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Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country’s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments.
Regulators in Russia Move Toward Legalizing Use of Cryptocurrency in Foreign Trade
Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.
“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.
The current version of the bill “On Digital Currency,” put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.

Finance Ministry and Central Bank Agree on Law Allowing Cross-Border Crypto Settlements
This week, Deputy Minister of Finance Alexey Moiseev unveiled that his department and the Bank of Russia have reached an in-principle agreement on new legislation authorizing international payments in cryptocurrency.
Earlier in September, the two institutions concluded that Russia “can’t do without cross-border crypto payments” in the face of mounting sanctions. Quoted by the RIA Novosti news agency and the business daily Kommersant, the government official said:
Now we have a bill already agreed with the central bank. It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be used, in the first place in cross-border settlements.
At the same time, according to a report by RBC Crypto, Moiseev admitted that the issue with “entry and exit to fiat” remains to be resolved. Then, experts will have to determine the minimum infrastructure that Russia needs to create in order to be able to implement such cryptocurrency payments.
The finance ministry and the monetary authority have also agreed on a draft law concerning crypto mining that will legally define the activity. The deputy minister noted that the question of whether miners should credit the minted digital coins to wallets in the Russian Federation or abroad has so far been decided in favor of the second option.
Do you think Russia will legalize and regulate cross-border crypto payments by the end of the year? Tell us in the comments section below. 



























Financial authorities in Russia have begun work on a mechanism to facilitate the employment of cryptocurrencies for settlements with other nations amid sanctions. The country&#x2019;s central bank and finance ministry have already agreed on a draft law regulating cross-border crypto payments. Reg...

news.bitcoin.com

Russia Starts Developing Mechanism for International Crypto Payments

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is Makerdao, leading the pack by 13.27%
Value Locked in Defi Slips Under $55 Billion

At the time of writing, the top smart contract platform coins by market capitalization are up against the U.S. dollar in value, roughly by 0.6%, and the smart contract token economy is valued at $296 billion.
While smart contract tokens improved during the last 24 hours, the state of defi has been at the lowest value since March 29, 2022.
Currently, the total value locked in defi is around $54.95 billion and the value locked in Ethereum is around $31.61 billion, or just over 57% of the aggregate value locked today.
Ethereum is followed by Tron’s $5.41 billion and the $5.38 billion held by Binance Smart Chain (BSC) defi protocols.



While Ethereum’s defi has dominated during the past 30 days, the TVL has dropped 14.09% while Tron lost 9.72% last month.
BSC shed 2.54% in 30 days, but the layer two (L2) defi protocol Arbitrum managed to climb 1.52% last month.
Out of the $54.95 billion locked today, Makerdao is the dominant protocol with 13.27% or $7.29 billion locked.
Makerdao has lost 6.46% during the last 30 days and the second largest defi protocol Lido Finance shed 10.38%. Lido has $5.97 billion locked on Saturday, September 24, 2022.
Makerdao and Lido are followed by Curve, Aave, Uniswap, Convex Finance, Just Lend, Pancakeswap, and Compound Finance, respectively.
While most of the top smart contract tokens by market capitalization have had a lackluster week, a few smart contract coins saw double-digit gains.
In seven days neblio (NEBL) gained 35.2%, algorand (ALGO) jumped 27.5%, and counterparty (XCP) rose by 21.2% last week.



Three top smart contract tokens lost double digits last week. Ergo (ERG) lost 35%, proton (XPR) dropped by 21%, and terra luna classic (LUNC) slipped by 19.3% against the U.S. dollar.
Out of the top five smart contract tokens today, ethereum (ETH) shed 7% this week, BNB is up 2.4% in seven days, cardano (ADA) lost 1.7%, solana (SOL) is up 6.8%, and polkadot (DOT) lost 6.2% against the U.S. dollar.

What do you think about the current state of decentralized finance and the top smart contract tokens by market cap? Let us know what you think about this subject in the comments section below. 



























The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant defi protocol today is...

Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

PRESS RELEASE. Flynt Finance, the cryptocurrency financial services company based in Singapore co-founded by previous derivatives exchange operators and analysts, launched a platform for crypto structured products last week. The relatively high returns (up to 50% APY) on Flynt has gained strong interest from crypto yield enthusiasts, especially during the bear market where volatility is harder to come by.
Cryptocurrency markets are often thought of as the go-to place for high-risk high-return due to the volatile price movements. Managing risk for such assets can be complex, especially for those that do not have a financial background. 
A popular way to hedge is to use options by entering into positions opposite to current asset holding. For example, holding spot bitcoin and buying a put option when you expect some downward price action. Although still a nascent field compared to perpetual futures, crypto options are a great way to hedge your volatile positions both during times of chop and strong trends.
There are also various structured products that provide yield with combined strategies of options, lending, and futures. One of the simplest and most popular structured products is the covered call strategy or a cash covered put strategy. Even the legendary Warren Buffet has famously used this to earn premiums on Coca-Cola stocks.
Since 2021 there has been a rush to offer covered call strategies on various cryptocurrencies for the yield-hungry crypto investors. These strategies have been growing rapidly since their inception and have held up surprisingly well during the more recent downturn.
After rigorous research and backtesting various strategies, the team at Flynt decided to launch their very own structured product strategy, the “BTC Covered Call Strategy x5”. This strategy sells call options on a weekly basis and reinvests the premium earned into the following week. Based on the full 3-year set of trading data from Deribit (a leading cryptocurrency options platform), the team derived a proprietary strike price selection algorithm that maximizes returns and minimizes the chance of taking a loss. A key differentiator for Flynt’s product is its use of leverage. Flynt uses up to 5 times leverage on their strategies to both increase the returns as well as decrease the chance of taking a loss by selecting a further OTM strike price. According to their backtests, this resulted in an average APR of 47%(including losses) compared to the industry average of about 15%(not including losses). 
David Seo, CEO of Flynt Finance mentions that “for most people, a non-leveraged covered call strategy should be just fine, but for those that would like to take more risk for higher returns should definitely give Flynt a try. Through Flynt, we aim to provide access to crypto investment strategies for a variety of risk profiles.”
About Flynt Finance and the Team
Flynt Finance is a one-stop asset management platform that provides structured products on cryptocurrencies. The team is made up of blockchain OGs that have experience delivering a wide range of services including cryptocurrency exchanges, blockchain protocols, and dApps together since 2015. Flynt’s CEO, David Seo was the COO of a leading South Korean exchange, and Victor Park, the CTO has been building robust stock and cryptocurrency trading platforms for the past 20 years. Other core members have extensive experience in various fields including financial big data modeling, asset custody services, derivatives trading, and trading structured products.
Flynt’s team began the new initiative with a bold mission to provide financial freedom to everyone regardless of geography, technology, and privilege. 
To ensure transparent communication to the clients on how the deposited funds are used, every strategy executed by the team can be found on Flynt’s website in detail.
Currently providing bitcoin covered-call strategies that generate up to 50% APY, Flynt plans to continue to meet the needs of the ever-evolving crypto investor through innovative products.
 
 
 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.


PRESS RELEASE. Flynt Finance, the cryptocurrency financial services company based in Singapore co-founded by previous derivatives exchange operators and analysts, launched a platform for crypto structured products last week. The relatively high returns (up to 50% APY) on Flynt has gained strong i...

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Russia is reportedly legalizing digital assets for cross-border settlements under a new agreement struck by the country’s top financial authorities.
According to a report by Russia-based publication Kommersant, Russian Deputy Finance Minister Alexei Moiseev says the Ministry of Finance and the Central Bank have agreed on the new policy.

Says Moiseev in the report,
“It generally describes how to acquire cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements.”
Moiseev previously said the country was going to move in this direction while making sure there were controls in place to prevent money laundering and illegal drug buying.
“Because the infrastructure that we plan to create is too rigid for the use of cryptocurrencies in cross-border settlements, which, of course, we must, first of all, legalize somehow. On the one hand, give people the opportunity to do it, on the other hand, put it under control so that there is no laundering, paying for drugs, and so on.”
He said it was necessary to give people in Russia the opportunity to open up cryptocurrency wallets.
“Now people open crypto wallets outside the Russian Federation. It is necessary that this can be done in Russia, that this is done by entities supervised by the Central Bank, which are required to comply with the requirements of anti-money laundering legislation, and first of all, of course, to know their client.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ValDan22
The post Russian Government Officials Reach Agreement To Legalize Crypto for Cross-Border Settlements: Report appeared first on The Daily Hodl.


Russia is reportedly legalizing digital assets for cross-border settlements under a new agreement struck by the country’s top financial authorities. According to a report by Russia-based publication Kommersant, Russian Deputy Finance Minister Alexei Moiseev says the Ministry of Finance and the Ce...

yearn.finance price	$8,200.80
Low - High 24H	$8,096.47 - $8,390.45
Market cap	$258.58M
Volume 24H	$29.37M
All time high	$90,787.00 -90.93% May 12th 2021
All time low	$31.65 25920.31% July 18th 2020
Genesis date	N/A

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