Share:
  • Russian lawmaker Sergei Altukhov confirmed the lower chamber has been working on a draft amendment to launch a national crypto exchange. 
  • Belgium announced that cryptocurrencies without an issuer are not a security, sparing them from following financial rules.
  • Ethereum price is on the verge of initiating an almost 12% rally, trading at $1,203.

Russia triggered one of the biggest crashes of the crypto market this year, even before FTX, in February, after waging war against Ukraine. The consequential global sanctions led to the citizens of the country relying on cryptocurrencies to conduct their business. Russia is now preparing to capitalize on this by amending its law.

Russia to regain the money from taxes

Russia's State Duma Committee on Economic Policy member Sergei Altukhov said in a statement to local media that the lower chamber has been working on a draft legislative amendment. to the law "On Digital Financial Assets", which would allow the development of a state-run crypto exchange

This cryptocurrency exchange will help Russia reclaim the losses the country incurred by lack of taxation. Altukhov said,

"It's pointless to say that cryptocurrency doesn't exist, but the problem is that it circulates in a large flow outside of government regulation. These are billions of rubles of lost budget revenues in the form of taxes."

Russia's national crypto exchange will be limited to only declaring and converting digital currencies. The exchange would not be a tool for the distribution of cryptocurrencies as a means of payment.

Belgium declares Bitcoin and Ethereum non-security tokens

While Russia is leaning in on extending its administration over cryptocurrencies, Belgium is freeing certain digital assets from the financial rules. According to a classification published by Belgium's Financial Services and Markets Authority (FSMA), assets without an issuer will not be counted as security.

The FSMA stated that the rule deciding an asset's classification is neutral as regards technology. This means that its status as security is regardless of the asset being derived from blockchain or other origins. Instead, digital assets with an issuer are more likely to be defined as security.

“Nevertheless, if the instruments have a payment or exchange function, other regulations may apply to the instruments or the persons who provide certain services relating to those instruments,” the FSMA communication reads.

Ethereum price continues climbing the chart

Ethereum price, after rising by more than 10% in the last 48 hours, returned to the $1,200 zone, trading at $1,203 at the time of writing. Going forward, ETH could benefit from the broader market bullish cues as it aims at $1,231 as its next target.

If Ethereum price breaches the $1,231 level, it would be able to flip this immediate resistance into a support floor. This would be necessary for the altcoin to climb its way to the critical resistance level at $1,279.

Reclaiming this level would provide ETH with the necessary bullish pressure to tag $1,345, which forms the low of the inefficiency from $1,345 to $1,427, labeled as the Fair Value Gap (FVG). This would mark a 12% rally for the cryptocurrency from its current trading price. 

ETH/USD 4-hour chart

ETH/USD 4-hour chart

However, if the price declines, ETH would be looking to test its immediate support at $1,159. Closing below this level would push Ethereum price to tag $1,084, losing which would invalidate the bullish thesis and result in the altcoin hitting the June lows of $1,013.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL

Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.

More Solana News

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain price climbs 15% as native RUNE secures self-custody wallet integration

THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.

More Rune News

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Up by 96% in a week, this altcoin is likely following Solana price rally from 2021

Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.

More Cryptocurrencies News

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live

Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.

More Chainlink News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP