Overview of current news of the crypto-space

In our digest, we looked at some important news from the crypto industry over the past week:

Decimal launched its second round of DDAO control token distribution.
Dior released B33 sneakers with NFT technology on the Ethereum blockchain.
The UK passed laws to regulate the cryptocurrency and blockchain market.
Slovakia reduced the tax on cryptocurrency to 7%.
Uzbekistan issued the first license for cryptocurrency depository activities.
The Moscow University of the Ministry of Internal Affairs developed an NFT token to verify the data of conference participants.
Russia is catching up with the U.S. in the speed of development of cryptocurrency mining.
Ubisoft launches its first blockchain-based game Champions Tactics.
The State Duma amended the bill on the digital ruble.
Now for more details. Reading time: 11 minutes.

1. On June 28 at 12:00 (Moscow), the second round of DDAO control token allocation started at Decimal. A new batch of two hundred million tokens is available, the balance of which can be tracked on the DDAO token page in the DecimallChain browser. Anyone can purchase a portion of the tokens and become part of the governing arm of Decimal, a decentralized autonomous organization. There will be 5 rounds in total, and the value of the token will increase over time. Check out the DAO White Paper for all the details. And also, the Decimal team held an AMA session on June 24 with Decimal’s CEO Anatoly Berdnikov, where the topic of DAO was discussed. The broadcast was held in a new interview format. Additional AirDrop were held on the air. One thousand DEL was paid to those whose questions made it to the live broadcast. It is recommended to watch this broadcast to fully understand what DAO is, what it was created for, what it will lead to and to understand the whole process of transition of the Decimal form of company management into a decentralized autonomous organization.
2. The Dior fashion house introduced products augmented with new technologies. In particular, the fashion house released a new line of B33 men’s sneakers, which will be accompanied by non-interchangeable tokens (NFTs) on the Ethereum blockchain. Each pair of shoes will be linked to a unique digital counterpart, which guarantees their authenticity and provides an extra layer of security for customers. The B33 sneakers will be released in a limited run of only 470 pairs at a price of $1350. In addition to the NFT, six more models of B33 sneakers will be released with an NFC chip placed under the sole of the right foot. This chip will be linked to an encrypted key that will give wearers access to a personalized online platform. On it, owners will find digital certificates of authenticity of their shoes, as well as exclusive bonuses. Dior’s decision to test blockchain technology stems from its parent company LVMH’s interest in Web3 and cryptocurrencies. Brands owned by LVMH, such as Hennessy, TAG Heuer and Louis Vuitton, have already implemented blockchain-based tracking features in their products and programs.
3. The U.K. has passed laws to regulate the cryptocurrency and blockchain markets. King Charles III signed a bill to restore control over financial services regulations, with expanded powers for the country’s supervisory authorities to create and implement rules to regulate the crypto industry. Earlier, the Law Commission of England and Wales proposed a new legal category of “digital objects,” legislating digital assets such as cryptocurrencies and NFTs into the status of personal property.
   These laws were designed to adapt financial services regulation to the unique needs of the UK market and take advantage of the opportunities created by Brexit. The main goal of the laws is to increase the UK’s competitiveness as a global financial center while improving outcomes for consumers and businesses.
   Passage of the laws will allow the U.K. to control the body of financial services regulations, support companies and consumers, and stimulate economic growth. The laws also allow for experimentation with the use of blockchain in financial markets and enshrine the status of stablcoin as a means of payment. The repeal of old EU regulations would attract billions of dollars in investment to the industry.
4. The Slovak Parliament passed a bill to reduce taxes on cryptocurrency. The amendment, adopted in the third reading, provides a tax rate of 7%, which will be applied to profits from cryptocurrency sales withheld in user accounts during the year. The normal income tax rate for Slovak citizens is between 19% and 25%. In addition, cryptocurrency income is exempt from paying 14% “country health tax”. Also, payments of less than 2,400 euros ($2,624) will not be taxed. This amendment came weeks after parliament passed another constitutional amendment that codified a citizen’s right to use cash as a payment method in light of talk of the digital euro. According to a local Slovak media report, the Ministry of Finance expects the financial impact of the amendment to be about 30 million euros per year.
5. Uzbekistan has issued its first license for cryptocurrency depository activities. This became possible after the adoption of several laws regulating the cryptocurrency market in the country. According to the local legislation, a cryptodepository is a legal entity that provides an electronic platform for the issuance, primary placement and storage of digital assets. Lockton Hub, a subsidiary of UAE-based brokerage firm Lockton Solution LLC-FZ, was the first to receive a license to operate a cryptocurrency depository. Distributed Lab was the technical partner. Liability for operating without a license could result in a maximum fine of 100 basic calculation units (equivalent to minimum wage) or compulsory community service from 300 to 480 hours. The Uzbek authorities also established procedures for registration, issuance and circulation of cryptoassets on electronic platforms providing crypto-depository services.
6. The Moscow University of the Ministry of Internal Affairs developed an NFT token to verify the data of the participants of the conference “Combating Crime in the Sphere of Information and Telecommunication Technologies”. This allowed to get rid of paperwork, as well as to simplify the process of verification of certificates of each participant and speaker. The use of crypto-token allowed the university to verify the certificates of each of the speakers. The NFT developed by the department and the accompanying algorithmic solutions made it possible to completely eliminate the “paper” process and solve the problem of autonomous certification of the conference. An irrevocable token represents ownership of an item, including digital goods such as artwork, documents, digital avatars, tickets, and collectibles. The conference also discussed criminal prosecution of cryptocurrency-related crimes, combating fraud in the financial sector, as well as methodology for tracking cryptotransactions through interaction with Rosfinmonitoring. At present, work is underway to widely implement the technology in the system of organizing scientific and representative events and to scale the application of the technology to the educational process.
7. Russia is catching up with the U.S. in the rate of cryptocurrency mining development, according to BitRiver. By the end of the first half of 2023, Russia had caught up with the U.S. in terms of the growth rate of the mining industry. The reason for this was the exponential development of cryptocurrency mining in Russia and the decline in U.S. activity. The amount of electricity consumed by miners in the U.S. exceeded 4 GW, while in Russia it is at about 2 GW. However, according to BitRiver estimates, the Russian mining industry is catching up with the U.S. industry at an accelerated pace due to the increase in capacity and demand from China. Since mid-April 2023, demand for mining services in Russia from large Chinese customers has been growing noticeably. Increased demand for hosting services for cryptocurrency mining equipment is also seen from large businesses from Russia, the CIS, the Arab world, China, India and other friendly countries. “Chinese miners are starting to choose more favorable jurisdictions for business. This is not the least influenced by the geo-economic confrontation between Washington and Beijing, harsh statements of the U.S. authorities in relation to key participants of the crypto market, incorrect assessments of the leader of China by the U.S. leader. As a result, the key jurisdiction for Chinese miners placing new orders is Russia, not the U.S.,” explains CEO and founder of BitRiver Igor Runets. According to the businessman, the Russian mining industry is at a breaking point, and by the end of 2023 it will be possible to talk about outpacing the growth rate of the U.S. cryptocurrency mining market.
8. Ubisoft is launching its first blockchain-based game, Champions Tactics. The new game is an experimental PVP game for PC. It is developed on the Oasys blockchain, which uses the Proof-of-Stake algorithm and is optimized for games. The main goal of the game is to assemble a team of mythical champions and engage in exciting tactical battles with other players. Players will be able to discover the legends of the dark and mystical world of Grimoria. The developers said the Oasys blockchain was created by gamers for gamers and is supported by several major game companies, including SEGA, Bandai Namco and Square Enix. It is not yet known exactly when the game will launch, but Ubisoft has said it will be free from the start. This is the first blockchain project for Ubisoft, although the company has previously announced a collection of non-interchangeable tokens inspired by Assassin’s Creed.
9. The State Duma has amended the bill on the digital rouble, which removes the responsibility for the safety of digital roubles from the Bank of Russia. Now commercial banks will be responsible for the safety of digital rubles, and the Bank of Russia will be obliged to implement measures to combat fraud. It is proposed to call a wallet a “digital account” rather than a “digital wallet”, as the previous wording “is not ideologically suitable for digital rubles”. In addition, amendments are being prepared to allow non-residents to open digital accounts. The pilot launch of the CBC did not take place in April due to the lack of a regulatory framework, the bill passed its first reading. State Duma deputies expect the draft to pass in third reading during the current session.

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