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Virtual Currencies’ Control in Singapore

Using **virtual currencies** is now a common practice between business representatives. Breadth of choice in the field of financial instruments makes regulators think of more and more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where...

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Investments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review

...from contracts for difference on cryptocurrency. The UK government takes a cautious approach especially when it comes to cryptocurrency. The government had no plans to recognize digital currencies as legal tender or to propose designating them as financial instruments, said John Glen, Economic Secretary to the Treasury and City Minister. But the main point of the report is that **cryptocurr...

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Financial conduct authority of the UK has banned binary options for private investors

... and may reduce the risk of fraud by unauthorized entities claiming to offer these products. Christopher Woolard, Executive Director of Strategy & Competition at the FCA, said the following: *"Binary options are gambling products dressed up as financial instruments. By confirming our ban today, we are ensuring that investors don’t lose money from an inherently flawed product."* UK consu...

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German crypto companies will require BaFin license as of next year

...dering) 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 many related-assets as well, particul...

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UK FCA issued clarifications of cryptocurrency regulations

...d have ownership rights. Practically everyone who was surveyed agreed with the regulator’s opinion on security tokens in relation to the regulatory aspect. Utility tokens, on the other hand, do not provide the same kinds of rights as regulated financial instruments and will generally fall outside the scope of FCA, except in cases when they meet the definition of electronic money and fall wit...

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Restrictions, imposed by European Securities and Markets Authority (ESMA) on the marketing, distribution or sale of CFDs and binary options to retail clients, will stay permanent

...y 2018, will apply as permanent decision without further renewals. Continuous prolongations for every three months (Decisions (EU) 2018/796, (EU) 2018/1636, (EU) 2019/155 and (EU) 2019/679)) of the temporary aforementioned restrictions on certain financial instruments, financial activities or practices to address a significant investor protection, concerning in the EU, had not led to consumer p...

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6 reasons why best Forex brokers are regulated

...s to information that the client needs. **Controlling** Regulations for controlling the financial tools provided by brokers may vary depending on jurisdiction and the financial authority. Some regulators allow brokers to transact only specific financial instruments. Therefore, it is crucial to understand whether the financial tools provided by brokers suit the client’s investing plan. It a...

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Belarus exempts Forex trading from taxes

The President of Belarus, Alexander Lukashenko, **signed the Decree “On Taxation”** which exempts forex trading from taxes.The decree exempts individuals from paying income tax received from transactions with non-deliverable OTC financial instruments. The tax exemption was initially proposed in March of 2016, however, since then it was only a temporary measure and had to be extended every...

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Japanese Officials Introduce New Amendments in Japan’s Crypto Laws

Last year two of legislation were passed by the Japanese House of Representatives - The Payment Services Act (PSA) and the financial instruments and Exchange Act (FIEA), as a result Japan will be enforcing new cryptocurrency- related regulation. Originally new legislations were scheduled to come into effect in April, but due to a COVID-19 pandemic delay the final enforcement date has been offi...

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CySEC Enhancement of Procedures Regarding Safeguarding of Client Funds

... CySEC may request from the CIF to segregate an equivalent amount of its own funds in a separately titled account in another jurisdiction where the CIF can comply with the requirement of paragraph 4(1)(e) of Directive DI87-01 for the Safeguarding of financial instruments and Funds belonging to Clients (Directive). In this case CySEC proposes that, according to paragraph 6(2) of the Directive, ...

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New Legal Framework for Forex and CFD Brokers in Bahamas

...carried out transactions, in significant size, on the relevant market at an average frequency of 10 transactions per quarter over the previous four quarters; - The size of the client’s financial instrument portfolio, including cash deposits and financial instruments, exceeds $500,000; - The client works or has worked in the financial sector for at least one year in a professional position,...

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Forex Markets Related Regulations After Pandemic

...r online trading attempts by hackers to infiltrate trading systems remained high. Considering this currently attention of regulators emphasis on business sustainability and ensuring of a solid system, managing risks and adherence with The Markets in financial instruments Directive (MiFID). By doing this introduction of new regulations will be set aside. Europe might not see any regulatory changes ...

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Cyprus Forex License

... 4,000.00 + 19% VAT Overview The financial services regulatory body in Cyprus is the 'Cyprus Securities and Exchange Commission' (CySEC).Being a member of the EU, Cyprus is in full compliance and duly harmonized with the EU Markets in financial instruments Directive(MiFID) There are two types of licenses in Cyprus applicable for forex and usually the companies are known as CIF ...

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Bulgaria Portfolio Management License

...nse. Holder of portfolio management license is authorized to receipt and transmit orders on behalf of the clients, intermediate the conclusion of transactions, provide investment advice, manage funds of clients and holding client’s money and/or financial instruments. Officers of an applicant company must satisfy “fit & proper” requirements in terms of academic background, professio...

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Cayman Islands Securities Investment Business License

...t activities are regulated by the Securities Investment Business Law (SIBL) (latest amendment of 2015). Cayman Islands Securities Investment license allows to: Accept and transmit funds Execute orders on behalf of the clients Underwrite financial instruments Securities management Among other benefits, the applicant will be able to enjoy the following advantages: Cayman Is...

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