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On October 6, the Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, published a blog on the 6th saying that next month, the Special Administrative Region Governments Office for the Introduction of Key Enterprises will announce a new list of key enterprises, involving more than a dozen companies, more than half of which are from the fields of artificial intelligence and big data, from the Mainland, the United States, Europe and other places, some of which are leading companies in their fields.On October 6, local time, Iranian Oil Minister Paknejad met with the commander of the Fourth Military District of the Iranian Islamic Revolutionary Guards Navy in Bushehr Province in the south of the country. He expressed his gratitude to the Revolutionary Guards for their role in maintaining Irans oil and gas facilities. On the 5th, local time, the Iranian Oil Minister inspected the relevant projects in Asaluyeh, a major natural gas town in southern Iran. On the 6th, he inspected the oil facilities in the port of Khalk in southern Iran.On October 6, according to the latest news from the New York Times, the Israeli army issued an evacuation order to most areas in the northern Gaza Strip, saying that this move was in preparation for a "new phase" of the war. The Israeli military said on the 6th that the 162nd Division of the Israel Defense Forces launched a new round of ground operations in Jabaliya in the northern Gaza Strip on the evening of the 5th. The 401st and 460th Armored Brigades of the division surrounded Jabaliya overnight, and Israeli troops are currently operating in the area.On October 6, the Zhang Chi team of Guojin Strategy pointed out that this round of market conditions may be a "rebound" rather than a "reversal", which will last for about one quarter, that is, it will gradually end after the US "hard landing" is confirmed. Corresponding to the style level, a series of policies such as interest rate cuts are aimed at driving the improvement of residents balance sheets and promoting the recovery of credit expectations, which will extend to two important investment directions: (1) The recovery of credit will drive the recovery of residents consumption expectations; (2) At the same time, it will also drive the markets "willingness to spend money" and guide market expectations to change. Combined with 500 billion swaps and 300 billion repurchases, the increase in incremental funds in the market will focus on the growth direction. Encouraging leverage will also inevitably push up the markets upward slope and accelerate the realization of valuation repair.According to data analysis from Sensor Tower in the United States on October 6, the number of users of Temus application (APP) ranked third among major e-commerce platforms in August, reaching 91% of Amazons number of users. It is expected that the number of Temu users may exceed that of Amazon, which was founded 30 years ago, within this year.

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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