Russia’s deputy minister for energy, Evgeny Grabchak. proposes the regulation of crypto mining He also advocates for regional authorities to manage mining activities – energy quotas and allocation of sites The discourse around Russia and cryptocurrencies is slowly turning into a never-ending affair. Various matters have come up, from the proposition to ban crypto before the Ukraine invasion to the role of crypto in evading sanctions and, most recently, the introduction of Bitcoin as an option for countries to pay for Russian oil exports. Now, according to a report published by a local news agency Tass, the deputy minister of energy Evgeny Grabchak is proposing introducing a regulatory framework around cryptocurrencies. Regional authorities should determine the location of sites for m...
The two US senators are working on a bill addressing, among others issues, consumer protection and taxes The news of the bill being drafted follows a crypto directive recently signed by President Biden US Senators Cynthis Lummis and Kirsten Gillibrand are looking to table a bill that will touch on several issues within the digital assets industry, “Thrilled to be working with [Gillibrand] on a bipartisan framework to create clarity, establish responsible sideboards, & ensure reasonable consumer protections. With feedback, this legislation will allow the digital assets industry to innovate and flourish in America,” Lummis posted earlier today. Some of the aspects that will feature in the regulatory framework are privacy, banking, and crypto taxation, Bloomberg reports.. The forthco...
Honduras’ central bank has denied any plans of adopting a Bitcoin legal tender The Thai SEC cites risks to financial and economic stability as the reason why it has banned crypto payments The Central Bank of Ireland warns against the “risky and speculative nature” of crypto and the aggressive promotion/ ads coming with it The Bank of England says the Ukraine situation has made it even more essential to establish effective policies frameworks around crypto Malaysia’s ministry of finance stands firm against the idea of legalising crypto, says the country will focus on a CBDC instead This week, the focus has been on crypto regulation, with authorities and market regulators around the world making statements in that regard. Here are the details: Honduras central bank di...
The mayor of Portsmouth doesn’t want his city to miss out on the utility of crypto and blockchain tech He envisions a future where crypto transforms financial services, but he says it could serve the underbanked for now Portsmouth, a small city in New Hampshire, is working to enable its residents to pay their bills in crypto. The city’s mayor Deaglan McEachern vouched for the decision, saying City Hall is now more informed on how to leverage crypto and blockchain tech. Crypto will redefine finance and the port city wants to be part of this future According to a March 23 report from local news outlet Seacoastonline, the mayor acknowledged that into the future, this type of technology is likely to have an even bigger impact, and Portsmouth should not be left behind. “There&...
A bill is to be voted on in New York to decide on the future of proof of work mining in the state Meanwhile, Texas congressman Pete Sessions has mooted crypto to rebuild energy independence in the US There is a bill – A7389C – waiting to be voted on in the New York State Assembly, after which, if approved, will go for confirmation in the Senate. The bill is crucial as it could define New York’s future as cryptocurrencies are concerned. In particular, the bill opposes the enactment of a moratorium to halt all proof of working mining-related activities temporarily. This bill was proposed in line with the enforcement of the Climate Leadership and Community Protection Act, which targets to cut down greenhouse emissions in New York by 85% by 2050. The Act also requires that the state gets...
The list of firms that received the ASA’s enforcement notice includes past offenders The served firms have until May 2 to review their ads and ensure they comply with the outlined rules The Advertising Standards Authority (ASA) has issued a notice to 50 companies offering crypto services in the UK, demanding that they review their crypto advertisements by May 2, else they risk facing more decisive action. Following a crypto ad red alert notice it issued last November, the ASA is on a path of enforcing an industry-wide crackdown. The watchdog considers it necessary to fight against the “misleading and irresponsible” advertisements around crypto products. “Crypto has exploded in popularity in recent years. We’re concerned that people might be enticed...
Senator Andrew Bragg has submitted a proposal pushing for policies to protect the consumer The legislative proposal, if approved, would define regulation for DAOs, crypto markets, custodial services, and taxation Australia is set to join the list of countries worldwide that have adopted initiatives towards regulating the use and adoption of digital assets. According to recent reports, the Australian government plans to redefine the state of payments systems, a move that would also affect digital currencies. The goal is to create investor protection measures, laws for crypto taxation and regulate digital asset custodial firms and exchanges. “The government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it,” Aus...
Deputy minister Zainul Abidin has proposed the legalisation of cryptocurrencies in Malaysia to ease financial dealings among the younger population Earlier this, the deputy minister of finance in the country spoke strongly against crypto assets In a move to indicate that the Malaysian Ministry of Communications and Multimedia (KKMM) is supporting the adoption of crypto assets, deputy minister Zainul Abidin has called for the legalisation of crypto. Speaking during a parliamentary session today, Abidin explained that it is important for Malaysia to legalise some facets of crypto and NFTs as they could potentially be useful, especially for the younger generation. He noted that the crypto space has increasingly become popular with this demographic. “We hope the government can try to leg...
The score is Binance’s first regulatory approval in the Gulf as a VASP The exchange has been courting the Middle East with initiatives in countries within the region, including Dubai Binance, the largest crypto exchange by trading volume, is stretching its wings in the Middle East further. The exchange announced on Monday that it had won full approval from the Central Bank of Bahrain (CBB) to legally operate in the Kingdom of Bahrain. By receiving the licence, Binance became the first crypto asset provider allowed to offer fully regulated services within the larger Cooperation Council for the Arab States of the Gulf (GCC). The Bahrain approval comes amidst efforts by Binance to seek regulatory approval and compliance around the world. CEO of the exchange, Changpeng Zhao, explained th...
EU lawmakers rejected the proposed ban of cryptocurrencies that use the Proof-of-Work mechanism The proposal, which has been a hot debate in recent days, would have led to the outlawing of Bitcoin and other PoW cryptocurrency projects Today, the European Parliament Committee on Economic and Monetary affairs voted on the proposed draft suggesting the ban of cryptocurrencies leveraging the Proof-of-Work consensus mechanism. The proposal, which could have compelled PoW cryptocurrencies to shift to sustainable mechanisms, failed to get enough backing during the vote and was consequently rejected. The majority of EU parliamentarians voted against including the provision out of a draft of the Markets in Crypto Assets (MiCA)framework. Patrick Hansen was among the first to share news on Twitter. &...
Ukraine’s forthcoming NFT collection will depict the Russian Invasion in NFT format. The NFTs would feature stories from reliable sources on the ongoing war Elsewhere, Singapore plans to tax NFT traders, with a ‘specified’ criterion The Ukrainian government has divulged further information on its planned release of an NFT series to support its military as the country copes with the ongoing invasion by Russia. According to the Deputy Minister of Digital Information, Alex Bornyakov, Ukraine expects that the NFT series will be a museum of this war. Bornyakov told The Guardian that by wrapping the information in NFTs, Ukraine wants to “tell the world in NFT format” what is happening in their country. With an intention to be “cool, good-looking,” U...
The FCA says all crypto ATMs in the UK have been operating illegally The regulator, therefore, ordered operators of crypto-to-cash machines to halt their services or face legal consequences The FCA, UK’s financial conduct regulator, has banned the operation of crypto ATMs in the country. The financial authority stated in a Friday notice that it had asked all operators of these machines to suspend their activities or “face enforcement action.” No crypto ATM operator has received approval The order comes on the grounds that the operators have not registered with the regulator. The FCA pointed out that it has not yet given the green light to offer crypto ATM services to any of the crypto-entities that have completed registration. “Crypto ATMs offering crypto asset exch...