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July 12 - Jorge Rodríguez, president of the Venezuelan National Assembly, said at a press conference in Caracas, the Venezuelan capital, on July 11 that the two strong earthquakes that struck the country on June 24 have killed 4,333 people and injured 16,740. The latest official statistics from Venezuela show that 1,202 aftershocks have been recorded since the initial earthquakes.Ukrainian President Zelensky called on Ukraines diplomatic efforts to focus on urging allies to implement arms supply agreements more quickly.July 12th - According to the Ministry of Education, this year marks the 20th anniversary of the student loan program based on the students place of origin. Over the past two decades, my countrys student loan program has cumulatively issued 620.7 billion yuan in loans, benefiting 68.21 million students.July 12th - According to Middle East Eye, the United States is collaborating with Iraq and Syria on a plan to upgrade an aging oil pipeline connecting the northern Iraqi city of Kirkuk to Baniyas on Syrias Mediterranean coast, enabling Iraq to bypass the Strait of Hormuz when exporting crude oil. The report, citing Iraqi and other regional officials, stated that an agreement to restore the approximately 800-kilometer-long pipeline is expected to be announced next week during Iraqi Prime Minister Ali Zaidis meeting with Trump at the White House. The pipeline, which has been out of service for decades, is currently severely damaged. The report quoted a senior official as saying that the pipeline will likely require complete reconstruction, a project expected to take two to three years. Several American companies have already been recruited to participate in the project.July 11 - Irans Permanent Representative to the United Nations, Illavani, warned on the 11th that if the United States continues to violate its obligations, Iran will no longer abide by the memorandum of understanding signed with the United States.

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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