic missile.

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