NORWAY PROPOSES TO ABOLISH THE TAX CONCESSION SCHEME FOR CRYPTO MINERS |1300 HKT | 0600 UKT | 7 OCTOBER 2022

The government of Norway proposes to stop offering a discounted rate on electricity to the crypto data centres owing to the increased pressure on the power supply in the country. Announced on 6 October, the finance minister intended to put a halt to the scheme that has been introduced since 2016 aimed at reserving power for the community. He believed that charging the standard electricity rate on the Bitcoin miners could increase tax revenue by more than $14 million. Norway currently accounts for 0.74% of the global Bitcoin hash rate.

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EU IMPOSES A COMPLETE BAN ON CROSS-BORDER CRYPTO TRANSFER FROM RUSSIAN WALLETS |1300 HKT | 0600 UKT | 7 OCTOBER 2022

The European Union announced its decision to impose a new package of sanctions against Russia on 6 October, banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet. The new sanctions tightens the previous sanctions that limited the Russian payment to the EU wallet of up to 10,000 euro. This decision comes shortly after the Russian government approved the use of crypto for cross-border payment.

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KAZAKHSTAN AIFC’S REGULATOR GRANTS BINANCE PERMANENT LICENSE TO PROVIDE DIGITAL ASSET SERVICES IN THE COUNTRY |1300 HKT | 0600 UKT | 7 OCTOBER 2022

Kazakhstan’s AIFC Financial Services Authority has reportedly granted Binance a permanent license to manage a digital asset platform and offer custody services at the Astana International Financial Center. This decision comes after the parties have signed a series of memorandums of understanding and “in-principle” approval has been granted by the authority. Gleb Kostarev, the Asia regional head at Binance, said that the approval to operate in Kazakhstan is another step for Binance to become a compliance-focused exchange.

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