Using **virtual currencies** is now a common practice between business representatives. Breadth of choice in the field of financial instruments makes regulators think of more and more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where...
Path: Blog... reckless actions. It is reasonable that before spending money on unidentified tokens it is good to analyze reliability of investment. However, we are looking forward to the day when Bermuda governmental authorities will release new regulations on **virtual currencies**. If you plan on starting ICO or investing in one, **Offshorelicense Ltd** is ready to consult you on pros and cons of working wit...
Path: Blog...ributed ledger technology** (DLT), widely known as the **blockchain**, is a stumbling block for many jurisdictions. It 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 Fina...
Path: Blog...advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”* The questionnaire consist...
Path: Blog...tly undertaking Corporate Income Tax reform by means of introducing recent "2019 Tax Bill" (the Bill).** The above-mentioned changes have quite comprehensive nature but today, we would like to pay more attention to the reformation related to CIT and virtual currencies. There is a substantial review of Corporate income Tax Under the Bill. Therefore, tax-payer whose income for the tax year does n...
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...eep on discussing the opportunities of crypto taxation, South Korea takes the initiative into own hands. **The Ministry of Economy and Finance of South Korea has decided to tax earning from crypto-related profits by imposing capital gains tax on virtual currencies.** According to government sources, it is expected that a draft bill will be drawn up by the finance ministry by the first half of ...
Path: Blog...of the of the enforced policies, the new regulations place cryptocurrency asset derivatives transactions under the FSA’s jurisdiction. Additionally, the updated regulations have refined terminologies, calling them “crypto assets” instead of “virtual currencies” or “cryptocurrencies”. Another important amendment added to the regulations is the legal definitions of initial coin offe...
Path: Blog...ties to prevent money laundering and terrorist financing through opaque structures; - provide financial regulators with better access to data through centralized bank account registers; - tackle terrorist financing risks linked to anonymous use of virtual currencies and prepaid instruments; - improve the cooperation and exchange of information between anti-money laundering supervisors; - broad...
Path: Blog...that regulatory landscape for businesses at risk of being involved in money laundering and terrorist financing is changing on an increasingly rapid basis, the main purpose for implementations is to avoid the anonymity associated with transactions in virtual currencies to prevent their fraudulent use. It seems like a burden for crypto exchanges companies at first, but this could be the way to make ...
Path: Blog...rrency wallet service** The virtual currency wallet service means a service in the framework of which keys are generated for customers or customers’ encrypted keys are kept, which can be used for the purpose of keeping, storing and transferring virtual currencies. Lithuanian crypto licenses are supervised by the Financial Crime Investigation Service (FCIS). It is important to keep in mind,...
Path: Blog... regarding tokens, MAS provides two routes, the choice of which will depend on details of particular business.Incorporation: 1-2 weeks Application to MAS: starting from 3 weeks Minimum paid up capital: SD 1.00 Overview virtual currencies are not themselves regulated in Singapore; however, Monetary Authority of Singapore (MAS) considers digital tokens being beyond a v...
Path: Licensing...cribed by the Payment Services Act. Also, instruments that are pegged to fiat currency are not regarded as Virtual Currency, as both definitions exclude these types of instruments. Therefore – every applicant is to submit a list and description of virtual currencies that the company plans to deal in. The following are some examples of businesses that do not fall under the Virtual Currency Exc...
Path: Licensing