- Russia prepares to adopt a law on cryptocurrency regulation;
- Russia prepares to experiment with the use of cryptocurrencies in international trade;
- Bitfinex Securities Tokenizes Debt to Build Hotel in El Salvador;
- London mayoral candidate promises crypto-tokens to residents LONDON;
- UK plans to approve new cryptoasset law by July.
Now for more details. Reading time: 8 minutes.
- Russia is preparing to adopt a law on the regulation of cryptocurrencies.
The preparation of legislation on the regulation of cryptocurrencies in Russia is nearing completion. Rosfinmonitoring, the Ministry of Finance and the Bank of Russia have agreed on the main positions, focusing on the regulation of mining and the use of cryptocurrency in foreign trade activities. The State Duma is expected to approve the legislation in the spring session. The regulation expects support in the field of industrial mining. Thus, Sergei Bezdelov, director of the Industrial Mining Association, believes that the adoption of the law will have a positive impact on the industry. He assumes that companies engaged in mining will be able to conclude investment agreements with state corporations. Finam analyst Leonid Delitsyn said that after the adoption of the law, even large commodity organizations may become miners. Thanks to access to cheap electricity, they will be able to profit from mining. At the same time, the State Duma approved the law prohibiting the use of digital financial assets as a means of payment. This decision prevents the use of cryptocurrencies for settlements, which can be a positive step in the fight against criminal acts.
- Russia is preparing an experiment on the use of cryptocurrencies in international trade.
Russia is preparing an experiment on the introduction of cryptocurrencies in international trade. The head of the State Duma Committee on the financial market, Anatoly Aksakov, announced plans to submit a corresponding bill in April. At the same time, he specified that the main cryptocurrency for settlements will be either bitcoin or one of the stablecoins. The essence of the experiment is to test the workability of digital assets in the framework of international trade. This is not a mass initiative, but an experiment conducted under the control of an authorized body. The experiment will take two years, after which its efficiency, impact on the financial system and reliability of participants will be assessed. The head of the Bank of Russia Elvira Nabiullina also emphasized the need to develop regulatory norms for the use of cryptocurrencies in foreign economic activity. She is confident that this will give the Central Bank of Russia an opportunity to thoroughly work out the use of such assets. Negotiations with banks of friendly states regarding the use of digital rubles for cross-border settlements will also be an important step in this direction.
- Bitfinex Securities Tokenizes Debt for Hotel Construction in El Salvador.
Bitfinex Securities, an asset tokenization platform, has announced plans to issue tokenized debt to finance the construction of a Hampton by Hilton hotel complex at El Salvador International Airport. The company intends to raise $6.25 million by issuing the HILSV token on bitcoin sidechain Liquid Network. Bitfinex Securities is the first platform in El Salvador to be licensed for tokenized securities. The announcement marks the first tokenization of digital assets in the country, an important step in the development of its capital market. HILSV tokens will be available for purchase with U.S. dollars and USDT stablecoins. Investors will be paid dividends of 10% of their investment for five years. The minimum investment amount is $1,000. The emergence of this project reflects El Salvador’s progress in digital assets. The country, which was the first in the world to recognize bitcoin as legal tender, continues to develop its presence in the field of cryptocurrencies.
- London mayoral candidate promises residents crypto-tokens LONDON.
Brian Rose, a candidate for mayor of London, promises to distribute £100 in new cryptocurrency tokens named LONDON to every resident of the city if he is elected. Rose plans to create a £1 billion liquidity pool using a one-off tax on the profits of the city’s financial institutions. With this, the LONDON token will be actively used in the daily lives of Londoners and provide direct access to their finances. As stated by Rose’s team, the new cryptocurrency will enable payment for city transportation services, municipal bills and other expenses. Residents will be able to store their tokens, trade them, earn interest and save with decentralized finance protocols. Brian Rose also promises to create an educational platform to improve the financial literacy of city residents and help them manage their digital wallets and investments. We emphasize that if he is elected, the LONDON token will be available on popular cryptocurrency exchanges. This promise can significantly influence the political and economic environment in the city, as London is home to about 9 million people.
- UK aims to approve new cryptoasset legislation by July.
The UK intends to approve new comprehensive legislation on cryptoassets by July this year, Economy Minister Bim Afolami said. The bill, which covers important aspects of the cryptocurrency industry, including cryptocurrency exchange transactions, custodial services and staking, represents an important step towards making the UK a cryptohub. The UK has already laid the groundwork for this in 2023 by passing legislation that treats stablecoins and cryptocurrencies in general as regulated financial activities. This approach differs from the EU-wide Markets in Cryptoassets Act (MiCA), which gives the UK a competitive advantage. Under the new UK legislation, a range of crypto-asset transactions are expected to come under regulation, including the operation of exchanges, custody of customer assets and other transactions. This is an important step towards greater control and transparency in the crypto sector. However, in the context of the upcoming elections, the time to implement this plan is limited. If the ruling Conservative Party loses, some initiatives may be in limbo. Nevertheless, the ambition to turn the UK into a cryptohub remains unchanged.
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