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The great step towards China

...tracted nearly 300 domestic and foreign exhibitors as well as sponsors introducing latest products and services to the audience from all over the world surpassing 100,000 visitors. During the expo's award ceremony, Offshorelicense Ltd received local media attention and was invited for an interview to introduce the company formation services. Next, Julian Kramer presented the advantages of offshore...

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Cuba is up to define Crypto Regulation Guidelines

... in Cryptocurrencies** Since Cuban President, Miguel Diaz-Canel, has been well known for his interest towards the cryptocurrencies, the announcement made by the Central Bank of Cuba did not come as a surprise. Deutsche Welle, world-wide famous media outlet from Germany, at the very end of the last year has released a report, highlighting those start-ups in Cuba were using Bitcoin (BTC), Ethe...

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Covid-19 Effect on Growing Number of Crypto Related Scams

...cording to invested amount. Ponzi schemes also play on peoples’ altruism. If somebody has found promising life-changing way that would quickly multiply your investment and savings – it would be just normal to share this amazing tool on social media with family and friends. Schemes like this also uses celebrity names in order to attract new “clients” and usually celebrities don’t know ...

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Forex Markets Related Regulations After Pandemic

...ffects can be clearly found in the Forex and trading markets. In particular, **coronavirus pandemic brought a surge of volatility back into the markets in February and March**. This volatility, which has been widely reported on in the news and other media platforms, has brought a new interest in trading – with brokers seeing new clients or the return of dormant traders, who had not been active i...

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Promoting business: an important step to success.

...nd time of advertising. So, what are the platforms? Radio and TV sound like standard methods but nowadays they are mostly suitable for older audience, and it is important to choose the platform, the schedule and maintain the right timing. Printed media is an interesting solution but it is suitable for professionals who are ready to spread useful materials or groups of people interested in speci...

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EU and US propose legislative changes regarding digital asset industries

...al clarity around cryptocurrencies (including security tokens and stablecoins) that is in line with Europe’s Markets in Financial Instruments Directive (MiFID), which is a legal framework for securities markets, trading venues, and investment intermediaries. Approximately the very same time, US Conference of State Bank Supervisors (CSBS) announced the launch of MSB Networked Supervision, a se...

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Tanzania takes steps to cryptocurrency implementation

After Bitcoin received legal tender status in El Salvador, Tanzania has also made steps towards wide-spreading Bitcoin usage. According to local media reports, this Sunday, 13.06.2021, Tanzanian president, Saami Suluhu Hassan, gave a speech, in which she urged the central bank to start preparations for cryptocurrency implementation. She stated, that it is impossible to ignore the fact, that cr...

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Japan and South Africa are to set new crypto regulations

...ecovered over $28.1 million in the last financial year. “Cryptocurrencies do not fit neatly within the current regulatory framework,” he said. “One of the unique features of cryptocurrency is its ability to operate without third-party intermediaries or similar safety mechanisms. The consequence though is that the potential financial and consumer risks are quite pronounced.” Firms of...

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Japanese Financial Services Agency is discussing to impose stricter Crypto Laws

**The aim is to begin the use of new rules by mid-2022.** Financial Services Agency (FSA) of Japan has begun taking steps towards strengthening cryptocurrency regulation, aiming to provide better protection to the local investors. Due to local media outlet ‘Jiji Press’ report, debates on the new crypto laws are already initiated by Japanese authorities. It is planned to develop risky digi...

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South Korea is planning to establish Crypto-Focused Bureau

...rand-new bureau launch.** The Financial Service Commission (FSC), a South Korean financial watchdog, announced on Thursday that it would set up an independent bureau that seeks to address all crypto-related matters in the South Korea.According to media-outlet ‘The Korea Times’, KFIU will have the legal power to handle the brand-new agency. The announcement came one day after a top nomine...

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Pros and cons of Central Bank Digital Currency in the view of the IMF

...Deputy Managing Director of the IMF also outlined that CBDC could resist the many stable coin initiative and highlighted the need to address private digital currencies. In terms of disadvantages, the most frequently cited downside is the disintermediation of commercial banks if customers move money from bank accounts into CBDC. This could lead to a situation where less bank credit extended at ...

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Head of the Estonian Financial Watchdog Endangers Crypto License Holders

...21, Matis Maeker, has recently made a statement that the country should re-start the licensing process of all crypto-related businesses in the country, which implies that all of crypto exchanges will be revoked their licenses. According to Estonian media outlet, Eesti Ekspress, the financial watchdog’s chief wants to ‘turn the regulation to zero’. “These risks are very, very high. We n...

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Dubai is set to regulate investment tokens

...The DFSA has introduced new regulatory framework for investment tokens which regulate security and derivative tokens. According to the interview of Omar Rahim, Binance’s Middle East and North America director, held by the ‘Arabian Business’ media outlet, “There have been a number of ‘false starts’ in the security token field over the last four years, so this kind of progress is very...

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From now on, Cryptocurrency Transactions are under strict AML regulation in Israel

The country’s main goal is to stop the use of crypto assets in the illegal money transfer. In the latest Israeli media reports it is stated that cryptocurrency assets will now fail under strict anti-money laundering rules of Israel, which is another country’s step in their policy of tightening the grip around unlawful crypto activities under its jurisdiction. According to the article by ...

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India is up to Classifying Crypto-Exchanges as e-Commerce Platforms

The exchanges will probably comply to the Indian Goods & Services Tax (GST) regime. Country’s government is about to implement regulatory clarity on the Indian booming crypto-industry. According to local media “Business Standard” report released last Wednesday the plan is to label crypto-exchanges as e-commerce platforms. This governmental initiative will result in Indian crypto-exch...

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Cyprus Limited Liability Company Formation

Limited Liability Company in an EU member-state, a great solution for regional headquarters or a holding company as well as intermediary operations. Speedy and comprehensive registration process and a lucrative tax regime, combined with double taxation treaties with more than 40 foreign jurisdictions.Incorporation: 5 working days + delivery time for the courier Minimum paid up capital...

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Bulgaria Forex License

... the markets of central and Eastern Europe. Bulgaria has a predictable and stable economy and government, and boasts the lowest corporation tax in the EU at only 10%. In order to provide brokerage services it is required to become an Investment Intermediary regulated by the Financial Supervision Commission of Bulgaria.Incorporation & obtaining license: from 3 to 7 months Minimum paid u...

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South Africa Forex License

The Financial Services Board of South Africa (FSB) is a supervisory body of financial services industry in South Africa under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). The company that intends to conduct Forex business on a discretionary basis must obtain a Category II Discretionary FSP license with FSB.Overview Annual levy paid by a licensed FSP is calculated...

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Bahamas Dealing in Securities License

Bahamas Dealing in security license authorizes a company to act as intermediary in the execution of securities transactions for clients, and trade in securities as principal with the intention of reselling these securities to the public.Timeframe: within 6 months Minimum capital requirement:  Investment Dealer and Agent – USD 300 000 Investment Agent –USD 120 000 ...

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Outbreak of Crypto Frauds Amid Coronavirus Outbreak

...es that may seem too good to be true. “These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets,” the FCA writes. People are advised to immediately reject any offers coming out of the blue, beware of adverts on social media channels, avoid giving out personal details and keep an eye on i...

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First Digital Securities Exchange Approved by Financial Conduct Authority

... investors with access to liquidity in their holdings. Digital securities take real assets, such as equity, debt or funds, and tokenise them using blockchain technology. This not only modernises and simplifies the capital raising process via disintermediation and removing frictions, but also helps facilitate liquidity in assets that are currently hard to trade. Digital securities also enable democ...

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Crypto-Friendly bank ‘freeze’ bank account

...riendly and engaged contact at the relevant bank and seek to work with them to help them conclude their process as soon as possible. In a case if the cryptocurrency exchange is regulated, customers who are unable to withdraw their funds should immediately contact the regulator where their account is papered. Considering that banks are also regulated, much the same applies if your bank is preve...

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Bahamas Securities Commission pushes for new legislation for token sales

...g and regularly update the memorandum, so as to notify the members of the public. In the document it is stated that any information that can “reasonably negatively affect the interests” of token buyers should also be revealed by the emitter immediately, and the failure to do as prescribed will cost the company a fine of 10,000 Bahamian dollars ($10,000). Companies, planning to issue tokens,...

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6 ways to save your assets in case of business problems

...ey from your company internal funds. Some owners think that they can cut insurance expenses or lend money from pension plan. Short-term planning will help you avoid spending your assets on projects that will not be profitable. Small investments to immediate-resulting projects may help you generate profits slowly but reliably and you won’t need to borrow and spend money you don’t really have. ...

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Chinese Giants: Which Payment System to Choose?

...most popular payment solutions for the Chinese companies. Their technical features and scope of work are pretty much the same but there are slight differences, which have to be considered. **WeChatPay** was established by the most popular social media messenger in China - WeChat. This payment service is a stable service that has also the partnership outside China, so it is not very complicated...

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Saint Vincent and the Grenadines Deals with the False Accusations

...al reception for the prospective investors. In this situation, we can give an indicative example: case of **Saint Vincent and the Grenadines**. This offshore jurisdiction was accused of being one of the most popular one for money laundering. Why? media was spreading the hype regarding Paul Manafort’s money laundering. Unfortunately, Saint Vincent and the Grenadines became one of the points on...

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Virtual Currencies’ Control in Singapore

...re will grow even more. If you are planning to establish a company in Singapore which will deal with virtual currencies, it is important to consider these novelties pointed out above. MAS declared for now that most control will be imposed on intermediaries who perform exchanges of fiat currency for virtual and vice versa. This means that additional documents, permissions and obligations for bus...

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Negative effects for Payment Service and E-money Institutions in case of no-deal Brexit

...huge problem for all service providers operating at the EU market that consists of approximately 500 million consumers and 22 million business. Also, in no-deal Brexit, unless there are some agreements, UK Payment Service Providers (PSPs) will immediately lose direct access to EU central payments infrastructure, such as TARGET2 and the SEPA, including STEP2, meaning customers will face increas...

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Switzerland is going to amend anti-money laundering law

**Switzerland plans to amend its anti-money laundering law** and, once these changes come into force, the financial intermediary will be required to verify information on beneficial owners. The national authorities of Switzerland have been taking various measures in combating the illegitimate funds, amid intense global pressure from various countries and actively discussed the proposed amendment...

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World Bank launches first global blockchain bond-i and raises AU$110 million

...ng that independent service providers of the bond include TD Securities, IHS Markit, Microsoft, and King & Wood Mallesons. **The World Bank regards blockchain as having the possibility to simplify processes among numerous debt capital market intermediaries and agents.** However, some financial organizations stay skeptical as to the actual advantages of distributed ledger technology. For inst...

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How blockchain will combat bias in news reporting

...and entrenched that we even select our preferred news outlets based on our political views. Over recent years, it has also been increasingly evident that fake news is a problem. However, there are far more insidious forces at work within the news media. These forces are not just at work online, and they affect even the most reputable outlets and publications. The advertising dollar funds most o...

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Virtual currency draft bill in Gibraltar

...r Financial Services Commission. Representatives of the Commission state that regulating tokens is a crucial step in protecting users of digital assets. Consequently, we feel the need to remind our clients about existing licensing regime for intermediaries who use blockchain technology in their business. Since January 1st, 2018, companies storing or transmitting customer assets using DLT are t...

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SFC Forewarns Retail FX Brokers To Stay Away From Doing Business In China

... attach an SFC logo to their websites and promo materials. The companies are maintaining or marketing forex margin trading or similar services to Mainland clients or assisting other persons to provide or market them to Mainland customers should immediately review the legality of their activities under Mainland law and regulations. Any non-compliant activities should be discontinued immediately ...

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The UK provides legal certainty for crypto assets and smart contracts

...ddress legal uncertainties will be helpful for protecting the rights of the cryptocurrency traders. The smart contracts technology ensures a more secure and efficient performance of a contract and allows to execute the transaction without an intermediary. The revolutionary concept wins the market – it is envisaged that the smart contract market could reach $300 million by 2023. Moreover, the ...

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What is the reason behind the suspension of ePayments operations?

...ndering system, the financial regulator forced the electronic money institution to freeze all accounts, suspend new account opening, and refrain from AIS or PIS for an undefined period. Requirements placed on the company will have effect until the remedial measures have been taken to the satisfaction of the FCA. The announcement gave rise to speculations about the actual reason behind the free...

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How political unrest affects cryptocurrency?

...d. A series of high-profile events continue unabated around the globe. Brexit in the UK, an impeachment trial in the United States, protests in Hong Kong, India, Iraq, trade war and economic crises worldwide. We have stepped into 2020 accompanied by media headlines predicting a global economic recession. Although it is difficult to quantify the ways in which political instability can affect th...

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German crypto companies will require BaFin license as of next year

... In addition, cryptocurrency-related businesses, such as exchanges and wallet providers, also to be licensed by BaFin and comply with AML regulation, since these are also related to businesses operating with financial instruments. According to local media FAZ, Bundestag Free Democratic Party Frank member Schäffler submitted comments suggesting that the authorities are hurting local innovation and...

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REGISTERED ADDRESS AND VIRTUAL OFFICE

...ss can be used for accepting, sending and forwarding mails. Open envelope scanning – A handler opens the mail and scans the contents, emailing or transferring the digitized documents onto a cloud-based file storage system that users can access immediately. Reception courtesies – Receptionists at the business address can receive and sign for incoming overnights, deliveries, packages and pro...

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Hong Kong regulator raises investor compensation limits

...of securities and futures contracts that are listed on the SEHK (The Stock Exchange of Hong Kong) and HKFE (Hong Kong Futures Exchange), as well as any related assets. Likewise, only losses attributable to the default of a dealing or financing intermediary, or a person related to such an intermediary (e.g., its employee), are covered under the regime. The Investor Compensation Regime is review...

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Crypto aspirations: North Korea is holding cryptocurrency conferences

...tform. Since North Korea has some problems with the UN and the international community in general, it has troubles with enforcing agreements outside the country. Smart contracts that are digital, self-executing and allow the performance without intermediaries would facilitate deal-making between North Korea and foreign counterparts. No doubts that the 2020 cryptocurrency conference will attract...

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Legal salary in crypto. New Zealand experience

...cognizing that actually people are wanting to be paid in crypto. Such demand represented a cultural change. Some people would rather deal with their wealth in that medium."* Crypto enthusiasts around the world welcomed this announcement on social media and marked it as another crucial step toward a globally crypto integration. Read our blog to keep abreast of all actual and interesting cryp...

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The New York Times confirmed its readiness to implement blockchain technology to combate fake news around the world

...celerator program of the tech giant, is developing a private and permissioned distributed database in order to prove the authenticity of images and photos used in journalism. News Provenance Project created to fight fake information and adulterated media, which is especially harmful to small and large advertisers. The website states: "Our initial work involves exploring a blockchain-based sys...

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Limited Liability GmbH in Germany

...al information Company structure At least one or more Managing Director who may also be shareholders Maximum of three shareholders Taxation The average tax burden is 30% 0.8% solidarity surcharge (5.5% on corporate tax) The median rate in Germany is approximately 14% business tax — depending on location, business taxes can be higher or lower 15% corporate tax ...

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Boslil Bank Account Opening

...s, demand deposits, money market accounts, sweep accounts, term deposit accounts and credit cards. As one of the Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory environment, a diverse range of financial services including...

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Boslil Bank Account Opening

...s, demand deposits, money market accounts, sweep accounts, term deposit accounts and credit cards. As one of the Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory environment, a diverse range of financial services including...

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Bulgaria Portfolio Management License

...nsing requirements may apply; in this respect, we advise to consult us before the final decision to apply for a particular license. 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. ...

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Singapore Crypto License

..., the legal status of tokens will depend on whether these are considered “securities” under the Securities and Futures Act (SFA).  If particular digital tokens fall within the scope of “securities” as defined in SFA, issuers and intermediaries of such tokens will be subjected to licensing under SFA and the Financial Advisers Act. For the purpose of licensing an applicant must su...

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Switzerland Crypto License

...sed on the recommendations of FINMA, almost all activities in the field of cryptobusiness fall under one of the following licenses (depending on the business model, one activity may fall under several licenses at the same time): Financial intermediary license (the most common); Banking license; Investment fund license; Dealer in securities license. As for the ICO itself, FINMA reg...

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Mauritius Global Business License (GBL), PIS

...onditions / requirements in the post licensing letter). This means that the capital amount is decided in case-by-case basis depending on the scale of business Overview The license which is issued in Mauritius regarding payment intermediaries is PIS or Payment Intermediary Services (also known as Payment Service Provider) This type of company has to mandatorily be a GBL and henc...

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Lithuania Payment Institutions License

...idual IBAN format accounts for their clients. This allows PI to be as a bank and do not require additional account with commercial bank. Euro payments can be processed instantly and at low cost. You will not need to pay commissions to the intermediator commercial banks. This makes your PI equal to the banks in EUR payment processing. Currently Lithuanian is the only EU jurisdiction where ...

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Mauritius Global Business License (GBL) & Investment Dealer License

...censing Rules 2007 & the Financial Services (Consolidated Licensing and Fees) Rules 2008 and Global Business License (GBL) under the Financial Services Act. A Full-Service Dealer (excluding underwriting) is authorized to: act as an intermediary in the execution of securities transactions for clients trade in securities as principal with the intention of reselling these securities to...

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Switzerland Portfolio Management (ARIF Registration)

Switzerland is widely known as one of the most reputable and business-friendly jurisdictions. A company can be authorized to conduct portfolio management by a local non-governmental organization – “Association Romande des Intermédiaires Financiers” which acts on behalf of Financial Markets Authority.Overview “Association Romande des Intermédiaires Financiers” (ARIF) – a non-profi...

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