**Starting from 2019, all UAE entities conducting “relevant activities” (explained further) will be obliged to meet certain legal requirements. These are “economic substance regulations” requiring the UAE companies to demonstrate actual economic activities** - the type and level of activity they undertake. Further, businesses carrying out “relevant activities” will have to produce the...
Path: Blog...n order to make the innovative digital financial tools secure for transactions. Shlomit Wegman, the Director of Israeli Regulator, trusts that the new rules will massively improve security of legal cryptocurrency users. “The application of the regulations constitutes real progress for the Israeli economy, the Fintech industry, and for improving financial competition to provide the public bet...
Path: Blog**The UK Financial Conduct Authority (FCA) has recently published the final version of guidelines specifying crypto asset activities that fall under FCA regulation.** Major part of these recently 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 grou...
Path: Blog...posed by Russia’s Finance Ministry will see the light 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 th...
Path: Blog... threshold at around $1000 (SG $1,500). In 2017 Japan started acknowledging Bitcoin and its crypto derivatives as property within Japan’s Payment Services Act. In addition, Payment Services Act calls for local crypto business to comply with AML regulations and register with a competent local finance entity. Although Estonia is not a member of FATF, updated guidance is considered as a found...
Path: Blog...the highest of any country at the moment. South Africa’s cryptocurrency market has reached a point where it can no longer be ignored. At the end of the last year the South African Reserve Bank (SARB) reported that they are going to impose new regulations for the use of digital currencies in a bid to deter crypto users from evading currency controls. At the time SARB’s officials said that ...
Path: Blog...ms struggled with the higher levels of trading activity, pandemic related scams were brought to the light, and security systems were tested as hackers tried to take advantage of many employees working from home.**These changes have strongly impacted regulations, but the question is whether the authorities across the world will adjust to these changes. FCA (Financial Conduct Authority) has annou...
Path: BlogFrance-based money laundering intergovernmental watchdog, Financial Action Task Force (FATF), has seen growing tension from global governments to unify regulation of the cryptocurrency industry. As stated in the Reuters report Friday, **the FATF said it will publish international rules for cryptocurrency regulation by next summer**. The possible regulations will put into effect licensing sche...
Path: Blog...nd’s Financial Market Supervisory Authority) has recently announced a new fintech license**, with moderate conditions, that is appropriate to blockchain and cryptocurrency-based companies. On 3rd December, 2018 the regulator stated that the new regulation will grant recognized “innovative financial companies” the ability to accept public deposits of up to 100 million Swiss francs (or just...
Path: BlogThe Securities and Exchange Commission (SEC) of Nigeria recently announced that it will be regulating the trade of digital currencies in the country. Issuance and sponsoring of virtual digital assets will be supervised by SEC’s regulation. This move is intended to protect investors’ best interests and to promote transparency within the area, and the general objective of regulation is not to d...
Path: Blog**Two of worlds global economic giants, Japan and South Africa, are to set new crypto regulations in the scope of recent activities and scandals within the cryptocurrency market.** **Japan works on both regulatory and diplomatic levels to introduce Crypto regulations.** In terms of introducing crypto regulations, Financial Services Agency (FSA), Japan’s financial watchdog, has recently e...
Path: Blog**Miguel Diaz-Canel, the President of Cuba, has left hints on the possibility of crypto-regulations in various speeches during last couple of months.** Banco Central de Cuba (BCC – The Central Bank of Cuba) – has left a message in its official gazette in regard of their plans to define a set of rules in order to recognize and regulate cryptocurrencies and the industry itself within the Is...
Path: BlogUsing **artificial intelligence** is gaining popularity in developed economies as a tool to **prevent market abuse.** Last week, global market players - **Japan Exchange regulation (JPX-R)** and **Tokyo Stock Exchange, Inc. (TSE)**, went public about adding **AI Solutions** to market supervision tools. In this case, usage of AI implies creating and developing surveillance systems for the trad...
Path: BlogSingapore’s retail traders will no longer have access to 50:1 leverage. If previously traders only had to meet margin requirements of 2 percent, new retail trading regulations that came into effect this week cut FX leverage by more than half. **The Monetary Authority of Singapore issued new regulations that imply that retail investors now only have access to 20:1 leverage.** Nevertheless, as ...
Path: Blog...tation came under the spotlight after Wirecard, a major payments company, collapsed last year. Such controversy significantly affected the election campaign of Olaf Scholz, the German Finance Minister. On our humble, yet professional, opinion, such regulations will only benefit the European crypto-market, as the more secure they become - the more developed they may be, which will have positive ef...
Path: BlogMany countries that support **international business** had started to implement **blockchain regulations** during the last months. **Malta** is next in the line according to the plans announced at the **Dubai Blockchain Conference**. Which industries will the new regulations cover? Not only blockchain but also **AI** (artificial intelligence) and **IoT** (internet of things). Technologies are...
Path: BlogRecent years have seen a growing interest in investor citizenship (“golden passport”) and investor residence (“golden visa”) programs, which aim to attract investment by granting investors citizenship or residence rights of the involved country. Cyprus, among other countries, has raised concerns about certain inherent risks of such programs, in particular as regarding security, money laun...
Path: BlogDealers in Securities license allows the company to trade in securities as a principal or as an agent. Seychelles Financial Services Authority is the body that regulates the licensing in Seychelles under the Securities Act 2007 and its regulations. Therefore, the relevant Authority is able to issue the Dealers in Securities license either Unrestricted, Restricted and Exempt Overseas.Timeframe: wi...
Path: LicensingIn Switzerland cryptocurrencies and exchanges are legal, and the country has adopted a remarkably progressive stance towards cryptocurrency regulations.Incorporation: around 3 months + delivery time for the courier Minimum paid up capital: 100,000 CHF Overview Clearly, Switzerland is not the cheapest of jurisdictions in which to establish a new business, but it does have ma...
Path: LicensingStarting your Crypto Exchange company in the UK is a great choice due to the absence of any specific regulation of the industry by the Financial Conduct Authority. However, it is highly recommended that Crypto Exchange Companies completed an analysis of their planned activity in order to clarify whether the particular Crypto Exchange project complies with the legislation of the United Kingdom.Tim...
Path: Licensing...O) in order to raise capital for various types of projects. Starting your ICO company in Estonia is a great choice due to the local remote maintenance administrative tools, which mean minimal bureaucracy level, and due to the absence of any specific regulation on ICOs by the Estonian Financial Supervisory Authority (EFSA). However, it is highly recommended that ICO Companies completed an analysis...
Path: Licensing...here may be some additional regulatory requirements, in practically, there could be extra verification requirements for users in order to buy major cryptocurrencies and users will not be allowed to transfer crypto from other accounts because of FATF regulation. Also, PayPal as a regulated institution–will be required to comply with KYC and FATF regulations, as well as being auditable by their ac...
Path: Blog**Bahamas is one of the most popular destinations for foreign exchange and CFD brokers**, with the nation’s regulator - the Securities Commission (SC) of The Bahamas, is about to introduce a set of new regulations which stipulates leverage restrictions. Proposed regulation has been highlighted by the Government of The Bahamas on the 27th of May 2020. The SC will be implementing leverage rest...
Path: BlogIn 2017, the Albanian Central Bank issued a warning to citizens that digital currencies like Bitcoin were not under the direct supervision of the domestic banking sector regulations and that such assets carried high levels of risk. **Currently in Albania are no law providing for the regulation, prohibition or penalty in connection with virtual assets and related services.** But to change that...
Path: BlogSince the establishment of fintech as an independent banking field, crypto exchanges have tried to find the right license that will enable them to conduct business with a possibly lowest limit of regulation, at the same time still trying to comply with local framework. Estonia is one of the most advanced digital nations and also the first country, which has implemented e-residency for global ...
Path: Blog... Grenadines grants fair opportunities for setting up an International Bank as well as provides great business advantages – Banks are exempt from any taxes. Registration of International banks is governed by the International Banks Act of 2004 and regulations. Supervision body for International banks is the Financial Services Authority.Timeframe: between 4 and 8 months Minimum paid up c...
Path: LicensingThe location of Gibraltar and the important role of Tourism in its economy prompted the Government to look into gambling as a new source of revenue. Gibraltar has been one of the pioneers in relation to the licensing and regulation of online gambling services.Incorporation & obtaining license: within 6 months Minimum paid up capital: is set on case-by-case basis ...
Path: LicensingLast 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...
Path: BlogData protection is confronted with unprecedented challenges during the coronavirus times.Covid-19 pandemic is a durability test of GDPR (the EU general data protection regulation) because it is the first time when the data protection law goes through a large-scale public health crisis. The lessons learned will definitely affect and modify the law in future. When it comes to health, data is tr...
Path: Blog...ult in Indian crypto-exchanges to fall under the GST regime that will prompt them to levy a one percent tax collected at the source. However, the collected taxes might be set off later according to the investor’s tax liability. In case the new regulations will be finally accepted, all the crypto-exchanges operating in India will be obliged to register themselves according to the GST regime. ...
Path: Blog...en suspended due to weaknesses in the company’s anti-money laundering procedures. It was reported that the FCA (Financial Conduct Authority) detected a loophole in the ePayments system that may be used by criminals to their advantage bypassing the regulations. Following a regulatory review of the company’s anti-money laundering system, the financial regulator forced the electronic money in...
Path: Blog...s to be a growing trend where a number of companies are being established for the purpose of carrying out the business of forex Trading and Brokerage and other related activities in SVG, therefore, in SVG might be some big changes coming in terms of regulation. In recent months, rumors have been growing that the FSA will be implementing new set of regulations. At this point SVG jurisdiction is...
Path: Blog**The Australian financial regulator has implemented new regulation for wholesale clients and excluded the ‘price and value test’ for issuers of CFDs.** The test is applied by CFD issuers when classifying customers as wholesale clients. Specifically, the ‘price and value’ test is set in s 761G(7)(a) of the Corporations Act 2001 (Cth) and allows to classify clients as wholesale where th...
Path: Blog...nd anti-money laundering (AML) requirements and is moving towards the regulated crypto industry. It worth noting that the National Assembly greenlighted legislation that recognizes crypto as digital assets and giving them a legal status. Current regulations require crypto platforms operating in the country to follow AML and KYC rules the same way as the other financial institutions. Meanwh...
Path: Blog...es are just beginning to transform the foreign exchange market. Blockchain will have a huge impact on Forex by revolutionizing the efficiency and security of the market. What’s next? Apparently, Forex market will be contingent on the policy regulations and technology developments. Today, several countries have banned Forex trading closing the path to trading opportunities. For example...
Path: Blog**Although South Korea is one of the main crypto exchange markets with exchanges holding about $1.9 billion worth of virtual currencies, there were no relevant regulations to this day.** After years of deliberations, the country has finally specified the legal framework for cryptocurrency. **The National Assembly of South Korea has passed a bill establishing a legal foundation for virtual cur...
Path: Blog...us broker, fraud or scam it is important to understand that the broker does conceal something. Potential customers choose those businesses which are transparent and do not hinder the access 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 al...
Path: Blog...t for service or business activity. Crypto companies based in the United Kingdom and companies paying wages in cryptocurrency, for their part, will pay income tax along with national insurance contributions. Without any doubt, cryptocurrency regulations will be reviewed and updated time to time. Therefore, read our blog to keep abreast of all actual and interesting technology news.
Path: Blog...technologies were viewed with skepticism in this country. This is evidenced by the cryptocurrency ban which is still in effect. It worth noting that despite the digital currency is still formally banned in China, the government passed new crypto regulations which will come into effect on January 2020. The regulations introduce new standards for the function of cryptography. However, such po...
Path: Blog... absolutely legal. It is important to understand all pros and cons of investing offshore to form your company in the right way.* Main point of offshore investing is a favorable tax climate. Small countries are aware that low tax rates and favorable regulations for business will attract foreign capital. It is true and most offshore countries have significantly improved their economics after becomi...
Path: Blog...management, audit should be performed by qualified and experienced persons. Also, under the de minimis requirement, virtual fund managers should only allow professional investors to invest in any virtual asset portfolios. The newly-introduced regulation also outlines the rules on participation in Initial Offerings (ICOs). It explains that virtual asset managers have to ensure the fair alloc...
Path: Blog... all of this comes to show the OTC forex market growth. The **income tax cancellation will undoubtedly affect all market players** as well as have positive effects on jurisdiction. Belarus is becoming more and more attractive for brokers and new regulation will only boost its attractiveness. The figures confirm the growing popularity of the Belarus jurisdiction – last year the number of ...
Path: Blog...arnings against such a spike in financial crimes. World-wide pandemic is impacting on the ability of government and the private sector to implement anti-money laundering and counter terrorist financing obligations in areas including supervision, regulation and policy reform, suspicious transaction reporting and international cooperation. The emphasis of COVID-19-related money laundering and...
Path: BlogIssue of the International Bank license and regulation of the business activities undertaken by the licensees fall under the International Banking Act of 2002 and are controlled by the Reserve Bank of Vanuatu.Timeframe: from 4 months Net assets: must be positive of at least USD 500,000.00 Overview Vanuatu is an established offshore finance center in the Pacific region ...
Path: Licensing...t country located in Central America and is bordered by Nicaragua to the north, Caribbean Sea to the east, Panama to the southeast and Pacific Ocean to the west. Costa Rica is popular for the low company setup expenses and absence of online gambling regulation and licenses.Timeframe: within 3 months Minimum paid up capital: No minimum capital requirement Overview Incorporati...
Path: LicensingCyprus offers a very well established environment for a Forex broker firm. It is a well-known and is one of the top choices in the EU for acquiring of a financial license. It follows very strict rules and regulations as implemented by the financial services authority of Cyprus (CySEC – The Cyprus Securities and Exchange Commission).Incorporation & obtaining license: from 5 to 9 months ...
Path: Licensing...at they are investigating the possibilities to formulate proposals for other types of tokens and are planning to release regulatory framework for the above-mentioned tokens later this year. “This builds on the work that is ongoing in the crypto regulation space in the UAE as a whole,” Binance MENA chief continued. “This is good news for the industry. The UAE seems to be taking a lead in r...
Path: Blog... 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 need to react cardinally and very quickly,” Maeker commented on the topic of the pe...
Path: Blog...E of the Cypriot Prevention and Suppression of Money Laundering Law 2007. In addition to that, on the 13th of September, CySEC issued a Policy Statement on the Registration and Operations of Crypto-Asset Service Providers. **According to CySEC regulations, the following is considered to be Crypto-Assets:** Digital representations of value which are: • Neither issued nor guaranteed by...
Path: Blog...p://www.offshorelicense.com/licensing/crypto-exchange-and-wallet-license-lithuania) Recently, Lithuania started offering a friendly and well-regulated legal environment for crypto exchange and crypto wallet services provider companies, with clear regulations. This has become available in Lithuania in year 2020. It is important to note that the company and license setup can be both made remotely...
Path: Blog...ency business affairs we propose Estonian Cryptocurrency Exchange License and Lithuania as a jurisdiction for your crypto business. In case of interest, we may provide you all information and soon we will publish the special article about the crypto regulation in Lithuania. So, please stay tuned and do not hesitate to contact us.
Path: Blog...hecking and monitoring cryptocurrency-related financial activity and preventing potential money laundering,” an FSC official commented. Furthermore, the watchdog will have another bureau named “Policy Management Planning Division.” **Crypto regulation in South Korea** Issues raised by the crypto-regulation became the most popular topic for South Korean government over last few months. ...
Path: Blog**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...
Path: Blog...ld weed out disreputable operators, who have been using Government of Curacao licensing to operate with less scrutiny. Recent news about the reform facing the Curacao online gambling sector clearly reflects the global trend towards tightening the regulations of the gambling industry in general and the online sector in particular. Given the general trend towards a safer and more regulated gambli...
Path: BlogMany payments industry professionals have recently started complaining about the FCA becoming stricter. The FCA, the UK financial services watchdog, was established in 2013 and assumed the responsibility for the conduct and relevant prudential regulation from the Financial Services Authority, in his best interest to discover in time anyone who poses a financial threat to Great Britain. Because ...
Path: BlogHong Kong’s Securities and Futures Commission (SFC) will stipulate the regulations of all cryptocurrency trading companies operating in Hong Kong’s jurisdiction. The following activities is an extension of the crypto regulations introduced by the SFC in November last year. Hong Kong is considered as the base of many major cryptocurrency exchanges, but until November 2019, they were not reg...
Path: BlogRecently a new regulation framework has been approved that sets out a requirement of authorization for providing services of the exchange of virtual currency against a fiat currency and provision of a virtual currency wallet service.Timeframe: around 4 months Minimum paid up capital: EUR 2,500.00 Overview In accordance with the Estonian legislation an authorization is requi...
Path: Licensing...ents, saying it was still concerned about investor protection. This came after the Australian parliament granted ASIC product intervention powers, similar to those exercised by the European Securities and Markets Authority (ESMA) in 2018. The new regulations also stipulate negative account protection by ensuring that clients are not able to lose more than their trading stake, avoiding a repeat ...
Path: Blog...Trade Repository (TR) and/or Approved Reporting Mechanism (ARM). At the moment there are no indications that Brexit deal will be concluded. Despite the result of transaction period, companies are required to handle European Market Infrastructure regulation (EMIR), Markets in Financial Instruments regulation (MiFIR) and Securities Financing Transactions regulation (SFTR) requirements. Invest...
Path: BlogElectronic Money Institutions (EMIs) will be facing uncertainty over regulations due to post-Brexit and Sixth Anti Money Laundering Directive (6 AMLD) which provides obligations that need to be transposed by European Union Member States by the December 20th, 2020. Due to the worldwide covid-19 pandemic Brexit was postponed for few months, however currently Brexit has been brought back and is ...
Path: Blog...milar, but there are important differences which can lead to which can be distinguished US and EU point of view on cryptocurrencies. The MiCA and the CSBS’ program goal is to provide base for regulatory consistency across jurisdictions and both regulation purposes are to provide standardization, but the most important part of the rules is the European Commission’s objective to passport thes...
Path: Blog...ired to do. The idea behind it is to prevent money laundering and financial crimes the number of which is rapidly growing in crypto domain. Although the FATF’s recommendations are of advisory nature and do not have legally binding force, these regulations still possess power in relation to the financial systems. The FATF includes 36 economies – among them are the largest ones which have a ...
Path: Blog...recently has been active in its clearing of the forex industry with charges being brought against a few of brokers and trading apps. In the end of the August, the commission hit OANDA Corporation with a $500,000 fine for failing to adhere to certain regulations, including that it failed to meet minimum capital requirements. The charges were that OANDA failed to meet the minimum financial requireme...
Path: Blog...s introduced earlier this year- from 10 January 2020, existing businesses (operating before 10 January 2020) carrying on cryptoasset activity in the UK were required to be compliant and registered with the FCA as part of the amended Money Laundering regulations (5MLD) and is now mandatory for all cryptoasset firms. Companies which are not registered with the FCA, on 10 January 2021 will have to ce...
Path: Blog...instruments that are classified as securities must be secured in a document. Therefore, blockchain technology could help to guarantee liquidity by providing a digital replacement for paper certificates. Proposed legislation also brings clarity on regulations of digital securities. Particulary, a summary of the draft bill states that new regulations differentiates between the keeping of a centra...
Path: Blog... updated list of high-risk third countries. Money laundering has become a huge problem worldwide. Money service businesses have become the new vehicle for criminal groups to laundry cash and move it across the borders and inside countries. Thus, AML regulations are tightening towards Money service businesses, making sure that they do everything to prevent criminal activities With the new measur...
Path: Blog...ieve that this will not change the existing crypto industry in the country as the bill only gives a legal definition to the digital currencies. One of the bills advocates and one of the members of the State Duma, Anatoly Aksakov, stated that the new regulations will allow local companies to issue stablecoins. New law also highlighted that the Russian central bank will oversee any issuance of n...
Path: Blog...e small upcoming businesses as well as the ease at which the valley adapts to modern business models has attracted entrepreneurs and skilled workers from all around the world. Blockchain startups and businesses don’t have to deal with demanding regulations against cryptocurrencies as the Swiss government is open to supporting innovations in this field. Switzerland has a decentralized system t...
Path: Blog... List of available banks include Westpac, Pacific Private Bank, ANZ and National Bank of Vanuatu. These facilities are considered very stable and reliable among offshore business founders. Next argument to form an offshore company in Vanuatu is tax regulations. It is important to mention that there is no capital gain tax, income tax and withholding tax. International companies are exempt from ...
Path: Blog...in’ to currencies, commodities, securities or, real estate. In this connection, the Swiss Financial Market Supervisory Authority (FINMA) has provided the guidelines bringing to light how ‘stablecoins’ are being handled under the relevant Swiss regulation. The Swiss Authority’s handling of ‘stablecoins’ is based on the current approach to blockchain tokens. FINMA’s treatment of thi...
Path: Blog...y pledged to cooperate and share information, experience and developing innovations in this sector. Official representative of The Gibraltar Financial Service Commission highlighted that **Gibraltar government was the first one to develop a legal regulation for the distributed ledger technology (DLT)**, which is the foundation of most Fintech projects. As of now authorities of both countries wi...
Path: Blog...to be considered when you’re connected to the Internet, being able to transact anonymously presents a very inviting option for many people. 2. **Easy international transactions** – Because bitcoin is not tied to any country or is subjected to regulations, global payments and other financial transactions are easier, and a lot more affordable than traditional international banking systems whe...
Path: Blog...eceive profits or gains from investments. As you may know, Cayman investment funds may be incorporated as a Cayman exempted companies, exempted limited partnerships or exempted unit trusts and, contingent on their attributes, could be subject to regulation by the Cayman Islands Monetary Authority (CIMA). Open-ended investment funds are known as “mutual funds” under the Cayman Islands MF...
Path: Blog... *"It's still up in the air if people want to do a number of thing on the blockchain. We're still figuring out what needs one and what doesn't. But It's clear they want to trade, and they want to play games."* She also expressed concerns about regulations in crypto sphere, as she is convinced that this is the only fact that can significantly affect the subsequent development in this area. ...
Path: Blog...ighest loses were recorded in 2017. The governmental authorities stated that current level of fraud schemes, associated with cryptocurrencies, is alarming. Early this year, Consumer Affairs Victoria, a business unit of the Department of Justice & regulation, within the Victorian government, announced its concerns about Bitcoin scams. The above-mentioned regulator received reports of people bein...
Path: Blog...ney laundering and the financing of terrorism and its effectiveness. We truly believe in good quality of the Switzerland’s system for combating money laundering and terrorist financing and waiting for the full announcement and final version of the regulations.
Path: Blog...hat they are good providers and there already is an industry code in place. The regulator is waiting for opinions on proposed product intervention measures until the 1st of October 2019. Read our blog to keep abreast of all actual and interesting regulation news.
Path: Blog...ors and will avoid them. ** 3. Complying with industry requirements** Even if you have a professional domestic accountant, offshore accounting experts know their narrow scope of expertise like the back of their hand. Even the most complex tax regulations are easy for them and these skills will grant your business improved regulatory compliance. ** 4. Cheaper access to new technologies** ...
Path: Blog...suitable for large business being that company’s shares are usual available to the general public and the number of shareholders is at a minimum of 50 people. Given that these types of companies involve the general public, there are more rules and regulations that prevent operation and the misuse of public funds. • Public Company Limited by Guarantee: Contrary to a Public Limited Company an...
Path: Blog...he authority to reclassify an investment fund administrator’s license and entail inability to be engaged in respective licensed activities. Last by name, but not by value is the document that addresses important issues related to the government regulation of mandatory capital. The government’s position is that companies registered to advise on securities or to manage those without holding c...
Path: Blog... is a problem of particular interest due to growing number of Asian beneficial owners of BVI companies. **BVI House Asia**, financial services promotion agency, organized a seminar in Hong Kong to discuss and inform Asian entrepreneurs about newest regulations. Above mentioned regulations are mostly related to non-contentious probate and estate administration. In addition, **new register is av...
Path: Blog...rtificial intelligence. Considering the way AI works, it is hard to control it and to understand where the problem itself lays. Despite of the fact that programmers and developers are mostly sure that this technology does not need special legal **regulation**, governmental authorities do not agree with this position. What are the most common problems when using AI and what will be outlined i...
Path: Blog...w bill, an additional four percent growth is anticipated for the industry. The Gaming Bill will increase flexibility and effectiveness of existing legislation and add more stability to it. Also, safety is one of the most important aspects of the new regulation. In gaming industry, keeping business transparent, legal and fair is a complicated task, but is beneficial for all participants of the indu...
Path: Blog...This resolution was taken according to the countries mutual decision to work together during Brexit process. In addition, in the next two years, **Gibraltar and the UK pledged to work together on development and implementation of the newest legal regulations** of such business. This means that the mentioned above companies will have the most up-to-date legislation on information policy, transpa...
Path: Blog... stated Russian news site RBC on September 19. According to an unnamed source, cryptocurrency has a huge potential in Russian region and the demand over the past year has grown significantly, but the banks are unable to meet it due to the lack of regulations. Considering the above-mentioned, the representatives of the Russian banking organizations present at the meeting have communicated wit...
Path: Blog...mmon Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities. In February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who are subject to this regulation that May 31st will be the deadline for all institutions to fill in the reports according to the abovementioned requirements. **The British ...
Path: Blog...t is hard to ignore it now due to the fact that dozens of businesses in their activities use virtual technologies and, as a result, virtual currencies. **Gibraltar** is the jurisdiction that, along with the others, starts adding DLT to its scope of regulation. The Gibraltar Financial Services Commission is the main governmental body that deals with the financial services regulation. Virtual cu...
Path: BlogFebruary 16th became an important day for **European crypto-community**. **Switzerland** showed itself as a progressive jurisdiction and published guidelines regarding the **ICO regulation**. It was developed by The Swiss Financial Market Supervisory Authority (FINMA). Many Swiss startups has now decided to announce ICO as acceptable since it is easier than attracting investors as it was 5 - ...
Path: Blog...rities think of ICO as of a threat for a stable, classic economy. Nevertheless, The Bermuda Monetary Authority, does not plan to ban cryptocurrencies in the nearest future. They suppose that bringing virtual currency and operations to appropriate regulation is challenging. This is the reason why the Authority warns investors to watch out from any reckless actions. It is reasonable that before s...
Path: Blog... transactions is not an easy task. The **Monetary Authority of Singapore** chose quite a challenge by stating their obligation to control as the transactions are anonymous and there is no central clearing house established. However, as soon as these regulations will become common and effective, business safety in Singapore will grow even more. If you are planning to establish a company in Singa...
Path: BlogThe New Year has already brought the new regulations and rules in the international business world. We decided to start from the new rules in **Gibraltar**. The main financial regulator of this country, Gibraltar Financial Services Commission, announced new obligation for the companies using distributed ledger technology for storing or transferring values that belong to others. Currently, **...
Path: Blog... that the regulator is taking measures to restrict the access to some platforms, many of them still work normally. Regarding the fact that the government and financial authorities of China are very strict, sometimes entrepreneurs suffer from the new regulations and restrictions. Nevertheless, they already have the experience and are prepared for the unforeseen circumstances. According to the la...
Path: BlogWe have already informed our audience regarding the newest **Chinese tax regulations**, legal limitations and other **business rules**. It is notably complicated to take into account every small detail while establishing company in China, therefore, we have prepared the latest news about **broker activities** in China. Chinese legal entities have rights to perform their activities on the web ...
Path: Blog...ception to make some crucial agreements on the future deals. Gibraltar Fintech Offering is a plan that is to be implemented in the nearest future. On May 9, 2017, Gibraltar published a consultation paper, which consists of propositions about Fintech regulations. This is the first step to create special legal acts and start cooperation with other countries in this sector. Business in Gibraltar w...
Path: Blog...or crypto-enthusiasts. What is happening now and what are the perspectives? After the **Bitcoin exchanges ban**, the most valuable market players shut down and pushed China far back on the world’s Bitcoin community. Meanwhile, Japan implemented regulations that are much more favorable for traders and overtook the market with 44% part of the market share. Some analysts state that the Chinese b...
Path: Blog...ll numerous discussions whether it is profitable to use Blockchain in your business, or not. Financial companies, retail and even government authorities are using new instruments in their work.* At the same time, there are different approaches to regulations of **Blockchain companies** in the world. Some countries accept new ways and some do not. We are not aiming to explain how the **Blockchai...
Path: Blog...ng to choose an offshore jurisdiction because they do not know what to consider first when moving. We chose 6 things that will help our customers decide whether they need to do business offshore. 1. Legislation and legal opportunities. Business regulation laws in domestic country sometimes are strict and oppressive for business. This means that there is a need for company founders to choose m...
Path: Blog...ty protection. This charge differs from jurisdiction to jurisdiction and if you need to pay more than company earns – it is not reasonable. Legal part also plays a big role in company formation. Comfortable offshore climate often depends on local regulations. Most considered branches are: asset protection legislation, confidentiality conditions, international business functioning rules, investm...
Path: Blog...ry simple actually,” he says, “security tokens represent an ownership in an asset, which could be LP shares, or whatever, and it’s just a tokenized version of it… You have investors who expect profits, not that expect a product, and you have regulation and KYC.” Right now though, there are hardly any security tokens since it’s an overly complex and cumbersome process to create them....
Path: Blog... Approximately 21% of complaints came from people aged 70 years, while 20% fell on people aged 60 years, and 10% of these complaints were received from people in their 80s. As you can see, there are a lot of different methods in relation to legal regulation of trading and related activities. Stay with us to be on the top of the latest forex trends.
Path: Blog...tions can serve for such activities. Basically, they would need to prove sufficient level of capital; sufficient framework of internal policies and controls; computerized risk management and governance; and compliance with applicable laws, rules and regulations relevant to the IFS’s business operations. Summing up we can say that **Labuan become an interesting option for those who are willing...
Path: Blog**The government of Pakistan has recently created regulations for crypto business.** The federal government has settled on the new Electronic Money Institutions (EMIs) regulations to follow recommendations of the Financial Action Task Force, in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement po...
Path: Blog...lans on cryptocurrency businesses. They intent to take action to ensure cryptocurrencies are not used for money laundering and other illegal activities. The Financial Conduct Authority (FCA), the country’s financial regulator, will supervise the regulations, meaning it will introduce and maintain a sufficient AML regime for cryptocurrency companies. Further, an Asset Recovery Action Plan wi...
Path: Blog... and in what amount. As long as the outcomes of cryptocurrency tax evasion are yet unknown, numerous government authorities have rushed to highlight that this digital asset is one they are focusing on closely. Most jurisdictions have different regulations in a view of a place where cryptocurrency taxes are liable to be paid. As a rule, **cryptocurrency is handled as an asset acquired for cap...
Path: Blog...oid unnecessary delays that may arise when ASIC seeks additional information during an assessment"* The aforesaid changes will be applicable to the AFS applicants that are (I) a body corporate; (II) that are regulated by the Australian Prudential regulation Authority (APRA); or (III) proposing to provide certain financial services and financial products. The updated information with respect to...
Path: Blog... on leverage, marketing restrictions, and mandatory risk warnings of contracts for difference (CFDs) and CFD-like options sold to retail clients. The British regulator announced that its rules will be permanent. It is worth noting, that aforesaid regulations, that will be introduced next month, will be as substantial and important as the rules that ESMA introduced in August 2018. The FCA only m...
Path: Blog... crypto.** FINRA has recently extended its deadline for firms to report their involvement in crypto activities. It is presumed, that this was made due to the last week’s commotion over Facebook’s Libra cryptocurrency project and its potential regulation. The initial deadline is expiring on July 31, but according FINRA’s post made late last week, the final term will be extended until th...
Path: BlogStarting from next year, **new regulation in Germany will require cryptocurrency companies to obtain a license issued by the Federal Financial Supervisory Authority (BaFin)**. Crypto derivatives will not fall under these regulations, but remain subject to the ESMA’s current restriction and any future proposals by the BaFin regarding the sale of these instruments to retail investors. Based on...
Path: Blog...es 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 and be notified to the SFC. The SFC’s statement was remarkably similar...
Path: Blog... to thoroughly ‘clean up’ the brokerage industry in Cyprus.* The Cyprus Financial Regulator, the Securities and Exchange Commission (CySEC), has just announced that it has significantly expanded its legal authority. In accordance with the new regulations, **CySEC will be able to control the country’s financial sector**. New powers allow the Commission to better fulfill its obligations ...
Path: Blog...aws relating to cryptocurrency”** was sponsored by Shane Morigeau and already passed its first and second reading in February. As a result of the approval earlier this month, the bill will take effect on July 1, 2019. In accordance with the new regulations, any project that is planning issue of token must file a request with the States securities commission and shall not indicate any token as...
Path: Blog...ally pushing for a new framework for token projects.** **The aforesaid project’s purpose - to turn this popular tourist destination into a blockchain startup hub.** The Regulator has recently provided a draft of the new bill that will provide regulations of token offerings that are not considered as securities. The new bill describes details of the procedure for registering such offerings a...
Path: Blog...nts. As an example, failure to comply with the condition to apply for a DIN within 28 days of appointment might lead to a penalty in amount of USD $200,000 for an individual; or 1 million of USD for a legal entity. If you are unsure about the new regulations and what effect they will have, it might be the right time to seek a professional advice. **Offshorelicense** has an outstanding expertise...
Path: Blog...he processing time of applications changed from 30 to 90 days along with a mandatory registration of a company or its branch in Estonia. Among other crucial changes the cost of the license was increased almost 10 times, to 3,330 euros. Due to new regulations introduced by the government, **it has become much more difficult to get a cryptocurrency license in Estonia**. Estonian Minister of Finan...
Path: Blog**The Securities and Futures Commission (SFC) in collaboration with the Hong Kong Monetary Authority (HMA) have issued a joint consultation proposal in regards to regulations of over-the-counter (OTC) derivatives market in Hong Kong.** The consultation paper is purposed to strengthen the regulation of the OTC market. In particular, the paper consists of various recommendations related to sup...
Path: Blog...panies, most of which are not ‘shell companies’. As noted by Michael Christos, it is an absolute must to terminate shell companies. But Cyprus has now gone to the extreme of being far too devoted to the implementation of anti-money laundering regulations. The risk prevention strategy of Cyprus banks basically is also influencing companies which are operating a legal business. As a result...
Path: Blog...lient’s funds held in each jurisdiction. **Additional attention to European clients** According to the data which the ASIC has requested from brokers and the reporting period, it seems that the regulator is seeking to understand how ESMA’s regulation affected the local market. The brokers are also required to disclose to the regulator how many clients were transferred from overseas entit...
Path: Blog...re Coinsquare, Coinbase, Gemini and the Circle-owned Poloniex. It is worth noting that numerous exchanges own separate legal entities that deal with deposits, money transmission or payment processing in separate jurisdictions where the applicable regulations are weak or still inapplicable for crypto. The experts said the following: *“The parent company may operate the exchange but the ...
Path: Blog...porting to Australian Transaction Reports and Analysis Centre regarding suspicious transactions involving physical currency of $10,000 or more; • Storing the above-mentioned records for seven years. If you have some doubts concerning the new regulations and their effect on your business, it might be the right time to seek a professional advice. The earlier that professional help is sought ...
Path: Blog...d between 2010 and July 2013. Negotiations were then renewed in March 2016, following a three-year gap. Both parties of negotiation agreed to conclude negotiations on the broader Regional Comprehensive Economic Partnership. The above-mentioned regulations were highly appreciated by the Australian Chamber of Commerce and Industry. CEO James Pearson said: *"We hope that the announcement, a...
Path: Blog... regarding contract issues in business, real estate, and finance. Stay with **Offshorelicense** to be informed on all of the latest legal news in the sphere of crypto, LegalTech and other related topics. If you have some doubts concerning the new regulations and their effect on you, it might be the right time to seek a professional help. The earlier that professional advice is sought the more s...
Path: BlogAs Malta aspires to become the center of blockchain, crypto, and ICOs, the ‘Blockchain Island’ was the first territory to commence regulation of the blockchain and crypto areas by adopting two bills, namely: '**The Innovative Technology Arrangements**' and '**The Services and the Virtual Financial Assets Act**'. As it was expected, both of the above-mentioned acts (the Acts) came into force ...
Path: Blog...both cryptocurrencies and blockchain. The government and the central bank of the country are chasing a clear blockchain plan with the objective to connect central banks worldwide through DLT (distributed ledger technology). With regards to cryptoregulation, they had long adopted a free-hand policy for crypto business which significantly increased the level of attractiveness of this jurisdictio...
Path: Blog...important in the world of enterprises. It is worth mentioning that nearly half of the US publicly traded companies are incorporated in Delaware. Incorporating in Delaware holds many advantages, here are the most notable ones: 1. INTERNATIONAL regulationS The Delaware General Corporation Law, even on international scale, is thought to be one of the most progressive corporate legislation d...
Path: Blog... need to open offices and hire employees before July 1, 2019. Violation of these requirements will bear strict sanctions - from fines to exclusion from the register of companies. A lot of criteria remain unclear, the corresponding Jersey draft of regulation implies the need for an “adequate” and “sufficient” number of employees physically present on the island, an “adequate” amount ...
Path: Blog...uct 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 omission may harm its reputation. Currently the bank is considering possible work options t...
Path: BlogWe hasten to inform that **Malaysia’s SC (Securities Commission) recently has commenced regulation of ICOs and crypto exchanges**. New legislation (Capital Markets and Services Order) entered into force on Tuesday, January 15. The new prescription order means that ICOs and exchanges would require additional confirmation from the SC prior to commencement of operations and would have to compl...
Path: Blog**The House of Representatives of Belize has recently passed three bills to organize offshore regulations in order to be compliant with European Standards.** The bills scheduled at the session included amendments to the International Business Companies Amendment Act, the Income and Business tax Amendment Act, and the Stamp Duties Amendment Act. During the last few years Belize had tense relati...
Path: Blog...aimed at creation of higher levels of network security for digital assets. The small European country is one of several nations, such as Malta, Bermuda, and Switzerland, that are at the center of attention when it comes to blockchain adoption and regulation. Read our blog to keep abreast of all interesting and actual technological news in the sphere of law.
Path: Blog...s reputation as the corporate capital of the world should not be undermined by those who would use our state as a place to create their unscrupulous business entities. Combined with the diligent efforts of our business services community, these new regulations will help cut off their access to a legal home in Delaware.”* In conformity with the new regulations, a Delaware registered agent wil...
Path: Blog...ran Africa.Timeframe: 4-6 months from the date application is lodged with the Financial Service Commission of Mauritius Minimum stated capital requirement: There should be paid up capital in amount of approx. 2 000 000 MUR (there are no regulations set, the authorities would provide conditions / requirements in the post licensing letter). This means that the capital amount is decided ...
Path: Licensing...inary income. However, any other taxes and government fees can be paid with cryptocurrency. In addition, the process of obtaining a crypto license in El Salvador is not too difficult, and the government supports investors by providing loyal business regulations. El Salvador Cryptocurrency Exchange License is authorized to: trade or exchange digital assets for clients ...
Path: Licensing...rior logistics and technology infrastructure.Description A company is required to maintain accounting records to determine the financial position of the company at any time. As regards the location of the accounting, there are no special regulations. The accounting can be done in any country, but the records must be made available within a reasonable time upon request. A company may de...
Path: Accounting...easons that support this claim are encouraging business development in the region. For example: Vanuatu International Business Companies (IBCs) are exempt from paying any tax for the first twenty years. Light administrative regulations as compared to onshore jurisdictions. Offshore companies are permitted to keep their accounts, minutes and records in any location in th...
Path: Accounting...d and regulated by an authority in their home country Labuan investment banks are not allowed to accept deposits. Benefits Strategic location of Labuan to capture the Asia Pacific especially Asian businesses Excellent infrastructure, regulation and amenities of the Labuan IBFC Labuan is a “white” listed jurisdiction, endorses the bilateral exchange of tax info Access to mor...
Path: Licensing... authorization process in each market has considerably accelerated the process of launching a UCITS and reduced related costs. Although Minimum capital requirement of EUR 1.25 Mio has to be reached within six months following approval. The strong regulation of UCITS and the resulting high level of investor protection have made them popular with supervisory authorities and retail investors all o...
Path: Licensing...fers tailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Network Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD accounts are not available. Prepaid Debit cards are available. Bank e...
Path: Banks... instruments as well as money remittance. The Central Bank of The Bahamas (“the Central Bank”) is responsible for the licensing of entities providing payment services under the Payment Systems Act, 2012 and the Payment Instruments (Oversight) regulations 2017, as well as for regulation and supervision of payment instruments, including electronic money products. The Central Bank has a dut...
Path: Licensing...New Zealand as this option is not available for foreign legal entities. An applicant for the New Zealand Financial Service Provider’s license is required to file respective application to the Financial Markets Authority or FMA. Under current regulations, representatives of the FMA shall conduct an inspection of the registered place of business in order to determine if these are genuine wor...
Path: Licensing...-case basis Overview HM Government of Gibraltar in January 2018 introduces an appropriate legislation to provide an efficient and safe regulatory framework for companies that participate in business activities not otherwise subject to regulation and that use DLT for the transmission or storage of value belonging to others, such as virtual currency exchanges. The main intention of...
Path: Licensing...ty restriction or residency restrictions) At least one director (only natural person, at least one must be Singapore resident/holder of Singapore work pass) Confidentiality Beneficial owners' details – Not part of public record (a new regulation requiring to disclose BO's is expected) Shareholders' details – Part of public record Directors' details – Part of public record ...
Path: Licensing...d Investment License which enables them to operate financial service business. As regards to the Securities Brokerage or Forex Authorisation expenses are comparatively low and the whole process is straightforward. Since 2010 there are implemented regulations and rules which applies to forex brokers and other investment business companies, thereby BVI FCS regulates all BVI broker licenses. Th...
Path: Licensing... public record Directors' details –Not part of public record Taxation 0% - corporation tax with a few exceptions: - specified banking activities - 10% - profits derived from activities that are regulated by the Office of Utility regulation - 20% - income derived from Guernsey land and buildings - 20% Other benefits There is no restriction on form of meeting for shar...
Path: Licensing...ailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Network Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD accounts are not available. Prepaid Debit cards are available. Bank e...
Path: Banks...ic of Seychelles is a nation. Therefore, it does not report any confidential records to organizations overseas. A Seychelles IBC is not related and does not fall under the EU Tax law in comparison with other companies that have to comply with the EU regulations (i.e. the UK and its territories overseas). Seychelles IBC is similar to the most popular international business company, the BVI IBC, ...
Path: Companies... to fiscal year, and vice versa by simply notifying the Tax Authority. Other benefits There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting. Accounting requirements Legal regulations regarding accounting and audit in the Czech Republic are in compliance with the legislation of the European Community. All accounting reco...
Path: Companies...tal markets; therefore, it is important to them to have greater transparency in corporate framework which includes reliable and informative reporting. Therefore, each year companies registered in the United Kingdom are obliged to comply with certain regulations and submit accounts to the local tax and registration authorities. Annual accounts, along with confirmation statement, have to be submi...
Path: Accounting