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Amendments To Russia’s Digital Asset Law Aim To Allow Mining, Ban Crypto Exchange And Ads

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Amendments To Russia’s Digital Asset Law Aim To Allow Mining, Ban Crypto Exchange And Ads

Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services.

New Attempt to Legalize Cryptocurrency Mining in Russia

After months of deliberations, efforts continue in Moscow to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in that direction comes from a group of high-profile deputies from the lower house of parliament, the State Duma, including the head of the Financial Market Committee, Anatoly Aksakov.

The lawmakers have filed a bill amending the law “On Digital Financial Assets,” in force since January of 2021. The draft is meant to regulate the extraction of cryptocurrencies as well as the taxation of the generated income. It permits the sale of the minted coins “without using Russian information infrastructure” or through authorized entities operating “within experimental legal regimes.”

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The document introduces a detailed definition of crypto mining which makes reference to the use of computing equipment and distributed ledger technology. It also describes mining pools and obliges miners to share information with the state in accordance with the tax legislation of the Russian Federation.

Under the proposed provisions, crypto mining activities will be overseen by a special government-appointed body. The executive power will also determine the requirements for legal entities or individual entrepreneurs that want to get involved in the industry in coordination with the Central Bank of Russia.

Bill Sponsors Seek to Prevent Wide Offering of Crypto Services

If adopted, the new legislation will prohibit the advertising or other forms of promoting crypto assets to unlimited audience. The ban refers to wide, non-targeted advertising of products and services linked to the issuance and circulation of cryptocurrencies like bitcoin, with the exception of mining.

According to the Russian crypto news outlet Bits.media, this means that any commercial crypto activities, like those of exchanges, for example, would be outside the law, while peer-to-peer exchange should be allowed.

Forklog noted in a report that previously introduced restrictions concern only the dissemination of information on the offering and acceptance of digital currencies as a means of payment. Another mining bill submitted to the Duma in late October permits their use in cross-border payments amid sanctions.

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The latest piece of legislation is expected to be adopted in December and enter into force on Jan. 1, 2023, Anatoly Aksakov announced. Earlier in November, he revealed that Russian authorities plan to “allow the mining of any cryptocurrency.”

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Advertising, amendments, bill, Changes, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, draft law, Exchange, Law, legalization, Legislation, mining, Proposals, provisions, Regulation, Russia, russian, Services

Do you think Russia will legalize crypto mining in the coming weeks? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Ads In Thailand Must Feature Clear Investment Warnings, New Regulations Require

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Crypto Ads In Thailand Must Feature Clear Investment Warnings, New Regulations Require

Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims.

Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand

Thailand’s Securities and Exchange Commission (SEC) has approved new requirements for crypto ads, Bloomberg and Reuters reported quoting the regulator. According to a statement released on Thursday, the changes come after the SEC found that some advertisements lacked any warnings about the risks associated with cryptocurrencies or featured only positive information.

Crypto firms in Thailand will now be obliged to clearly indicate the relevant risks for investors in their ads and the warnings must be easy to notice. They should present balanced views of the expected returns and mention both positive and negative factors. The advertisements must not feature misleading, exaggerated or false claims.

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Thai crypto businesses, which have been advertising heavily through digital media and billboards, must now limit the promotion to official channels such as their own websites. They will also have to provide regulators with information about the advertising terms. The securities watchdog explained in the announcement:

Operators must give details of ads and spending, including the use of influencers and bloggers to the SEC, including terms and time frame.

Companies working with crypto assets in Thailand will have 30 days to comply with the new regulations rolled out by the SEC this week. The tightening of the advertising rules follows a global market slump that affected many entities in the industry.

One example is Zipmex, a crypto exchange operating under a Thai license and in other jurisdictions. The coin trading platform and its regional parent, Zipmex Pte, halted withdrawals last month. In mid-August, the latter was granted three months of protection from creditors by a court in Singapore, where authorities consider stricter rules for retail crypto investors.

The SEC recently fined Zipmex 1.92 million baht (over $50,000) for suspending withdrawals. Penalties were imposed on other crypto companies, too. An executive from the Thailand-based cryptocurrency exchange Bitkub was fined 8.5 million baht (more than $230,000) for alleged insider trading.

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Ads, advertisements, Advertising, Crypto, crypto companies, Cryptocurrencies, Cryptocurrency, Fine, fines, Regulations, regulator, rules, SEC, Securities, thai, thailand, tightening, watchdog, Zipmex

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Do you expect Thailand to tighten other crypto regulations as well? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Kollawat Somsri

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Blockchain.com Inks Multi-Year Deal With Dallas Cowboys Star Quarterback Dak Prescott

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Blockchain.com Inks Multi-Year Deal With Dallas Cowboys Star Quarterback Dak Prescott

The crypto firm Blockchain․com announced on Tuesday that the company has inked a multi-year partnership deal with the Dallas Cowboys quarterback Dak Prescott. Blockchain.com says the Cowboys quarterback will appear on TV, radio, and social media in order to bring his “personal brand firepower to introduce crypto to a broader audience.”

Dallas Cowboys Quarterback Dak Prescott Becomes Blockchain.com’s Brand Ambassador

Blockchain.com has partnered with the star football quarterback for the Dallas Cowboys of the National Football League (NFL), according to an announcement made on Tuesday. Dak Prescott is a well known NFL player, as the athlete was chosen by the Cowboys as the fourth-round 2016 draft pick.

Prescott was supposed to be a backup quarterback for the Cowboys’ starter Tony Romo, but when the starting quarterback Romo was injured, Prescott took the lead. His on-field performance led the Cowboys to a successful season and Prescott was given the title of “NFL Offensive Rookie of the Year.”

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Dak Prescott, Dallas Cowboys quarterback (pictured left), and Peter Smith, Blockchain.com CEO (pictured right).

The crypto firm Blockchain.com had already signed a deal with the Dallas Cowboys in mid-April. The company became the NFL team’s “exclusive digital asset partner” and the crypto company said it would appear in television ads, signage, and radio. Dak Prescott will do the same for Blockchain.com, according to the announcement on Tuesday, as the company said Prescott will be “featured across TV, radio, social media, and digital, as well as in select physical appearances.”

The NFL quarterback will essentially “introduce crypto to a broader audience,” Blockchain.com said. “Down the road, fans can expect tutorial videos on how to use the Blockchain.com Wallet, plus additional content to promote financial literacy,” the crypto company explained during the announcement.

“As I’ve said before, the world needs change,” the Dallas Cowboys quarterback Prescott said in a statement. “Crypto offers a path to financial freedom and stands to transform our relationship with money. I’m honored to help generate awareness alongside Blockchain.com as they work towards building the future of finance.”

The deal follows a number of star sports athletes getting into digital currencies and non-fungible token (NFT) technology. NFL players including Odell Beckham Jr., Saquon Barkley, Russell Okung, Aaron Jones, Patrick Mahomes, Rob ‘Gronk’ Gronkowski, and Tom Brady have all backed crypto projects in some form or another.

Furthermore, in May 2021, the exchange-traded product GBTC issuer Grayscale Investments became the official digital currency asset management partner for the New York Giants. Six days ago, the NFL franchise the Houston Texans partnered with the company Bitwallet, and the NFL team is selling single game suites for cryptocurrencies.

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Aaron Jones, Ads, Advertising, Blockchain.com, Brand Ambassador, Cowboys, Crypto, crypto companies, Dallas Cowboys, Dallas Cowboys quarterback, Deal, NFTs, Odell Beckham Jr, partnership, Patrick Mahomes, radio, Rob “Gronk” Gronkowski, russell okung, Saquon Barkley, signage, television ads, Tom Brady

What do you think about Blockchain.com partnering with the Dallas Cowboys quarterback Dak Prescott? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Globant Survey: Most Gamers Believe Metaverse Will Change The Gaming Industry Positively

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Globant Survey: Most Gamers Believe Metaverse Will Change The Gaming Industry Positively

A survey published by Globant, a software development firm, and Yougov, found that most gamers believe that metaverse will change the gaming industry in a positive way. The survey, which consulted the opinion of 1,000 PC, console, and mobile gamers, also found that most gamers are still uncomfortable with advertising on the metaverse and that non-fungible tokens (NFTs) are still uncommon for metaverse gamers.

Metaverse Tech Might Change the Gaming Industry, Globant Survey Finds

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The sentiment of gamers toward metaverse tech and its influence on the future of the industry is changing to a more positive light. A new survey, titled “Metaverse Awareness Survey,” published by Globant, a software and tech company in partnership with Yougov, found out that gamers believe that the buzz around the metaverse is justified.

The survey, which touched on other metaverse-related subjects like NFTs, consulted 1,000 gamers about the importance of the metaverse for the interactive entertainment industry. More than half of the surveyed believe that metaverse and its tech will impact the sector, with 41% of this group stating it will do it in a positive way, with 25% disagreeing about this issue.

Advertising is also still seen badly by gamers in the metaverse, with only 35% being comfortable with advertising in these spaces. Only 44% would accept advertising in the metaverse if there was some kind of reward associated, like access to apps.

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Nicolas Avila, CTO for Globant in North America stated:

Through this survey, we see that although the development of the metaverse is still in its early stages, U.S. gamers already see the technology as capable of expanding the realm of possibility in gaming.

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Cryptocurrencies and NFTs Still Unpopular

The survey seems to indicate there is still a disconnect between the metaverse and Web3 tech, as most gamers are still not comfortable regarding the use of cryptocurrencies or NFTs. The survey results indicate that 34% of the gamers were interested in managing cryptocurrency, while almost half of them had no interest at all in mixing crypto assets with gaming.

In the same way, while come big gaming companies like Ubisoft have started experimenting with NFTs in games, the concept is still relatively new to the field. 81% of the surveyed answered they have not purchased an NFT yet.

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Also, Meta seems to be getting the upper hand when it comes to brand association with the metaverse, as 73% of the gamers link the platform with its concept.

What do you think about the latest metaverse survey completed by Globant and Yougov? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Piotr Swat, Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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