Bitcoin Mining Receives Support from Russia’s Ministry
Russia continues to develop new regulations for the cryptocurrency industry. Thus, the Russian Ministry of Finance has once again expressed its support for Bitcoin mining.
Russia should encourage the development of cryptocurrency mining on an industrial scale, said Alexei Yakovlev, head of the ministry’s fiscal policy department.
Yakovlev said Thursday that a ban on retail or home bitcoin mining also makes no sense.
Russian lawmakers discussed two categories of cryptocurrency miners during a recent roundtable titled “Russian Mining Regulation: Pros and Cons.”
According to Yakovlev, Russian officials agreed on a regulatory framework for crypto mining companies long ago. They agreed to support their work and make them pay taxes.
But Yakovlev said there is still some disagreement about retail miners.
In mid-February, the Russian Ministry of Finance formally submitted its first documents related to its new crypto regulation law. The ministry previously released a cryptocurrency market regulation concept outlining the importance of the cryptocurrency mining industry in the country.
Russia takes place as the third-largest country by Bitcoin mining hash rate as of August 2021.
Paris Blockchain Week Summit Announces Plans And Keynote Speakers For 2022
Paris Blockchain Week Summit (PBWS), the leading international conference for the blockchain and digital asset professionals, has announced plans and speakers for its flagship event on April 13-14, 2022.
PBWS 2022 will welcome over 3,000 attendees over two days at Palais Brongniart. It will explore a range of relevant industry topics, including crypto innovation, interoperability, Metaverse, NFTs, the creator economy, crypto energy consumption, regulation, Web3 Financial markets, etc. The event will consist of four main tracks: Technology Builders, Open Finance, Enterprise Blockchain, and Public Policy.
Paris Blockchain Week will host other side events alongside the main summit as a week-long event. It begins on Friday, April 8. These include a PBWS hackathon organized by What the Hack, an NFT art exhibition hosted by Achetz de l’Art, and a B2DeFi conference hosted by Stake DAO and Sia Partners.
The PBWS will include a roster of highly qualified speakers led by Draper Associates founder and managing partner Tim Draper and Binance CEO Changpeng Zhao (CZ). Additionally, DFJ and Draper Venture Network will back them up; Cecily Mak, COO, Blockdaemon; Ryan Selkis, CEO and Co-Founder, Messari; Mara Schmiedt, Senior Manager of Business and Sales, Coinbase; Co-Founder and Vice-Chairman, Blockchain.com Nicolas Cary will also participate.
Sec Says Crypto Custody Arrangements Should Be Considered Liability
The securities regulator said that U.S.-listed companies that hold cryptocurrencies on behalf of users and clients should report those assets as liabilities on their balance sheets and disclose the risks involved to investors.
Guidelines from the U.S. Securities and Exchange Commission (SEC) will apply to a range of publicly traded companies, including cryptocurrency exchanges and traditional firms such as retail brokers and banks that increasingly provide cryptocurrency services and represent clients who hold digital assets.
There is an established standard in accounting regulations to protect traditional assets on behalf of clients. However, there still is no clear standard to protect crypto assets. Companies take different approaches when dealing with these arrangements.
The SEC said in its guidance that there are significant technical, legal, and regulatory risks associated with protecting crypto assets and should therefore be reported as liabilities on companies’ balance sheets.
Businesses should also disclose the nature and quantity of the crypto assets they are responsible for owning, and separately for each significant crypto asset and any vulnerabilities resulting from concentration in such activities.
The SEC stated that the underlying crypto-assets should be recorded at fair value.
Cryptocurrency platforms and wallets continue to suffer major breaches. Just this week, hackers stole $615 million worth of cryptocurrency from blockchain project Ronin.
Additionally, U.S. regulators have yet to decide how to handle cryptocurrencies. Regulators are still discussing new rules for banks to handle digital assets.
Binance Is Ramping Up Recruitment And Events In Dubai Crypto Hub
Binance, the most traded cryptocurrency exchange, is hiring more than 100 jobs in the United Arab Emirates (UAE). The exchange works hard to help to develop new virtual asset regulations in Dubai, the regional head said.
Binance’s relationship with the Gulf state has deepened in recent months as the UAE seeks to position itself as the world’s new digital asset hub and develop regulations.
The UAE introduced cryptocurrencies amid growing concerns from international authorities about their use in money laundering and other crimes.
The UAE was added to a “grey list” of jurisdictions in March, under intense scrutiny by the Financial Action Task Force (FATF), the financial crime watchdog.
Since its founding in 2017, Binance has come under scrutiny from governments and financial regulators who have assessed the broader cryptocurrency industry that thrives in a largely unregulated environment.
The company is now hiring for more than 100 jobs in the UAE after obtaining a license from Dubai’s new virtual asset regulator this month.
Chief executive Changpeng Zhao regularly visits the UAE and says he bought a house last year. The company also supports the development of a virtual asset ecosystem in the Dubai Financial Free Zone.
But Teng would not say whether Dubai should be the headquarters.
Binance said it has no headquarters and has not identified which entity controls its main exchange. However, Zhao has said he wanted to establish some regional centers.
In March, Dubai, the region’s commercial hub, enacted its first digital asset law. Dubai has established the Virtual Assets Regulatory Authority (VARA).
Binance has recently licensed it, and other global heavyweights FTX Europe and companies like crypto.com are setting up offices.