Welcome to Barmy’s Daily Crypto News – November 19th, 2022
1. Russian legislation would make crypto mining legal.
On November 17, a bill to allow cryptocurrency mining and the selling of the cryptocurrency mined was submitted to the State Duma, the lower house of the Russian parliament. Russia presently prohibits the usage of cryptocurrency for settlements.
Anatoly Aksakov, the chairman of the Duma Financial Markets Committee, stated to the neighborhood media that he anticipated the legislation to pass all three parliamentary readings in December and enter into law on February 1. According to several reports, the bill would become a law on January 1.
The law on digital innovation, which was passed in 2020, has made it feasible for the experimental sales regime. Mining pools and cryptocurrencies are defined under the bill. Additionally, it outlaws cryptocurrency advertising in Russia.
2. Man Group Plc is preparing to launch a cryptocurrency hedge fund
Man Group Plc, a London-based investment manager, is getting ready to start a cryptocurrency hedge fund, indicating that investors are still interested in digital assets in the wake of the massive collapse of FTX earlier this month.
According to a November 18 Bloomberg article, Man Group is getting ready to introduce its cryptocurrency-focused hedge fund through its computer-driven trading subsidiary AHL. Bloomberg stated that the new hedge fund might be prepared by the end of the year, citing unnamed private sources.
Through AHL, which regularly trades cryptocurrency futures, Man Group has already acquired exposure to digital assets. Man Group managed $138.4 billion in assets as of the end of September, which is a modest decrease from the $142.3 billion it managed at the same time last quarter.
3. Bitstamp obtained a license for operations in Spain
The EU-based exchange became the 46th cryptocurrency company to be granted a license to provide fiat currency exchange services in the nation.
Spanish authorities have granted Bitstamp a license to do cryptocurrency business there. It signifies acceptance in yet another European country for an exchange, which since its establishment in 2011 has concentrated on the market in the European Union.
On November 17, the business made an announcement regarding its Spanish license. With the Bank of Spain’s license, Bitstamp’s regional affiliate can now provide electronic wallet custody and exchange services for fiat currency to Spanish customers. Following companies like Binance and Bitpanda in receiving a license in Spain is Bitstamp, which is now the country’s 46th distributor of digital assets.
4. Twitter temporarily closing its offices as hundreds of employees have walked out
Musk gave Twitter employees an ultimatum earlier this week, telling them to “work long hours at great intensity” or vacate their desks by Thursday, Nov. 17.
The company momentarily closed its offices as hundreds of employees walked out as a result of a significant proportion of them choosing the second option, which is believed to contain three months’ worth of severance money, according to sources.
Additionally, Twitter stated that all badge access would be temporarily suspended until Monday, Nov. 21, and urged personnel to “avoid disclosing secret company information on social media, with the press, or elsewhere.”
Users have been looking for alternatives, so it’s not just workers who are leaving Twitter in Musk’s wake. Mastodon is one that has recently gained attention and has seen a spike in new registrations.
5. KPMG Futures through the use of metaverse technologies to build business opportunities
KPMG, one of the Big Four accounting firms, is already examining how the cutting-edge technology can alter its business model. Soon, it may be holding CEO meetings and closing multimillion dollar deals with customers in the metaverse.
KPMG’s James Mabbott, partner in charge of KPMG Futures, stated recently in an interview that the company sees tremendous potential in the technology generating new and more effective methods for businesses and consumers to communicate with one another.
According to Mabbott, virtual interactions on metaverse platforms have the ability to transform customer engagement and service delivery as well as potentially create new revenue streams for the company.
The company has just created a brand new role within Australia’s KPMG Futures team, called head of metaverse futures, which has just appointed Web3 executive Alyse Sue to the position.
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