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The UK provides legal certainty for crypto assets and smart contracts

...logies are witnessing significant growth and offer plenty of opportunities, there is still much room for critical questions as to their legal status and characterization. **The UK takes a significant step to reduce the barriers to the adoption of crypto assets and smart contracts by determining their legal status.** The legal Statement published by the United Kingdom Jurisdiction Taskforce tack...

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Attention! New guidelines for crypto holders were announced by the UK Tax Agency

**The UK’s tax agency has recently issued a detailed description of how it regards crypto assets and how its owners might be taxed on their assets.** HMRC (Her Majesty’s Revenue and Customs), the branch of government in charge of tax collection and overseeing other aspects of the nation’s treasuries, stated that one of latest reports particularly aims to describe how persons owing digita...

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Russia adopting three-tier cryptocurrency regulation

...ght as early as on November 1st. Russia’s customized approach will facilitate crypto handling for companies, traders, investors and other participants of the digital sphere. As the three-tier regulation provides separate rules for each type of crypto assets, it will be easier to clarify the right law and remain compliant. Under the three-tier regulation, cryptocurrencies are differenti...

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Can Bitcoin Replace Gold As the Safe-Haven Asset?

...yor economies. For example, Nigeria has Africa’s largest GDP, of more of $400bn. In September the Securities and Exchange Commission of Nigeria announced that it will be regulating the trade of digital currencies in the country and clearly defined crypto assets as securities. Such clarity leads to faster innovation and more investments. Also, Switzerland, a known store of value for the world...

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Legalization of Cryptocurrencies in Russia

...pto dealers with prison terms and hefty fines. The authority believed that the adoption of previous law version would only create an “uncontrolled black market”. In contrast the Ministry of Economy proposed mechanisms like imposing new rules for crypto assets’ issuance and transactions, as well as to bring operators like exchanges and custodians under the government’s supervision. Altho...

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South Africa’s Introduction to Crypto Regulation

...the future. Considering that, last week South Africa’s Intergovernmental Fintech Working Group (IFWG), whose members include the South African Reserve Bank (SARB), the Financial Sector Conduct Authority and the National Treasury, announced that crypto assets and the various activities associated with this innovation can no longer remain outside of the regulatory perimeter and clear policy sta...

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Japanese Officials Introduce New Amendments in Japan’s Crypto Laws

... and fiat reserves. As part of the of the enforced policies, the new regulations place cryptocurrency asset derivatives transactions under the FSA’s jurisdiction. Additionally, the updated regulations have refined terminologies, calling them “crypto assets” instead of “virtual currencies” or “cryptocurrencies”. Another important amendment added to the regulations is the legal d...

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In 2020 Starbucks will allow you to buy coffee using Bitcoin

...ior to this, Starbucks has already brought up plans on crypto payments, however, the process was halted. Also, Bakkt has faced various challenges including a slow setup and delays in project launches. Although this time, the giant coffee company and crypto assets exchange company have every chance to realize the project. Admitting that integrating Bitcoin in the daily activities sounds cool, th...

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Hong Kong introduced new rules for Virtual Asset Fund Managers

...y framework for managers controlling virtual asset portfolios.** New terms and conditions released by Hong Kong’s Securities and Futures Commission (SFC) have emerged in the light of increasing concerns about the risks associated with investing in crypto assets. Regulatory standards for virtual asset fund managers provide detailed guidance on risk management, segregation of assets, custodianship...

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Mandate registration is coming! South Africa wants to regulate crypto

...mprised of South Africa’s Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), the South African Revenue Service (SARS) and the South African Reserve Bank (SARB), released a clarification paper on crypto assets this week.** The SARB is very careful when it comes to comprehensive regulations for the crypto sector, as it presumes that any omiss...

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Legal salary in crypto. New Zealand experience

... under the Income Tax Act with regard to section RD 3. The Inland Revenue Department (IRD) states that released rules applies to salaries and wages paid up in cryptocurrencies such as Bitcoin, Ethereum or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment agreement is in place. As you may know, cryptocurrencies ...

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UK FCA issued clarifications of cryptocurrency regulations

...y released guidelines was previously already propositioned in a consultation paper CP19, released in January. As it may be expected, the final guidelines do not significantly change the regulatory ground, instead these specify when certain types of crypto assets fall under existing categories. In these guidelines, the FCA determined main cryptocurrencies such as Bitcoin and Ether as “exchang...

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German crypto companies will require BaFin license as of next year

...Based on the new AML (Anti-Money Laundering) regulations that will come into effect, crypto companies working in Germany will be required to apply BaFin for the license by the end of 2019. According to the Fifth Money Laundering Directive (AMD 5) crypto assets will be classified as "financial instruments". This wide-range definition of financial instruments covers not just cryptocurrencies but ...

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FCA is planning to restrict crypto derivatives

...for retail consumers "who cannot reliably assess the value and risks of derivatives or ETNs that reference certain cryptoassets (crypto-derivatives)." The FCA’s decision was made on the grounds of numerous factors, in particular: (I) underlying crypto assets have "no reliable basis for valuation,"; (II) the possibility of "market abuse and financial crime" for these type of assets in secondar...

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CySEC proposes three levels of leverage for retail clients

...verage of 20:1 on traditional currencies. In case of digital assets trading, no leverage will be available to these clients. In addition to the above, the regulator suggested a prohibition of marketing, distribution, and sale of leveraged CFDs on crypto assets to retail clients. CLIENT PROTECTION According to the Head of CySEC, Demetra Kalogerou, the standards in the sphere of marketing...

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Canada is Planning to Restrict Cryptocurrency Short Selling

... the fintech community on how regulatory requirements can be developed for cryptocurrency platforms. The regulators highlighted their main concerns at the beginning of the document: ***"Although DLT may provide benefits, global incidents point to crypto assets having heightened risks related to loss and theft as compared to other assets."*** If the framework is approved, it will probably cau...

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Hong Kong Securities and Futures Commission changing its previous "opt-in" approach

...s every digital currency trading platform to be registered with them. This restriction, same as under the current legislation if a platform operator is really set to operate fully off the regulatory scope it can do so by ensuring that its traded crypto assets are not within the legal definition of a security. The Hong Kong governmental institutions will introduce new licensing measures unde...

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