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Russian Government plans to deem crypto mining as an entrepreneurial activity

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The Chairman of Russia’s Duma Financial Market Committee, Anatoly Aksakov announced that the government plans to deem the pursuit of digital currency under the entrepreneurial activities category. On the side-lines of the Moscow Financial Forum, Aksakov highlighted upcoming changes in virtual currency regulations including issues related to mining, and the emission caused by the business of digital currency.

Furthermore, upon registering all cryptocurrency processes as entrepreneurial activities, it will also be liable to the state’s taxation policies.

“Since this is a type of entrepreneurial activity, obviously, it is necessary to enter it into the register, assign a code to it corresponding to it as a type of entrepreneurial activity and introduce taxation,”, Aksakov told the Russian publication, TASS.

Russia aims to educate through regulatory policies

Duma Financial Market Committee’s Chairman emphasized the importance of educating the citizens on the digital currency market’s terminologies. He stated that these regulations will draw a clear line between the Digital Currency of the Central Bank and the decentralized system’s virtual currencies.

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Aksakov asserts that digital currency is not merely a payment method, in fact, it is a financial entity, used as a device for investment. He contends the importance of framing a structure for digital currency distinctions and their respective values.

“There is a digital currency of the Central Bank and there is a digital currency, which, in fact, is probably understood as a cryptocurrency, and it is necessary to clearly define the delimitation of these concepts so that there is no confusion…We still need to discuss the fact that digital currency is actually now, although we call it currency, it is rather used as a financial instrument, as a financial asset, which is an object for investment, rather than as a means of payment,”, Aksakov added.

Crypto crackdown in Russia

Crypto regulations are not Russia’s first move towards clamping down the democratic nature of digital currencies. Last month, Russia’s Federal Financial Monitoring Service in Moscow, named Rosfinmonitoring, commissioned the latest tracing system to track cryptocurrencies. This system was aimed towards analyzing the behaviors and movements of traders to deanonymize their identities.

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Former Wall Street Banker Partners With Ethereum Competitor for New $1,500,000,000 Crypto Fund

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A former Citigroup executive is shaking up the crypto investment space with a $1.5 billion venture, partnering with a leading layer 1 altcoin project.

Hivemind Capital Partners is an investment firm founded by Matt Zhang, a 14-year Citigroup Inc veteran. In a press release, Zhang announces Hivemind’s mission to provide solutions to early blockchain entrepreneurs through the creation of a new “tailor-made crypto investment platform.”

“We believe blockchain technology is a paradigm shift, and we are still in the early innings. Our mission is to provide start-to-finish capital and infrastructure solutions to visionary entrepreneurs and category-defining crypto projects.

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The traditional asset management model is not designed to do this, which is why we are building a tailor-made crypto investment platform from the ground up that also offers the infrastructure institutional investors need for risk management, compliance and security.”

Hivemind is partnering with payments and decentralized finance (DeFi)-focused blockchain Algorand (ALGO) as a “strategic partner to provide technology capability and network ecosystem infrastructure.”

“We believe that Algorand is the preeminent blockchain protocol that allows institutional and corporate users to connect with the decentralized economy. With the explosive growth of the digital asset space, people tend to forget how early the crypto economy still is. We want to team up with partners who have the patience to build an enduring business.”

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However, Zhang notes that Hivemind is exploring partnerships with other layer 1 blockchains as the project progresses.

“We are also in active discussions to form partnerships with a number of other leading layer-1 networks. The goal is to build a multi-chain world to let our investors see the best opportunities across the entire crypto ecosystem.”

ALGO, trading at $1.82 at time of writing, is up nearly 12% on the day. The payments blockchain has interest from other large investors lately, including an endorsement from American financier Anthony Scaramucci last month.

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Jack Dorsey Steps Down as Twitter CEO

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Jack Dorsey has reportedly decided to step down as the chief executive officer of Twitter.

The price of Twitter shares shot up by double digits as news broke that the CEO of the social media giant – Jack Dorsey – has decided to quit.

  • CNBC reported, and later was confirmed by Jack Dorsey himself on twitter, the breaking news about Jack Dorsey’s decision to step down as the chief executive officer of Twitter.
  • The news comes as somewhat of a surprise at the moment, given the support Dorsey had. Last year, reports emerged that Paul Singer – billionaire investor and founder of Elliot Management Corp, wanted to replace Dorsey.
  • Shortly after, though, it became clear that he will remain at his position, which was regarded as positive news for Bitcoin supporters since Dorsey is among the most well-known proponents of the primary cryptocurrency.
  • In the past, he has repeatedly outlined BTC’s merits and even suggested during the 2021 Bitcoin Conference that he would quit being the CEO of Twitter and Square if BTC needed him, which raises the question of whether he has done precisely that.
  • Nevertheless, there will be many questions inside the community about what will happen to the relationship between Twitter and Bitcoin. The social media giant has been highly supportive of the cryptocurrency, including allowing BTC tips.
  • Separately, the news about Dorsey’s stepping down as Twitter CEO propelled a price surge for the company’s shares, which opened 10% higher than the last close.

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MicroStrategy Buys $414 Million Worth of Bitcoin

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MicroStrategy has announced another massive Bitcoin purchase

Business intelligence firm MicroStrategy has wowed the cryptocurrency community with yet another massive Bitcoin purchase. 

The company announced Monday that it had bought an additional 7,008 Bitcoins at an average price of approximately $59,187 per coin since the beginning of October.

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MicroStrategy’s Bitcoin riches have now swelled to 121,044 coins, whose average purchase price is $29,534.

The company currently holds roughly 0.64% of Bitcoin’s total circulating supply.

Bitcoin did not budge on the announcement as it continues to flatline just above the $57,000 level.

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As reported by U.Today, the flagship cryptocurrency has managed to partially recover from the violent sell-off that took place on Monday.

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