It is September of 2019 but crypto exchanges are still looking for a solution as they need to implement a new set of compliance guidelines issued by the Financial Action Task Force (FATF). Digital asset service providers are required to come up with the solution before January 2020. Earlier this year, the FATF announced a Recommendation 16 which introduced the so-called “travel rule” requ...
Path: Blog...ess will only grow. Investors, traders, businessmen will all have more possibilities to operate. Also, the more innovative your activity is, the more favorable climate you will have. • The Chinese government promises to implement European legal standards of investments and management. This is made inter alia for promoting other Chinese regions to implement the same norms and standards. •...
Path: Blog...ontrolling virtual asset portfolios.** New terms and conditions released by Hong Kong’s Securities and Futures Commission (SFC) have emerged in the light of increasing concerns about the risks associated with investing in crypto assets. Regulatory standards for virtual asset fund managers provide detailed guidance on risk management, segregation of assets, custodianship, funds structure, and oth...
Path: Blog...tocurrency 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 positive announcements and developments in relation to the blockchain technology do not n...
Path: Blog...Service widened the scope of its accounting practices by including the virtual currency exchange platforms. As explained by the Korean top financial regulator, the present legal measures will lead to the transparency and fulfillment of international standards. Read our blog to keep abreast of all actual and interesting technology news.
Path: Blog...ypto business activities. According to policy it is recommended that crypto assets remain without legal tender status and not be recognized as electronic money. It’s been noticed that South Africa research and adopt international cryptocurrency standards. New policy will enforce the Financial Action Task Force’s (FATF) new technologies anti-money-laundering and Travel Rule recommendations, ...
Path: Blog...e FSA is aiming to have such legislation in place before the end of 2020. SVG is not considered as a forex hub but the new regulations could be positive for the industry, as it will discourage scammers from using SVG as a base, as well as improve standards for the industry and perhaps, attract more legitimate companies. By introducing new regulatory framework, FSA ensures that SVG continues ...
Path: Blog...ering and terrorist financing threats and vulnerabilities arising from the world-wide crisis. The FATF released its risk and responses Paper for COVID-19-related financial crimes in May, mentioning several recommendations for maintaining AML and CFT standards. Paper is based on papers shared on 7 and 23 April with the FATF Global Network of FATF Members and FATF-Style Regional Bodies (FSRBs), ...
Path: Blog...ints. These include binary options, forex, digital currencies, commodity pools, and precious metals. Registration with CFTC allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements. Registration is no guarantee against fraud or mismanagement by an uneth...
Path: Blog... secret that the UK and Gibraltar have a strong cooperation in the financial field. Motorist insurance is a very big part of economic cooperation of these countries. Authorized representatives of both countries confirmed that all legal and technical standards of the collaboration would be updated and changed according to the new rules. Formalization of Brexit will not affect Gibraltar’s access t...
Path: Blog... borne by the project issuing ‘stablecoins’, and not the holder of the ‘stable coin’. Without meeting such condition, the payment system license would not be granted to the applicant. Payment systems in Switzerland adhere to international standards prescribed in the Principles for Financial Market Infrastructures (PFMI) and, beyond that, PFMI also cover cyber risks management. As an...
Path: Blog...o guarantee against inflation, and the devaluation of fiat currency and traditional equities in unstable markets. As the Bitcoin boom continues, it could overtake gold as a safe-haven asset. Nevertheless, evidence could be vague and show shifting standards in terms of direct correlation. Many reports have shown that Bitcoin’s connection to the price of gold had weakened as the trading volume ...
Path: Blog...ulation and we hope that the clear guidelines in South Africa -- and globally -- could lead to wider adoption by enhancing stability and trust in the market,” said Marius Reitz, general manager in Africa for Luno. “Regulations will also raise standards and barriers to entry and weed out bad actors or service providers with a low regard and capability to safeguard customer information and mo...
Path: Blog...m the FCA** At this moment, instead of a simple exchange of the written communication between the case officer and the applicant firm, very often the FCA conducts interviews on a case-by-case basis to assess the key personnel more accurately. The standards to which the FCA benchmarks the applicant will become higher because of a more intensive assessment and greater scrutiny of the applicant’...
Path: Blog...n the 21st of October, 2021, right before the closure of FATF (Financial Action Task Force) Plenary, Marcus Pleyer, the President of an intergovernmental policy body that sets global Anti-money laundering and combatting terrorism financing (AML/CFT) standards and ensures the effective implementation of such standards in all jurisdictions stated the following: “after completing its action plan ...
Path: Blog...regulations constitutes real progress for the Israeli economy, the Fintech industry, and for improving financial competition to provide the public better services. The new regulations are designed to step into that space to establish order and clear standards,” Wegman said. The regulations are based on the standards established by the Financial Action Task Force (FATF). Most of the countries ...
Path: Blog...epping-stone on the path of the young republic’s ascendance as a top-tier financial industry. Since the 2010, Vanuatu has significantly upgraded its regulatory and monitoring systems, as well as its legal framework, arising them on par with global standards. The country is an active participant in all major global initiatives in the fight against tax evasion, money laundering and the financing o...
Path: BlogFull tax exemption, flexibility, as well as solid reputation and high privacy standards of the jurisdiction make BVI BC a great option for virtually any corporate structure.Incorporation: 5 working days + delivery time for the courier (3-5 days) + 3 working days for the apostilled documents Minimum paid up capital: No minimum capital requirement Overview The Bri...
Path: CompaniesFor individuals and corporations seeking to enter the securities and futures markets of Hong Kong, the Securities and Futures Commission (SFC) is the gatekeeper of standards, administrating the SFO (Securities & Futures Ordinance). SFO stipulates regulated activity and provides detailed definition for each of them, Type 9 license covers the provision of a service to manage a portfolio of securiti...
Path: Licensing...nce Unit (FIU), will be obligated to clarify that the exchanges are licensed and until the receipt of the final authorization, are not able to accept funds that are generated from un-regulated activities. EMIs will reconsider their financial risk standards and management in the EU until more consistent legal framework will be provided by the EU Institutions and the FCA. Whether you are plann...
Path: Blog... 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 these standards across the borders of the EU. MiFID draft itself acknowledges the disparate state of crypto regulations in the EU. Few EU Member States h...
Path: Blog...rder to prepare for this, the secretary-general plans to amend local legislation and bring cryptos into the AML regime. The aforesaid process will start with the Anti-Money Laundering Act. **Changes shall be made in accordance with international standards on crypto exchange service providers, hence cryptocurrency exchange platforms will have to report their financial activities to the AMLO.** ...
Path: Blog... to deliver courts as a service, powered by technology and extended through cooperation agreements and alliances. By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of LegalTech and judicial innovation, setting the standards for countries and judiciaries to follow.”* In accordance with the DIFC, its Courts are now collaborating with Smart Dubai on a numerous...
Path: Blog**Labuan**, the official federal territory of Malaysia, is considered as a reasonably good place for the international business. However, it still needs to improve action standards with the BEPS Action 5. It is the latest standard of the OECD that should be followed by members of the BEPS Inclusive Framework. Adapting tax legislation to the **new rules** is supposed to start at the earlier co...
Path: Blog...e clients. In addition to the above, the regulator suggested a prohibition of marketing, distribution, and sale of leveraged CFDs on crypto assets to retail clients. CLIENT PROTECTION According to the Head of CySEC, Demetra Kalogerou, the standards in the sphere of marketing, selling and distributing retail contracts for difference has tightened greatly. *“Temporary product interve...
Path: Blog...t to mention that the Gibraltar Financial Services Commission released declarative rules for prospective licensees who will become DLT providers. For example, such business should be conducted honestly, using the adequate resources and high business standards. Professionalism and client care are also a must. An important part of these guidelines is also requirement to have the secure systems and c...
Path: BlogThe **newest tax transparency standards** are evolving all over the world. In the early 2018, the UN ECLAC (United Nations Economic Commission for Latin America and the Caribbean) celebrated its 70th anniversary. What happened and how business conditions will change in this region? We will analyze the newest tendencies and explain how business will develop in **LatAm** and the **Caribbean**. ...
Path: Blog...t of the **Free Trade Zone (FTZ)** in China. Its development plan was released in November 2017. The main idea is to create a unique space in Shanghai where international and Chinese companies will be able to function according to the international standards. The Chinese government claims that the FTZ will be mostly governed by the European standards and rules. Therefore, the climate for forei...
Path: Blog**Belize’s 2018 budget** brought significant changes for indirect **tax system**. These revisions are mostly directed at complying with the global taxation standards, therefore, concerning Goods and services tax (GST) and Excise tax. GST will change for internet data purchase. From now on, **12,5 % tax will be collected from everyone, apart from schools, who purchase internet data**. This a...
Path: BlogRecently, Jersey started to implement **international anti-money laundering and counter-financing of the terrorism standards**. Due to this, the **Jersey Financial Services Commission** initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees. How are the collection and analysis conducted? First of a...
Path: Blog...TF (Iraq) and APG (Vanuatu) as they continue to further strengthen their AML/CFT regime.* **FATF has taken off Vanuatu from its Grey List, nevertheless, Vanuatu remains under requirement to maintain its implementation efforts and comply with FATF standards.** It is necessary for Vanuatu to obey FATF rules and any adverse changes to governmental AML&CTF policy would likely result in its returnin...
Path: Blog...ister negotiates removal of the territory from the list, the good name will be restored. Taking into account the above, before starting business in offshore jurisdiction, it is important to check if its provisions correspond with the BEPS minimum standards. This compliance means absence of harmful tax provisions, tax treaties, work on cross-border dispute resolution and prevention of tax abuse....
Path: Blog... is aimed to deliver instruction on financial crime-related risk management at the business and client levels. The aforesaid document also helps in implementing of anti-money laundering measures and countering the financing of terrorism (AML/CFT) standards of the Financial Action Task Force (FATF), the global AML/CFT standard implementation. This contains instructions on implementing a risk-bas...
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...aper consists of various recommendations related to supervision and monitoring of marketing conduct. Recommendations, first of all, are aimed at management of specific risks related to OTC derivatives. The regulator referring to the international standards is planning to introduce mandatory reporting obligations in Hong Kong, whereby a specific type of OTC derivative transactions should be intr...
Path: Blog...known for his role leading the Microsoft Azure Identity team. Microsoft executives hope to corner the financial, insurance, and healthcare sectors with their new blockchain-based platform. The protocol’s design matches the complex operational standards of these types of business systems. The team coined the term non-repudiation, the inability to deny something’s validity, to describe how ...
Path: Blog...hed interview Robert J. Jackson Jr., a commissioner at the U.S. Securities and Exchange Commission (SEC), has announced his expectations regarding bitcoin Exchange-Traded Fund (EFT). He hopes that soon the time will come and someone will satisfy the standards set by the SEC. As you may know, there was a number of bitcoin-based ETF proposals filed with the SEC in order to receive permission, but...
Path: Blog...ave an established “high-quality exchange of tax information on requests” system, as well as an automatic exchange of cross-country reports (CbCreporting) in accordance with the Multilateral Convention on Administrative Assistance in Tax Matters standards. An automatic exchange system of tax information (Common Reporting Standard, CRS) was created by the Organization for Security and Cooper...
Path: Blog... a complete legal framework on digital assets before the end of Q1 2019. The Commission replies on this: *“The guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection.”* **The relevant companies, dealing in digital assets...
Path: Blog... regulations and other related issues. FATF’s president, Marshall Billingslea, indicated June as the month when the guidelines and enforcement expectations will be published. He said: *“By June, we will issue additional instructions on the standards and how we expect them to be enforced.”* The involved countries will be heavily inspected for how they adopt the regulatory guidelines ...
Path: Blog...e of business. In contrast, ICO’s are usually executed with the intention to raise first investments and enter the market. 2. II) **Documentation**. A legal document which is necessary for an IPO is called “prospectus”, it must follow precise standards and requirements. On the other hand, ICO’s have a document in the form of a white paper, this document only outlines the conceptual frame...
Path: Blog...tax resident in Mauritius. Foreign income from international business activities are taxed at minimum 3%. All companies in Mauritius (with exceptions) must prepare financial statements in accordance with International Financial Reporting standards to be compliant with the local financial authorities. Also, some companies in this jurisdiction are obligated to submit quarterl...
Path: Accounting...pt certificate that gives 25 years guarantee of exemption from taxes in Gibraltar; The only EU finance centre exempt from value added tax (VAT). However, at the same time as a British Overseas territory, Gibraltar undertakes similar reporting standards as The United Kingdom as the company should submit Annual Return statement, Annual Accounts and Tax returns. Services ...
Path: Accounting...hat are subject to annual audit, therefore, providing internal and external monitoring of the companies’ operations. The financial statements that are subject to audit must be prepared according to the International Financial Reporting standards. The audit is done by the appointed external auditor. Services Offshorelicense provides audit assistance services. T...
Path: Accounting...ill give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting standards (IFRS) under ISA (International standards on Accounting); Audit of consolidated financial statements in accordance with applicable legisla...
Path: Accounting...ill give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting standards (IFRS) under ISA; Audit of consolidated financial statements in accordance with applicable legislation and corporate reporting requirement...
Path: Accounting... of doing business and great access to different markets. The Bulgarian Accountancy Act requires that financial statements of those entities meeting certain criteria be audited by a registered auditor. It also requires that International standards of Auditing should be applied and the auditors would be regulated by the Bulgarian Institute of Certified Public Accountants. Se...
Path: Accounting... hold a Practicing Certificate issued by the Hong Kong Institutes of Certified Public Accountants (HKICPA). The auditors of Hong Kong incorporated companies usually perform their audits in accordance with the auditing and quality control standards issued by HKICPA, which has a policy to achieve convergence of the Hong Kong auditing and quality control standards to the international aud...
Path: Accounting...buan offers more flexibility of corporate tax and audit, tax incentives, easy management as the company can operate in a currency of their choosing. Labuan financial institutions are allowed to adopt any accepted international accounting standards including issued Financial Reporting standards (FRS) issued by Malaysian Accounting Standard Board (MASB). In the Federal Territory of Labua...
Path: Accounting...ill give you more free time to grow your business. Our services comprise the following: Statutory audit of annual or interim financial statements in accordance with local statutory requirements and International Financial Reporting standards (IFRS) under ISA; Audit of consolidated financial statements in accordance with applicable legislation and corporate reporting requirement...
Path: Accounting...;USA Nevada Limited Liability Company: - An LLC can distribute profits in any manner described in the LLC agreement, regardless of ownership share - The structure of the LLC does not provide for a Board of Directors - The relaxed reporting standards mean companies registered in Nevada are not required to file annual accounts General information Company structure Only one single...
Path: Companies...ower than the EU average. Under the Cyprus Companies Law, all companies must have their financial statements audited and signed by a Cyprus registered auditor. The law requires that the audit is conducted in accordance with International standards on Auditing (ISAs). All Cyprus registered companies are required to file an annual return accompanied with their annual audited financial st...
Path: Accounting...Union, Turkey, CIS, Middle East and North African markets. Bulgarian accounting requirements are governed by the new Accountancy Act (AA) and the main criteria for its application to companies is either the use of International Financial Reporting standards (IFRS) adopted by the European Union, or National Accounting standards (NAS) of Bulgaria. All enterprises are required to prepare their an...
Path: Accounting...ype operators but operating on a third-party platform duly licensed by the MGA Some benefits of Malta Gambling license: Stable legal framework offering protection both for licensed operators and online players High anti-money laundering standards Onshore status for Maltese remote gaming companies General information Company structure At least two shareholders (may be indiv...
Path: Licensing...he 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 duty to promote and maintain high standards of conducting and management of payment services. The Central Bank, through the Research Departments, monitors the compliance of licensed en...
Path: Licensing...mission (AGCC) has developed and maintains a high reputation for eGambling business in Alderney and around the globe. Companies holding licenses or certificates in Alderney possesses a trustful image and it is thanks to the investigation process and standards maintained by AGCC. For online gambling operating purposes AGCC offers various licenses and certificates and each of them offers their ho...
Path: Licensing...ivities of the legal entity must contribute to the economic growth of Curaçao either by generating foreign currency or employment; The financial statements of the entity are required to be drawn up in accordance with generally accepted accounting standards and need to be reviewed by a qualified auditor; Transfer price calculations for goods and services rendered in inter-company relations sho...
Path: Licensing...at is why the Bank, on a regular basis, carries out measures to prevent money-laundering and terrorism financing in order to ensure that Customer account operations are in compliance with the requirements of Latvian legislation and the international standards in this area. LPB Bank was founded in 2008.Payment processing options MasterCard Restrictions: N.B. Bank may chan...
Path: Banks...at is why the Bank, on a regular basis, carries out measures to prevent money-laundering and terrorism financing in order to ensure that Customer account operations are in compliance with the requirements of Latvian legislation and the international standards in this area. LPB Bank was founded in 2008.Payment processing options MasterCard N.B. Bank may change its tariffs at...
Path: Banks...n Lithuania is 21% Registered office Required Company name Letters: Only Latin letters Company name is restricted to be identical or similar that of an existing company Company name should comply with the legal and linguistic standards of Lithuania The name of the public limited liability company must include the words “akcinė bendrovė” (public limited liability com...
Path: Companies...S A Cyprus Company must submit audited financial statements to local tax authorities and the Registrar of Companies. The Company Law requires that a Cyprus Company maintain proper accounting records in accordance with the International Accounting standards. The first reporting period can be up to 18 months from the date of incorporation and thereafter financial statements must be prepared annua...
Path: Companies...s need to deal with quarterly VAT submissions as well. Also, as there is a need for businesses in The United Arab Emirates to submit audited statements, the company needs to prepare their Financial accounts according the upheld reporting standards of the country. Services Offshorelicense provides both full and partial online accounting services. Trusting the tea...
Path: Accounting