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Authorities in Dubai, represented by the Virtual Assets Regulatory Authority (VARA), have fined seven cryptocurrency companies for operating without proper licenses and violating local marketing regulations. The fines range from 50,000 to 100,000 dirhams ($13,600 to $27,200), and the companies were issued cease-and-desist orders, requiring them to halt all operations and stop any ongoing promotional campaigns.
While the names of the offending companies have not been made public, VARA is continuing to investigate these violations in collaboration with local authorities. This enforcement action......
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As the money broking business continues to grow in Labuan IBFC, the Labuan Financial Services Authority (Labuan FSA) has stepped up with a revised set of guidelines to ensure the industry keeps pace with modern financial challenges. The new guidelines are designed to tighten regulations, promote better governance, and protect investors, especially with the increasing digitalisation of financial services.
The update focuses on six key areas aimed at tackling emerging risks:
Tougher Licensing Rules: Clearer criteria have been set to ensure only qualified companies can operate in the jurisdicti......
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Seychelles has become a prominent destination for entrepreneurs and businesses looking to establish offshore companies. Its favorable business environment, tax advantages, and streamlined registration process make it an attractive option for international business activities. This article will provide an in-depth guide on Seychelles company formation, registration, and the benefits of setting up an offshore company in this tropical paradise....
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Cryptocurrencies have become an integral part of the financial landscape, and with their growing adoption, the need for regulatory compliance has also increased. Obtaining a crypto license is essential for businesses that wish to operate legally within this space. Whether you are planning to launch a crypto exchange, offer crypto custody services, or run a crypto casino, understanding the licensing process is crucial. This article will guide you through the steps to obtain various types of crypto licenses in 2024, provide insights into the costs involved, and answer some FAQ....
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The Seychelles Financial Services Authority (FSA) has released updated guidelines for beneficial ownership. These guidelines provide detailed instructions for identifying and reporting beneficial ownership, reinforcing Seychelles' commitment to combating money laundering and terrorist financing. The new guidelines aim to enhance regulatory compliance, promote transparency, and align with global standards. This initiative is expected to bolster the integrity of Seychelles' financial sector, attract international investment, and ensure a secure and transparent business environment....
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Japan Implement Stricter Crypto Rules in Order of Sanctions Evasion Prevention.
Legislation updates are initiated by the Russia-Ukraine war conflict.
In case crypto exchanges suspect unauthorized transactions, they are obliged to notify the FSA.
The government of Japan is to tighten rules on cryptocurrency exchanges, as the country announced intentions to update its Foreign Exchange and Foreign Trade Act....
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The tax rate is on par with gambling and lottery.
Indian traders with a cent in crypto profits will now have to pay tax and file returns.
The government of India has officially imposed taxation regime on cryptocurrency gains – despite the expectations that the Indian government will table a bill regulating digital assets, the Minister of Finances has surprisingly introduced the new crypto taxation law coming into effect as early as this April – upon the new financial year....
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The Vanuatu Financial Services Commission has beefed up the requirements for FDL holders.
“Vanuatu wants to bring about a sea change in the way it does business," St-Hilaire, chairman of VFMA, says.
Times, when offshore companies were operating remotely under Vanuatu’s Financial Dealer License (FDL), are a-changing. By the end of 2022, all Vanuatu security broker will be obliged to move onshore and make tangible investment into the country....
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The bill with such proposal is to be tabled for voting in the nearest time.
While Indian government is still working on development of cryptocurrency legislation, which is expected to be set on vote in the ongoing session of the Indian parliament, this legislation included a proposal of complete ban on cryptocurrency use as a payment method and violation of such law may lead to criminal charges....
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