Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti.  In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually, 15% on amounts above that limit and 15% across the board for foreign…

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Compass Mining loses facility after allegedly failing to pay power bill

Bitcoin (BTC) mining hardware and hosting company Compass Mining has lost one of its Maine-based hosting facilities after the owner, Dynamics Mining, terminated the hosting agreement between the two, claiming Compass failed to pay the required bills. Dynamics posted on Twitter late on June 26 a letter it sent to Compass Mining which stated as of June 14th, the hosting contract between the two was terminated. Dynamics alleged Compass has six late payments and three non-payments related to utility bills and hosting fees. Effective June 14th @compass_mining facility hosting agreement…

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GitHub users respond with ‘Bitcoin bill’ idea to Gillibrand-Lummis bill

Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback.  On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’ representatives commented: “The senators seek comments from industry stakeholders, consumers…

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President Of Panama Suspends Crypto Bill Citing FATF Guidelines

The President of Panama, Laurentino Cortizo, has temporarily vetoed Bill No. 697, a bill dubbed the “crypto bill.” The President took this decision after saying that the bill requires more work to fit Panama’s financial regulations better. In May, President Cortizo warned that he wouldn’t sign the bill if it didn’t include additional Anti-Money Laundering (AML) regulations after the country’s National Assembly passed the bill in late April 2022. A copy of the 32-page veto was obtained by local media Outlet, La Prenda. It reported that the president wrote that it’s “imperative”…

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President of Panama shoots down crypto bill citing FATF guidelines

Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697 dubbed the “crypto bill” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the President wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal…

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NFTs, According to Bill Gates, are “100% based on bigger fool theory”

Microsoft co-founder Bill Gates, while delivering his latest thoughts on cryptocurrencies and non-fungible tokens (NFT) at a TechCrunch conference on climate change Tuesday, says, “You have an asset class that’s 100% based on some sort of greater fool theory that somebody’s going to pay more for it than I do.” Important to note is that this isn’t the first time the philanthropist and entrepreneur has cast doubt on digital assets. Gates reportedly claimed he doesn’t enjoy investing in cryptocurrencies since their worth is reliant on what someone else…

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Bill Gates criticizes the intangible value of NFTs

Tech billionaire, and currently the world’s fourth-richest person, Bill Gates, spoke at the TechCrunch climate change conference Tuesday about the progress society has made in supporting the climate movement, his assessment of current global economics, alongside his skepticism of NFTs.  The NFT market has closely correlated the tumultuous financial decline of cryptocurrencies over the past few months, as previously sought-after collections resort in the vicinity of 60-80% reductions in value. As a result, cynical attitudes have emerged to dominate the industry narrative. In his interview, Gates singled out the market’s…

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Bill to ban digital assets as payment passed the first reading in the Russian parliament

A bill that had been introduced a week ago to the State Duma, the lower chamber of Russian Parliament, made a swift passing through first reading. Should it become a law, it would prohibit using “digital financial actives” (DFA) to pay for goods or services.  As reported by local media on Tuesday, the bill, sponsored by the head of the Financial Markets Committee of the State Duma Anatoly Aksakov, passed with a reservation. Albeit the document suggests an obligation for DFA exchange managers to withhold any deals implicating the usage…

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SEC boss worries crypto bill undermines financial protections

United States Securities and Exchange Commission (SEC) Chairman Gary Gensler said he’s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market. Speaking at The Wall Street Journal’s CFO Network Summit on June 14 Gensler was asked his thoughts regarding a recent bill introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). He responded saying “we don’t want to undermine the protections we have in a $100 trillion capital market,” adding: “We don’t want our…

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