Tag: regulation
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Russian businesses are trading in cryptocurrencies despite the absence of regulations, officials admit
Due to their limited access to international finance, Russian businesses have started transacting in cryptocurrencies with their international partners. Even though these are still relatively small payments, government officials have noticed an increase in them, and this is before they have decided how to regulate them. Cross-Border Crypto Settlements on the Rise in Russia as…
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By 2023, Buenos Aires will operate Ethereum nodes.
In 2023, the city of Buenos Aires will set up several Ethereum validator nodes. Diego Fernandez, the city’s secretary for innovation and digital transformation, made the comments. He clarified that this deployment will pursue exploratory and regulatory goals and that it will assist the city in creating cryptocurrency regulations. Cities around the world are incorporating blockchain and cryptocurrency projects into their growth and development strategies. According to reports, Buenos Aires will set up validator nodes for the Ethereum chain in 2023. At ETH Latam, a local event focused on Ethereum, Diego Fernandez, the city’s secretary of Innovation and Digital Transformation, reported this.…
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The Colombian Financial Superintendence has unveiled a project to regulate cryptocurrency service providers.
A project from Colombia’s Financial Superintendence aims to clarify how future interactions between banks and virtual asset service providers (VASPs) will be managed. Before accepting virtual asset service providers as clients, banks must first confirm a number of preconditions, which are defined in the document. Latam nations, where cryptocurrency adoption is rising quickly, are increasingly…
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Russia’s Financial Watchdog Declares Crypto Payments Acceptable in International Trade
According to Yuri Chikhanchin, the agency’s head, the Russian financial watchdog Rosfinmonitoring is prepared to accept the use of cryptocurrencies in cross-border transactions. The declaration strengthens the argument for legalizing international cryptocurrency payments in Russia amid financial sanctions imposed due to its invasion of Ukraine. The Federal Financial Monitoring Service of the Russian Federation, also…
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Bank of Russia is prepared to legalize cryptocurrency mining if miners export coin production
The legalization of cryptocurrency mining would be supported by the Central Bank of Russia, provided that the earnings from the activity are converted to fiat currency outside of Russia. The regulator’s most recent stance on the subject follows a softening of its position on the potential use of cryptocurrencies for payments, even if only globally.…
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Russia has proposed a law that would impose fines for the unauthorized issuance and exchange of digital assets.
The Russian parliament has received a bill that would impose monetary fines on those who erroneously issue or exchange digital currency. The legislation was proposed by the author of another bill that would have prohibited using them as a form of payment. A bill that was recently submitted to the State Duma, the lower house…
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A Chinese court has ruled that a virtual currency-based sale agreement is invalid.
A virtual currency cannot circulate in the market as a currency, so a vehicle sale contract in which the buyer agreed to pay in a privately issued digital currency is void, according to a Chinese court. A virtual currency, according to the court, does not have the same legal status as a national fiat currency.…
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A Code of Conduct for VASPs has been introduced by the Nigerian Blockchain and Crypto Association.
The Stakeholders in Blockchain Technology Association in Nigeria (SIBAN), a Nigerian blockchain and crypto advocacy group, recently announced the introduction of a code of conduct for Nigerian virtual asset service providers. All Nigerian VASPs are subject to the code of conduct, which was initiated by the office of the President of Nigeria. The Stakeholders in…