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A new license assessment procedure will be adopted for certain AFS applicants
... a new approach to its financial services licensing procedures (AFS) for certain applicants. ASIC has also released an actual guideline in this regard. Warren Day, ASIC Executive Director said the following: *"ASIC has reviewed the AFS license assessment processes and has streamlined its assessment processes in some limited respects. This is designed to avoid unnecessary delays that may aris...
Path: BlogRepeal of the Bermuda tax reform as the general service tax got denied
...ated on the matter of undeclared income. The government plans to add more criteria to identify undeclared incomes and to decrease it. Worldwide business community challenged Bermuda in various matters. First, Caribbean Financial Action Task Force assessment of Bermuda's anti-money laundering and countering the financing of terrorism regime is an initiative Bermuda is currently working on. Chang...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
... and the other two being non-executive directors. Also, the majority of the Board has to be permanent Cyprus residents and appropriate knowledge, experience and competence for them is a must. • Administrative, accounting, internal control, risk assessment, digital processing of data systems and confidentiality of data are required to be at the top-notch level. • Also, in order to ensure...
Path: BlogAustralia Crypto License
...rowd-funding, claims handling, and superannuation trustee services ASIC evaluates AFS licence applications by assessing the applicant's competence, financial resources, and ability to meet regulatory obligations. Note that licensing is a one-time assessment of the business, not its owners or employees. Holding an AFS licence ensures adherence to basic standards like training, compliance, insura...
Path: LicensingHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...ding flexibility for international entrepreneurs. Stage 2: Fulfill Mandatory Requirements (1 Month) AML/KYC Policies: Develop and implement comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and procedures. Risk assessment: Conduct a risk assessment to identify and mitigate potential compliance issues. Appoint Officers: Appoint a Money Laundering Reporting Of...
Path: BlogMauritius is set to rise as one of the best jurisdictions for global financial services once again
.... The removal of Mauritius from the FATF ‘grey-list’ shall be counted as a great success of bold measures taken by Mauritius, adhering jurisdiction to the highest standards of AML/CTF policies. Moreover, the EU Commission will now review the assessment by the FATF and in case they will agree with outputs financial watchdogs have made, Mauritius will be removed from EU Black List as well. ...
Path: BlogNew tax relief measures in Hong Kong budget
...he companies, that invest in green technologies, will get the tax relief. Costs, spent on environmental-friendly equipment or machinery for business and/or on implementing renewable energy, will have deduction period. It is proposed to have a 1-year assessment period for all categories, but it is not a final, definite period. It is reasonable to monitor changes on this matter. • Taxpayers mig...
Path: BlogHead of the Estonian Financial Watchdog Endangers Crypto License Holders
... He stated: “Their only goal is to get an Estonian license and use it to turn over very large sums, while Estonia gets nothing out of it.” Moreover, the Estonian watchdog has already revoked 1,808 crypto licenses in year 2020. However, a risk assessment performed by the authorities found that changes made up to that point were not enough to mitigate the risks. **Maeker Background** Ma...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...– Nigeria is following almost the same path**. **Nigerian Securities and Exchange Commission (SEC) is setting up a new authority in order to study Crypto Investments** **Main purpose of the freshly-formed division is crypto investments aspects assessment in order to develop new regulation.** SEC, Nigerian financial market regulator, has set up a fintech division to study all crypto-relate...
Path: BlogFive Fundamental Changes in FinTech from FCA
...e 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’s financial and business models, but at the same time they declare that the application process wil...
Path: BlogFATF votes to greylist Malta. Global anti-financial crime watchdog advises enhanced monitoring for Malta
...extremely secretive body and is not expected to make an official announcement about its plenary session, although a press briefing has been scheduled for this Friday. It is not clear if an official position on Malta will be announced until its final assessment document is published at some point between August and September. When contacted earlier this week, a spokesman for the FATF would not e...
Path: BlogForex Markets Related Regulations After Pandemic
...oing this introduction of new regulations will be set aside. Europe might not see any regulatory changes before the final quarter of this year, as MiFID II is currently in its third year of implementation. The European Commission published an impact assessment on MiFID II in February 2020 as well as invited feedback from market participants on various aspects. The feedback phase closed on the 18th...
Path: BlogEthereum has attracted considerable interest of the CFTC
...ms described above, along with many others that we have not yet imagined, simply by writing up the logic in a few lines of code. In a request for input (RFI) that was published on Tuesday, 25 December, CFTC clarifies that it is looking for public assessment on various questions about Ethereum, starting from its technology, to how it can be used. Respondents will have 60 days from the RFI’s an...
Path: BlogJersey initiates anti-money laundering review
Recently, 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: BlogSingapore Private Company Formation
...void it then please request a nominee service Taxation Singapore registered companies enjoy very attractive tax exemptions and incentives. Your company pays less than 9% for the first S$300,000 annual profits and 17% flat after that for Year assessment 2010-2012 on income sourced in Singapore. There are no capital gains or dividend taxes on Singapore companies. Excellent tax benefits and b...
Path: CompaniesGibraltar Crypto License
... The application process involves several steps: Initial Consultation: Engage with the GFSC for an initial discussion. Submission of Application: Prepare and submit a comprehensive application, including business plans, risk assessments, and compliance policies. assessment: The GFSC reviews the application, conducts interviews, and may request additional information. A...
Path: LicensingUK Crypto License
...cation Submission: Complete the application form and pay the registration fee (GBP 2,000 for companies with annual revenues under GBP 250,000, and GBP 10,000 for revenues above this threshold). FCA Review: The FCA reviews the application, conducts assessments, and may request additional information. Approval: Upon successful review, the FCA grants authorization for the crypto activities. ...
Path: LicensingSwitzerland Crypto License
...ies for family-owned companies and cross-border entrepreneurs, large and small. Incorporating a Swiss company can offer many valuable benefits to its owners, including the following unbeatable fundamentals: Low tax rates - Tax liability and assessments are based on a clear inter-cantonal tax system and the use of tax rulings for special categories; Friendly business environment - In add...
Path: LicensingBermuda Digital Asset license
...llection of documents satisfying the application, KYC and DD requirements Registration of the proposed name of the company Incorporation of the Bermuda Co. Adopting board and shareholder resolutions Filling license application to the BMA’s assessment and Licensing Committee (the “ALC”): - Preparing the application forms - Reviewing the business plan and other documents formin...
Path: LicensingNew Zealand Crypto License
... Documentation: Prepare and submit detailed business plans, AML/CFT policies, and key personnel information. Approval: The Financial Markets Authority (FMA) reviews the application, a process that includes thorough background checks and compliance assessments. Key documents required for the application include: Business Plan: Detailed plan outlining the company's operati...
Path: LicensingUnited Kingdom Accounting Services
...in 12 months; Annual Accounts report – 21 months after the company is incorporated and 9 months after company’s Accounting Reference Date (ARD); Company Tax return – within 9 months after company’s Accounting Reference Date (ARD); Self-assessment tax return – 31st October if filing via paper, and 31st January if filing online Income Tax - 31st October if filing via pap...
Path: Accounting