Penalty on Cryptocurrency Operations: Russia Proposes Fines Up to $25,000 for Transactions and Mining Activities
In the ever-evolving world of cryptocurrency, there's always something new to report. Here's a roundup of the latest developments:
Cryptocurrency Mishap
A user reportedly lost a staggering $1M USDC to a MEV (Maximal Extractable Value) bot after a mistaken transaction. This incident serves as a grim reminder of the need for caution when dealing with digital assets.
Business Model Shift
A UAE crypto exchange has decided to change its business model, but further details about the changes are yet to be disclosed.
Russian Legislation
The Russian government has filed a bill that imposes fines and asset seizure for cryptocurrency payments and coin mining without permission. The bill, titled 'On Amendments to the Code of Administrative Offenses', has been submitted to the State Duma, the lower house of parliament. The bill targets basic cryptocurrency transactions, including their advertising, and could potentially hinder the development of major crypto projects in Russia.
Stock Market Moves
Nvidia stock has taken a dip by 3% due to accusations of breaching China's anti-monopoly law. On the other hand, Next Technology is planning a $500M common stock offering to buy more Bitcoin.
Cryptocurrency Regulations
Persons accepting cryptocurrency for goods and services will be held accountable under the legislation, with fines ranging from 100,000 to 1 million rubles ($2,500 to $12,500) for individuals and legal entities. Illegal mining activities, including participation in mining pools, will also be met with fines.
Cryptocurrency Projects
Solana has secured a significant investment of $1.1B from Pantera Capital, with expectations of Bitcoin reaching $750K. Solana creators have also received $19.3M from Pump.Fun streams. Pi Network is undergoing a final Testnet1 upgrade before its mainnet transition.
Cryptocurrency Adoption
Santander's Openbank is rolling out Bitcoin, Ether, and more for European users. XRP and Dogecoin ETFs are set to launch this week. Monero's double-spending threat has grown after a block reorganization.
Market Challenges
Hackers have seized the FBI's botnet takedown targets and built a stronger cyberweapon from it. BYD stock has lost $45 billion in value due to rising doubts over China's EV dominance. The restrictions could lead to an outflow of qualified professionals and reliance on foreign-made solutions rather than selling Russia's own solutions to others.
Larry Ellison's Involvements
In other news, Larry Ellison has been involved with OpenAI, Paramount, Warner Bros., and TikTok all at once.
Stay tuned for more updates in the world of cryptocurrency!
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