Regulation

Pavel Zavalny – chairman of Russia’s Congressional energy committee – recently stated that his country would be open to accepting Bitcoin as payment for natural gas sales. This is part of Russia’s willingness to accept new currencies for trade. Also, it follows its ban from access to US dollar payment systems. Russia’s Post-Dollar Plan The chairman revealed the nation’s willingness to trade Bitcoin during a press conference on Thursday.  He said that Russia would be willing to adjust to accepting…

As part of efforts to evade UN-imposed financial sanctions, Russian legislator Sergei Mironov has proposed that Russia hasten its introduction of a CBDC. CBDC to Combat Inflation Mironov, who also heads the political party, A Just Russia, shared his thoughts with Russia’s central bank. The lawmaker believes that a digital ruble will be a good fit for infrastructural projects. Additionally, Mironov also pointed out that a CBDC could be instrumental in aiding advancement within the production and transport sector.  Mironov’s proposal…

Florida Governor Ron DeSantis recently revealed that the state is working on allowing businesses to pay their taxes in crypto. This would make Florida one of the first US states to attempt accepting digital assets for tax payments. Pay Your Taxes in Crypto DeSantis is known to advocate freedom and independence with his policy approach, ranging from covid-19 to the economy. Naturally, he has become a fan of cryptocurrencies like Bitcoin. These assets allow for peer-to-peer transactions with no influence…

According to a tweet from US congressman Pete Sessions, the mining industry in America could be pivotal in the nation’s journey to energy independence.  Gas Costs Rise With Global Unease Since the start of the Russia-Ukraine conflict, gas costs have risen alongside tensions worldwide. US residents have not been left out of this. Recently, President Joe Biden spoke about the price hike saying the situation highlights the need to become energy independent. Biden called for a transition to sustainable sources…

The Australian government is prepping with plans to extensively reform the crypto industry within the nation’s borders. Licensing Requirements The forthcoming regulations contain new tax measures as well as guidelines for the operations of crypto brokers and exchange platforms. They will also be used to help bolster the safety of investor funds. According to treasurer Josh Frydenberg, imposing strict taxes on crypto transactions within the country is a necessary move. Frydenberg stated that Australia's crypto sector is rapidly expanding; more…

According to a release from Ukraine’s Ministry of Digital Transformation, President Zelenskyy signed off on a law legalizing the country’s crypto sector. Overseeing the New Regulation In view of the crypto donations pouring into the nation late, Ukraine’s “On Virtual Assets” law could not have come at a more opportune time. The nation has received about 100 million USD worth of cryptocurrency since Russia’s invasion in February. The newly signed bill elevates crypto to a legal asset class while endorsing…

Elizabeth Warren – Democratic Senator from Massachusetts – has introduced a new bill titled the ‘‘Digital Asset Sanctions Compliance Enhancement Act of 2022’’ to congress. Co-authored and signed by over 10 other Democrats, the bill proposes far-reaching measures to ensure sanctioned Russian entities don’t use cryptocurrency to bypass trade restrictions. However, a new non-profit crypto policy think tank – Coin Centre – has sounded the alarm on some “unconstitutional” measures within the bill. Targeting “Transaction Facilitators” The bill has been…

Earlier today, Binance shared the news that it had received a Virtual Asset License permitting operations within Dubai.  Virtual Asset Regulatory Authority to Monitor Affairs The exchange platform can now offer limited exchange goods and services to eligible investors and establishments in the UAE. However, this will be done in accordance with the Virtual Asset Regulatory Authority’s (VARA) initial regulatory stage. The permit grants Binance the opportunity to function within Dubai’s digital asset market model which runs under the “test-adapt-scale”…

Members of the European Union parliament recently voted down a drafted bill that, if enforced, would affect miners of several digital assets. Bitcoin and Ethereum could be the biggest coins susceptible to the law. Legislation Poses Existential Threat to Virtual Assets Dubbed MiCA, the proposal in question featured a ban on protocols that make use of the proof-of-work consensus mechanism. The MiCA came to media attention last month, following EU's interest in a green finance industry. Directed against environmentally harmful…