Major Changes in Cryptocurrency Regulation
Russia has taken a significant step toward regulating digital currencies with the adoption of a new crypto tax law. This legislation, approved by the Federation Council, the upper chamber of parliament, follows prior approval by the State Duma and awaits President Vladimir Putin's signature to become law. The new rules introduce a series of changes affecting mining, tax obligations, and the legal status of cryptocurrencies.
Digital Currencies Classified as Assets
Under the new law, digital currencies, including those used in experimental legal regimes, are classified as assets under Russia's tax code. This classification exempts mining and digital currency transactions from value-added tax (VAT), significantly easing financial obligations for entities in this sector. Additionally, services provided by authorized organizations facilitating these transactions will also be VAT-exempt.
Mandatory Reporting and Taxation of Mining Income
The new legislation requires mining infrastructure operators to report user data to tax authorities. Income from cryptocurrency mining will be treated as taxable income, with individuals paying an income tax rate of 13%. For annual incomes exceeding 2.4 million rubles, the rate will rise to 15% starting in 2025. Businesses engaged in mining activities will be subject to the standard corporate income tax rate.
Tax Framework and Broader Regulatory Goals
The law specifies that mining revenues will be taxed based on the value of digital assets on international exchanges. This measure is part of a broader strategy to create a transparent and legally sound framework for cryptocurrencies. The goal is not only to ensure controlled growth in the sector but also to contribute to national revenues and align regulations with the country’s economic priorities.
A Key Step in Russia’s Crypto Regulation Strategy
This legislative move reflects Russia's efforts to establish comprehensive control over the digital currency market amid increasing global scrutiny of cryptocurrencies. With the adoption of this law, Russia aims to create a stable and predictable environment for cryptocurrency investors and entrepreneurs while promoting sustainable growth in the industry aligned with national interests.

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The Russian Ministry of Industry has suggested a two-year transition period for implementing digital ruble payments in the retail sector, citing concerns over unprepared infrastructure and potential challenges with rapid deployment.
Concerns About Infrastructure Readiness
The Ministry of Industry has called for a two-year transition period before mandatory adoption of the Central Bank Digital Currency (CBDC), known as the digital ruble. According to the ministry, rushing the implementation could cause significant issues for retail businesses, as reported by the state-controlled media outlet Izvestija.
Under the proposed legislation, starting in July 2025, large retailers would be required to allow customers to pay using the digital ruble. Smaller businesses could receive delayed implementation deadlines based on their annual revenue.
More Time Needed for CBDC Adoption
The ministry highlighted that the current draft law lacks clear operational guidelines for the introduction of the digital ruble. Key areas requiring attention include:
Finalizing the software,Updating information systems,Conducting system testing,Training personnel.
To mitigate risks, the ministry recommends a two-year transition period, giving businesses adequate time to adapt to the new digital payment system.
Central Bank Plans Gradual Rollout
The governor of the Russian Central Bank, Elvira Nabiullina, stated that if pilot programs for the digital ruble proceed as planned, the country could begin mass implementation by July 2025. However, the transition will be gradual.
Nabiullina further noted that full-scale CBDC adoption may take five to seven years, emphasizing that the process will be "natural" and guided by business needs and consumer convenience.
Conclusion
The Ministry of Industry stresses that successful digital ruble adoption requires thorough preparation of infrastructure and a longer transition period. Whether the planned mass implementation by July 2025 will succeed depends on cooperation between the government, central bank, and businesses.

#cbdc , #digitalcurrency , #digitalassets , #cryptoregulation , #CryptoNewss

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Texas is exploring the idea of establishing a strategic bitcoin reserve, according to Dennis Porter, CEO of the nonprofit organization Satoshi Action Fund (SAF). This initiative could have a significant impact at both the state and national levels.
Discussions on Bitcoin Legislation
Speaking at the North American Blockchain Summit on November 21, Porter revealed that Texas lawmakers have begun preliminary discussions on introducing legislation focused on creating bitcoin reserves. Porter emphasized that the implications of such a move should not be underestimated, especially given Texas's status as the eighth-largest economy in the world, with a GDP of $2.4 trillion (as of 2022).

Inspiration from Other US States
Similar initiatives have already been proposed at both federal and state levels. For instance, Senator Cynthia Lummis introduced a bill in July to create a strategic bitcoin reserve, which would act as a hedge against national debt.
In Pennsylvania, lawmakers proposed legislation allowing the state treasury to allocate up to 10% of its reserves in bitcoin as a safeguard against inflation.
Bitcoin Reserves and Mining Security
Porter highlighted that beyond serving as an inflation hedge, strategic bitcoin reserves could also strengthen the U.S. bitcoin mining industry. Mining operates on very thin profit margins, making it vulnerable to external pressures from countries like China and Russia.
“Strategic reserves could act as a stabilizer to protect American bitcoin miners from external threats. A state actively buying and selling bitcoin could bolster the resilience of the mining sector in the U.S.,” Porter stated.
Historical Parallels
Porter compared the idea of bitcoin reserves to historical decisions that shaped the United States, such as the Louisiana Purchase and the acquisition of Florida and Alaska.
Growing Global Interest in Bitcoin Reserves
Interest in creating strategic bitcoin reserves is also growing internationally. Polish presidential candidate Sławomir Mentzen promised to establish a national bitcoin reserve if elected.

Porter expressed optimism about the momentum behind bitcoin reserves, saying, “It’s a race to see who will pass this legislation first. Regardless of who wins, this move will benefit all of us.”
If Texas and other states proceed with implementing strategic bitcoin reserves, it could have a transformative impact on the future of cryptocurrencies both in the U.S. and globally.

#Bitcoin❗ , #BTC☀ , #digitalcurrency , #Texas , #CryptoNewss

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Digital currencies issued by local governments in Japan are increasingly being exploited in phishing scams. Fraudsters are taking advantage of vulnerabilities in reward programs, raising concerns about their security.
Fraud Cases Expose Security Risks
According to a report by Japan Times, an increasing number of fraud cases are exposing vulnerabilities in regional digital currencies issued by municipalities across Japan. This has led to calls for stricter security measures.
For example, police in Osaka arrested seven Vietnamese nationals accused of using stolen credit card information to fraudulently obtain "machikane points," a regional digital currency used in Toyonaka city. The group allegedly exploited a reward system that offers up to 2,500 yen (approximately $345) for purchases worth 50,000 yen (~$6,900).
The scammers used the same credit card across multiple accounts, netting nearly half a million dollars in just two days. Investigators suspect that more individuals may be involved in the scheme.
Similar Scams Nationwide
Similar fraud cases have been reported in other regions, such as in Kumagaya city in Saitama Prefecture, where the local currency Kuma Pay was targeted. Several municipalities across Japan have reported incidents, though some have refrained from disclosing details.
Rapid Growth in Digital Currencies
Regional digital currencies have seen a significant surge in popularity in recent years. Data from Senshu University shows that the number of municipalities issuing digital currencies increased from 32 in 2019 to 219 in 2023. These currencies are designed to support local economies, but experts warn that newly introduced digital currencies are often targeted by phishing groups.
Calls for Improved Security
Authorities are urging municipalities to strengthen identity verification protocols and restrict credit card usage to those registered under the buyer's name. However, some officials admit that it is challenging to completely prevent phishing-related thefts.
Conclusion: Phishing scams highlight the need for better protection of digital currencies in Japan. While these currencies are a valuable tool for boosting local economies, their security vulnerabilities pose a significant risk. Implementing stricter verification protocols could help mitigate the issue, but fully preventing such scams remains a challenge.

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Yao Qian, a key figure in China’s blockchain sector and the former head of the central bank's digital currency research institute, has been expelled from the Chinese Communist Party and stripped of his public office. The charges involve alleged corruption related to cryptocurrencies.
Accusations of Law and Discipline Violations
According to China’s anti-corruption authorities, Yao “severely violated discipline and laws.” They accused him of falsely presenting himself as a financial technology expert and “actively promoting specific technology service providers” for personal gain.
He has also been accused of abusing his regulatory power and engaging in financial transactions involving cryptocurrencies for personal profit. Authorities claim Yao illegally accepted an “extraordinarily large amount” of funds and assets, though the exact amount has not been disclosed.
Next Steps: Criminal Investigation
Yao’s alleged crimes have been referred to the state prosecution for further investigation and potential criminal charges. Authorities are conducting a thorough review of his actions during his tenure in prominent roles within the central bank and regulatory agencies.
Yao Qian’s Career and Activities
Yao Qian began his career as head of the technology regulation division at the China Securities Regulatory Commission. In 2017, he was appointed the inaugural head of the central bank’s digital currency research institute. He transitioned to the national securities regulator in 2018.
Beyond his regulatory roles, Yao was an active advocate for blockchain technologies. In 2022, he published a book covering topics such as DAOs, DeFi, NFTs, and Web 3.0. In the book’s preface, he emphasized the importance of Web 3.0 innovations as a key direction valued by China.
Impact on China’s Crypto Community
This case arises amid China’s ongoing strict oversight of cryptocurrencies and related technologies. The action against Yao highlights that Chinese authorities remain vigilant in scrutinizing the regulatory and technological sectors, particularly in blockchain and digital currency advancements.

#BlockchainNews , #digitalcurrency , #CryptoIndustry , #CryptoNewss ,#China

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The US Treasury Department has taken a firm stance on cross-border payment systems that fail to meet its standards. Brent Neiman, Under Secretary for International Finance, emphasized that any system not aligned with US expectations could destabilize global markets and jeopardize economic security.
This warning comes as BRICS+ alliance nations actively work to develop their own payment systems to bypass Western platforms like SWIFT.
US Aims to Maintain Leadership in Global Payments
"The United States must lead in cross-border payment systems," Neiman stated during a Federal Reserve Bank of New York conference. According to him, global payment networks must not only be efficient but also comply with anti-financial crime measures.
The US aims to maintain the dollar's dominance and establish rules that favor American interests. "Connecting with the US requires transparency and shared policy goals," Neiman added.
BRICS and the Move Toward Financial Independence
BRICS nations have recently initiated efforts to create payment systems independent of Western networks. These systems aim to shield their economies from sanctions and strengthen financial autonomy. Russia and China, weary of US dominance, are spearheading this initiative to reduce reliance on the dollar.
The US has long used its control over the global financial system as a political tool, as demonstrated by freezing Russian reserves following its invasion of Ukraine.
Cryptocurrencies and Stablecoins as Risks to Traditional Systems
Neiman warned that poorly designed payment systems or unregulated cryptocurrencies could create chaos in global markets. He also highlighted the risks associated with stablecoins—digital currencies pegged to fiat money. The Treasury Department plans to establish a federal framework for stablecoin regulation to prevent their misuse in bypassing traditional systems.
Blockchain technologies and cryptocurrencies are revolutionizing cross-border money transfers. They are faster, cheaper, and harder to regulate, posing a significant threat to the dollar's dominance.
US Must Modernize Its Payment Systems
Neiman stressed the need to modernize American payment systems to remain competitive. Faster, safer, and more efficient dollar-based systems could strengthen the US's position in global markets.
"Improving a dollar-focused system would reinforce American values and leadership," Neiman stated.
The United States recognizes that challenges posed by BRICS and cryptocurrencies require a strategic response to secure its influence in the future.

#GlobalEconomy , #CryptoNewss , #Stablecoins , #digitalcurrency , #GlobalFinance

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In a significant breakthrough for Patricia Technologies and the crypto community at large, Nigerian police have made an arrest in connection with the crypto wallet heist that rocked the nation. Wilfred Bonse, a prominent politician, has been apprehended for his alleged involvement in the theft of over $246,000 from Patricia Technologies' crypto wallets.The arrest marks a crucial step in the ongoing investigation into the high-profile crypto heist, which sent shockwaves through Nigeria's burgeoning cryptocurrency scene. Patricia Technologies, a key player in the country's crypto space, experienced a significant breach that resulted in the loss of a substantial amount of funds.The arrest of Wilfred Bonse underscores the collaborative efforts between law enforcement and the crypto industry to combat cybercrime. Cryptocurrency-related crimes have become a growing concern globally, and the Nigerian authorities' swift action in identifying and apprehending a suspect reflects a commitment to maintaining the integrity of the digital financial ecosystem.While the details of Wilfred Bonse's alleged involvement in the crypto wallet theft are still emerging, the arrest is expected to provide valuable insights into the methods and motivations behind the attack. The cryptocurrency community, both in Nigeria and beyond, is closely following developments as they unfold.The Patricia Technologies heist highlighted the vulnerabilities and challenges faced by crypto platforms in safeguarding user funds. The incident has prompted a renewed focus on security measures within the industry, with stakeholders emphasizing the importance of robust security protocols to protect against cyber threats.As the legal proceedings against Wilfred Bonse progress, questions about the broader implications of the heist and the security measures employed by crypto platforms are likely to come to the forefront. This incident serves as a stark reminder of the need for continuous vigilance and collaboration between industry participants and law enforcement agencies to mitigate the risks associated with digital assets.In conclusion, the arrest of Wilfred Bonse in connection with the Patricia Technologies crypto wallet heist is a significant development in the ongoing investigation. It signals a proactive approach by Nigerian authorities in addressing crypto-related crimes and reinforces the importance of security measures within the cryptocurrency ecosystem. As the case unfolds, the industry will be closely watching for insights into how such incidents can be prevented in the future and how the collaboration between crypto companies and law enforcement can further strengthen the overall security of digital assets.#PatriciaTechArrest #NigeriaCryptoSecurity #digitalcurrency