Russia is on the verge of a groundbreaking change. Changing its approach to cryptocurrencies, it is preparing to introduce four key laws that aim to regulate aspects such as crypto mining, cross-border payments, taxation of digital assets and liability for their illegal use.
The State Duma, the lower house of the Russian parliament, under the leadership of Anatoly Aksakov, chairman of the parliamentary Financial Market Committee, is working hard on the above-mentioned bills. It is planned that they will be adopted during the spring session, which ends on July 30.
Aksakov emphasizes that these projects are carefully thought out and developed with the participation of industry representatives. Despite the lack of comprehensive legislation, large Russian companies have already started using cryptocurrencies to settle international trade. However, they are impatiently waiting for the establishment of a full legal framework, which would ensure the legality and security of transactions using them.
Aksakov noted that the authorities take into account the opinions of market participants regarding tax regulations, possibly introducing standards for Digital Financial Assets (CAF) in new regulations.
The “On Digital Financial Assets” law came into effect in January 2021, but only applied to certain cryptocurrency-related activities, particularly those involving digital assets with an issuer, such as tokenized traditional assets or utility tokens. Decentralized cryptocurrencies like Bitcoin still await comprehensive regulation.
Technical Market Outlook:
The ETH/USD pair has bounced from the level of $1,761, but failed to break above the 50 MA on the H4 time frame chart seen at $1,834 and reversed. The intraday technical resistance is seen at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687.
Weekly Pivot Points:
WR3 – $1,913
WR2 – $1,886
WR1 – $1,844
Weekly Pivot – $1,814
WS1 – $1,795
WS2 – $1,764
WS3 – $1,712
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Russia is on the verge of a groundbreaking change. Changing its approach to cryptocurrencies, it is preparing to introduce four key laws that aim to regulate aspects such as crypto mining, cross-border payments, taxation of digital assets and liability for their illegal use.
The State Duma, the lower house of the Russian parliament, under the leadership of Anatoly Aksakov, chairman of the parliamentary Financial Market Committee, is working hard on the above-mentioned bills. It is planned that they will be adopted during the spring session, which ends on July 30.
Aksakov emphasizes that these projects are carefully thought out and developed with the participation of industry representatives. Despite the lack of comprehensive legislation, large Russian companies have already started using cryptocurrencies to settle international trade. However, they are impatiently waiting for the establishment of a full legal framework, which would ensure the legality and security of transactions using them.
Aksakov noted that the authorities take into account the opinions of market participants regarding tax regulations, possibly introducing standards for Digital Financial Assets (CAF) in new regulations.
The “On Digital Financial Assets” law came into effect in January 2021, but only applied to certain cryptocurrency-related activities, particularly those involving digital assets with an issuer, such as tokenized traditional assets or utility tokens. Decentralized cryptocurrencies like Bitcoin still await comprehensive regulation.
Technical Market Outlook:
The ETH/USD pair has bounced from the level of $1,761, but failed to break above the 50 MA on the H4 time frame chart seen at $1,834 and reversed. The intraday technical resistance is seen at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687.
Weekly Pivot Points:
WR3 – $1,913
WR2 – $1,886
WR1 – $1,844
Weekly Pivot – $1,814
WS1 – $1,795
WS2 – $1,764
WS3 – $1,712
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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