Russia Legalizes Crypto Mining; California’s DMV Loads 42M Car Titles On-Chain

Russia legalizes crypto mining and California's DMV loads 42 million car titles on chain. You're watching coin desk daily. I'm your host, Jen Sani Russia's Lower House of the Federal Assembly, also known as the State Duma has passed two crypto related laws on Tuesday. That's according to a Russia based policy expert. The first law fully legalizes Cryptocurrency mining in Russia from November 1st of this year and oversight over mining activities will be spread between different institutions with the bank of Russia seemingly having overriding powers. The second law which comes into effect on September 1st is a special experimental regime that allows the central bank to authorize selected companies to conduct cross border settlements and exchange trading in digital currency. California's DMV digitized 42 million car titles on the avalanche network. As part of a development to modernize the state's title transfer process developed by Oxhead Alpha. The system will let users transfer vehicle titles without going to an office and the process is shortened from the two time frame in the traditional system to just minutes. Blockchain technologies have mostly been deployed on financial services, but the DMV S implementation shows how Blockchain rails could also expedite bureaucratic processes and manage large databases in the public service sector. And the securities Commission of the Bahamas announced that parliament has passed a new crypto law. The Digital Assets and Registered Exchanges Act 2024 or Dare 2024 is an effort by the island nation to tighten its crypto laws after the collapse of crypto Exchange FTX in 2022. According to the official announcement, dare 2024 quote encompasses a wider range of digital asset activities including advisory or management services, digital asset derivatives and staking services. End quote. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.