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Bermuda Digital asset license
The Digital asset Business Act 2018 (the "DABA") in Bermuda became operative with effect from 10 September 2018, creating a legislative framework for digital asset business and services to be operated within a regulated environment in or from within Bermuda.Timeframe: : contingent upon the complexity of the applicant's business and the collation of the documents needed for the license applicati...
Path: LicensingRussia is planning to create asset-backed cryptocurrency
...nal currencies"* THE FUTURE OF CRYPTOCURRENCY IN THE COUNTRY IS STILL UNCERTAIN At the same time, Nabiullina reaffirms the bank’s position in relation to digital currencies, which has previously spoken against the legalization of the virtual asset class. Nevertheless, it seems that the creation of crypto legislation might not be a priority at the moment since it was reported last week ...
Path: BlogRussian Tax Authority has received data on foreign accounts and assets of its citizens in 58 countries
**Russian Federal Tax Service (FTS) received data about foreign assets of Russian citizens in 58 jurisdictions, including the Cayman and British Virgin Islands, Mauritius and other offshore tax jurisdictions or jurisdictions with low taxation.** The number of citizens with accounts abroad and the number of companies controlled by them is yet to be disclosed by the FTS. Deputy Head of the FTS Ale...
Path: BlogThe UK provides legal certainty for crypto assets and smart contracts
...are witnessing significant growth and offer plenty of opportunities, there is still much room for critical questions as to their legal status and characterization. **The UK takes a significant step to reduce the barriers to the adoption of crypto assets and smart contracts by determining their legal status.** The legal Statement published by the United Kingdom Jurisdiction Taskforce tackles the...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-asset providers
This summer, on the 25th of June, Cyprus Securities and Exchange Commission released its directive on the Crypto-assets Service Provider register (CASP Directive), which main objective is formation of subsidiary legislation, issued under the section 61E of the Cypriot Prevention and Suppression of Money Laundering Law 2007. In addition to that, on the 13th of September, CySEC issued a Policy S...
Path: BlogAlbania is preparing a legal framework for virtual assets
In 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: BlogIsraeli court determined bitcoin as an asset
An Israeli court has recently ruled that bitcoin is an asset and not legal currency. This is crucial a decision since it means profits earned selling cryptocurrency will now be liable to capital gains tax. Lod’s Central District Court rejected an appeal from a founder of a crypto startup who argued that profits from the sale of cryptocurrency should be exempted from taxes. The claimant state...
Path: BlogMauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset
...ent digital revolution grants opportunities for smaller economies (for instance Mauritius) to open new and innovative growth perspectives. For this reason, **Mauritius is embracing blockchain technologies and acknowledges cryptocurrencies as digital assets to become the Financial Technology (FinTech) Hub for Africa.** Prime minister of Mauritius, Pravind Kumar Jugnauth, said that Mauritius is m...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven asset?
Experts quite a while have attempted to propose a correlation between Bitcoin and gold as safe asset to invest. Both assets are suitable as the crypto asset and the gold are used as a macro 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, evi...
Path: BlogEU and US propose legislative changes regarding digital asset industries
Recently European Union (EU) and United States (US) brought legislative changes regarding cryptocurrency industry. New set of rules for crypto industry in EU known as the Markets in Crypto-assets (MiCA) was introduced online. The draft was introduced by European Commission and the draft legislation purpose is to provide legal clarity around cryptocurrencies (including security tokens and stabl...
Path: BlogOmega Dark, the first regulated dark pool in digital assets is launched
**Omega One announced the proper launch of Omega Dark, the first regulated, fully autonomous dark pool in the digital asset marketplace.** As reported in a recent press release, Omega Dark is the first company to be approved for a provisional Digital asset Exchange License in Bermuda in accordance with the country’s new Digital asset Business Act. CEO Gordon-Brander stated: *"Dark pool...
Path: BlogHong Kong introduced new rules for Virtual asset Fund Managers
**Hong Kong has introduced a new regulatory framework for managers controlling 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 manag...
Path: Blog6 ways to save your assets in case of business problems
...r. When you start doing something yourself, you need to keep in mind that responsibility will always follow. * We have already point out several types of company structures before. And now we would like to highlight 6 possible ways to save your assets in case of business problems. 1. Payroll taxes should be paid on time. It is an important government tax and it is strictly controlled by st...
Path: BlogHong Kong Type 9 (asset Management) License
...ision of a service to manage a portfolio of securities or futures contracts for another person.Incorporation & obtaining license: 4 months Minimum paid up capital: N/A (If a Company has a licensing condition that it shall not hold client assets); in other cases HK$5,000,000) Minimum liquid capital requirement HK$ 100,000.00; in other cases HK$ 3,000,000.00 Overview Ho...
Path: LicensingNew Zealand asset Management License
... that local office with at least one employee are required and this must be the place of carrying out business activity. New Zealand Financial Service Provider’s license allows a licensee to perform the following key financial activities: asset Management on behalf of third parties; Provision of credit under a credit contract; Foreign currency exchange; Benefits Well-repu...
Path: LicensingAccount Opening in Bank of Georgia
Bank of Georgia is the leading bank in Georgia, with more than a third of the market share in Georgia based on total assets, total loans, total deposits and total shareholder's equity.Account opening: 7-14 working days Overview: JSC Bank of Georgia provides a range of banking products and services to corporate and individual customers in Georgia. The company operates throu...
Path: BanksAccount Opening in Bank of Georgia
Bank of Georgia is the leading bank in Georgia, with more than a third of the market share in Georgia based on total assets, total loans, total deposits and total shareholder's equity.Account opening: 7-14 working days Overview: JSC Bank of Georgia provides a range of banking products and services to corporate and individual customers in Georgia. The company operates throu...
Path: BanksThe UN warns on North Korean Crypto Conference
...tend the upcoming North Korean Crypto Conference and openly stated that attending the conference will likely constitute a sanctions violation. The UN sanctions have been imposed on North Korea back in 2006 after its first nuclear test. Financial assets including cryptocurrency and banking transactions are also covered by sanctions. Moreover, last year the UN panel reported that North Korea is ...
Path: BlogCrisis Impact on Crypto Lending Sector
...rypto markets, and the resulting “fluidity of collateral” leverage in this space can ratchet up or down very quickly. The most impressive aspect of coronavirus spread outside of the price move is certainly the resilience of the overall digital asset backend infrastructure. Usually this time around, the market crash did cause some disruptions in industry infrastructure–but also revealed tha...
Path: BlogOutbreak of Crypto Frauds Amid Coronavirus Outbreak
...s to avoid coronavirus-related cryptocurrency schemes that may seem too good to be true. “These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets,” the FCA writes. People are advised to immediately reject any offers coming out of the blue, beware of adverts on social media channels, avo...
Path: BlogHow political unrest affects cryptocurrency?
...ts of political events on cryptocurrency have not been closely studied. However, by the year 2020, many experts and analysts are attempting to rectify such an omission. Apparently, Bitcoin and other cryptocurrencies are either risk-on or risk-off assets depending on the place where you live. At bottom, Bitcoin can be used as a safe place to store value in the event of political upheaval, for ex...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
... April, but due to a COVID-19 pandemic delay the final enforcement date has been officially pushed to May 1st, 2020. **Although there are no laws to regulate crypto in Japan, amending existing regulations is the only way at this time for digital assets to have any kind of legal status in the Asian nation.**These will bring significant changes in the operation of crypto businesses in the countr...
Path: BlogASIC implements new rules for issuers of CFDs
... classification test was used. If it was the ‘price and value test’, then another test should be applied. The client has to meet any of the other requirements. Other Wholesale Investor Tests include: - The large business test; - The net assets and gross income test; - The professional investor test; - The Sophisticated investor test. If upon the test completion the CFDs issuer re...
Path: BlogSouth Korea to tax capital gains on crypto
...rently enhancing the know-your-customer (KYC) and 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 ...
Path: BlogBusiness advantages of Belize offshore jurisdiction
...tion are also very close to standard.** You do not have right to do business with domestic companies: this trading is not permitted due to international business tax rules. You have to choose: use international company exempts from capital gains, asset transfer and stamp duty taxes or having the ability to trade with local companies and individuals. If you are an owner of more than one business...
Path: BlogThe great step towards China
...ling license**, we offer quite a few solutions for setting up such businesses in order to enable you to **legally perform lottery, online gaming** etc. The aim of the license is for company to legally perform **high-risk business activities, protect assets, open new markets and improve business credibility**. Highly professional assistance is provided until the license is granted and after, in ...
Path: BlogSouth Korea enforcing crypto rules
...e legitimacy of cryptocurrency in South Korea. So far virtual currency exchanges were classified as information providers so they didn’t fall under the jurisdiction of the financial regulator. The new bill categorizes cryptocurrency as digital assets which makes crypto exchanges recognized as regulated financial business. The legal framework will require exchanges to enhance their securi...
Path: Blog6 reasons why best Forex brokers are regulated
...only regulated brokers can provide. Indeed, it is more likely that a potential customer will approach a regulated forex broker as it allows to feel more comfortable when trading. The absence of a regulatory status imposes a huge risk to investors’ assets. **Credibility** A regulatory status adds credibility to a forex broker. If the broker was able to stand the test, meet all necessary cr...
Path: BlogHow cryptocurrency will be taxed in the UK?
...o crypto taxation for businesses and individuals. It must be noted that the authority has a clear position in relation to the cryptocurrency status – it is not considered as a currency in the UK. Moreover, the guidelines use the term “cryptoassets” instead of cryptocurrency. In relation to individuals, the policy paper reveals that crypto activity (personal investment) subject to ca...
Path: BlogChina to become the first country to issue state-owned cryptocurrency
...nt is ready to invest in the advancement of blockchain technology and called for the acceleration of technology development. The President remarked that digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading should be the target fields for the adoption of the new technology. This is a big step toward the crypto industry for China. For yea...
Path: BlogHong Kong regulator raises investor compensation limits
...the compensation fund provides a compensation coverage but only covers losses in respect of securities and futures contracts that are listed on the SEHK (The Stock Exchange of Hong Kong) and HKFE (Hong Kong Futures Exchange), as well as any related assets. Likewise, only losses attributable to the default of a dealing or financing intermediary, or a person related to such an intermediary (e.g., i...
Path: BlogIn 2020 Starbucks will allow you to buy coffee using Bitcoin
Some argued that without integrating digital assets in the daily activities of people, cryptocurrency will not go mainstream. Well, 2020 will be the year when thousands of people will be able to buy their coffee paying with cryptocurrency. **The largest coffeehouse chain Starbucks entered into a partnership with Bakkt, a digital assets trading platform, to allow its customers to pay for a co...
Path: BlogEconomic Substance Regulations in UAE
... UAE • An adequate number of qualified full-time employees who are physically present in the UAE/adequate level of expenditure on outsourcing present in the UAE • Adequate operating expenses incurred within the UAE • Adequate physical assets within the UAE • Control over the relevant activities outsourced *It worth noting that entities undertaking intellectual property activ...
Path: BlogBermuda became the first government to accept digital currency payments
...and the fastest-growing stablecoin in the world. USD Coins are backed 1:1 with US dollars since these are fully collateralized US dollar stablecoins. This summer Bermuda issued a full license to a fintech company Circle. Under the Bermuda Digital asset Act, the payments technology company gained permission to operate a payment system based on USD Coins. In consortium with the creator of USD-dol...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...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 three-tier regulation, cryptocurrencies are differentiated as...
Path: BlogSingapore's new retail trading regulation cuts FX Leverage to 20:1
...d investor would still allow to access 50:1 leverage. However, obtaining the status of a professional investor is clearly difficult. **To become an accredited investor under Singaporean financial regulation laws it is required to:** • have assets of more than 2 million Singaporean dollars at personal disposal or, • have more than 1 million Singaporean dollars in cash or, • earn...
Path: BlogCompliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards
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: BlogFINMA provides guidelines on "stablecoin"
...s treatment of this cryptocurrency under supervisory law mainly comprises focusing on the purpose and economic role of the token. But the nature of the ‘stablecoin’ can diverge depending on the legal rights of the cryptocurrency’s holder and assets to which the ‘stablecoin’ is pegged. Here below are the guidelines determined by FINMA: In Switzerland, a ‘stablecoin’ project w...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...g supervisors; - broaden the requirements for identifying high-risk third countries and ensure a high level of protection for money moving to or from such countries. One of the most notable directives is the Travel Rule which requires “virtual asset service providers” (VASPs) — including crypto exchanges and custodial wallet providers — to disclose customer information when facilitatin...
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
Last week **Archax - institutional-grade exchange for trading asset-backed tokens (digital securities, security tokens, etc.), announced becoming Financial Conduct Authority (FCA) regulated digital securities exchange and custodian in the UK**. Archax has also become the first company to receive crypto-asset registration from the UK regulator, making it a fully compliant Virtual asset Service Pro...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...ure. Considering that, last week South Africa’s Intergovernmental Fintech Working Group (IFWG), whose members include the South African Reserve Bank (SARB), the Financial Sector Conduct Authority and the National Treasury, announced that crypto assets and the various activities associated with this innovation can no longer remain outside of the regulatory perimeter and clear policy stances mu...
Path: BlogGerman Political Parties raise discussion on implementing Regulation for Crypto Blockchain Industry
...al political parties in Germany made a proposal of issuing a regulatory framework for cryptocurrencies and the blockchain industry. The Social Democratic Party (SPD) published a statement on their website, which suggests strict overseeing of crypto assets by the European Union institutions. SDP’s position of Germany’s need of ‘comprehensive digital awakening’ is shared by such politica...
Path: BlogMaybank Account Opening
Maybank is Malaysia's largest bank by market capitalisation and total assets and one of the largest banks in Southeast Asia, with total assets exceeding US$165 billion and having a net profit of US$1.75 billion for 2015.Account opening: 7-14 working days Overview: Maybank has an international network of over 2,400 branches and offices in 20 countries, employing 45,000 empl...
Path: BanksBank Account Opening in ING Bank
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking servi...
Path: BanksMaybank Account Opening
Maybank is Malaysia's largest bank by market capitalisation and total assets and one of the largest banks in Southeast Asia, with total assets exceeding US$165 billion and having a net profit of US$1.75 billion for 2015.Account opening: 7-14 working days Overview: Maybank has an international network of over 2,400 branches and offices in 20 countries, employing 45,000 empl...
Path: BanksBank Account Opening in ING Bank
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking servi...
Path: BanksUnited Kingdom Limited Company Formation
UK Limited Liability Company is a simple and fast way to set up your company for assets protection.Incorporation: 2 working days + delivery time for the courier Minimum paid up capital: No minimum capital requirement Overview Separated from the European continent by the North Sea and English Channel, the United Kingdom (informally referred to as Britain) includes ...
Path: CompaniesDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
 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 ...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...enness to digital currencies. The Eastern Caribbean Central Bank (ECCB) initiated this pilot program to test a digital version of the Eastern Caribbean Dollar (DXCD), which could potentially serve as a model for future crypto regulations. Virtual assets Business Act (VABA) The Virtual assets Business Act (VABA), enacted on May 10, 2022, marks a significant step towards formalizing the crypto r...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
...lows businesses to start operations promptly. 4. Flexibility in Business Activities Seychelles offshore companies can engage in a wide range of business activities globally, making it a versatile option for international trade, investment, and asset protection. Steps to Seychelles Company Formation 1. Choose a Company Name The first step in Seychelles company setup is selecting a un...
Path: BlogHow to Get a Crypto License in 2024
...sactions and often provide advisory services, making this license essential for those looking to operate in a brokerage capacity. Crypto Custody License A crypto custody license allows a business to provide secure storage and management of digital assets on behalf of clients. Custodians play a crucial role in protecting assets against theft and fraud, making this license vital for trust and secu...
Path: BlogJapan to Tighten Crypto Rules for Preventing Sanctions Evasion
... the matter. Such actions are taken in light of intentions to crack down on any loophole that allows sanctioned countries like Russia to evade sanctions through cryptos. The revision “presumably enables the government to apply the law to crypto-asset exchanges like banks and oblige them to scrutinize whether their clients are Russian sanction targets,” Saisuke Sakai, a Senior Economist at M...
Path: BlogControversy on 30% Crypto Tax in India
... 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 fi...
Path: BlogVanuatu is Willing to Move Its Financial Dealers Onshore
... (VFSC) has significantly beefed up the requirements for the holder of Financial Dealer License, including even the necessity of at least one direct employee matching ‘fit and proper’ definition to be physically present. Those dealing in digital assets, trading which was legalized just this July, must have three employees onshore, including the CTO. Also, minimum capital of US $500,000 is requ...
Path: BlogFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
The country’s main goal is to stop the use of crypto assets in the illegal money transfer. In the latest Israeli media reports it is stated that cryptocurrency assets will now fail under strict anti-money laundering rules of Israel, which is another country’s step in their policy of tightening the grip around unlawful crypto activities under its jurisdiction. According to the article by ...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
... Proposed regulation has been highlighted by the Government of The Bahamas on the 27th of May 2020. The SC will be implementing leverage restrictions of 200:1. A maximum 200:1 leverage will be applied to all underlying Contract For Difference (CFD) assets except for crypto-currencies which the watchdog will establish on a case-by-case basis and brokers will need to ensure a retail client account...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
....According to media-outlet ‘The Korea Times’, KFIU will have the legal power to handle the brand-new agency. The announcement came one day after a top nominee to lead the FSC discarded the possibility to consider cryptocurrencies as financial assets such as fiat currencies. Instead, the newly-organized regulator will be named ‘Crypto-asset Monitoring Bureau’ and its main goal is to trac...
Path: BlogCuba is up to define Crypto Regulation Guidelines
...in the Island.It as well explains that the government of Cuba is seeking to establish guidelines for crypto-related providers licensing. “The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange and collection...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
...rrency 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 digital asset regulation by summer-2022. The work on the new legislation is motivated by FSA will to stabilize digital currency industry without interfering ...
Path: BlogLawyers’ Lobbying Efforts result in lifting Crypto-Ban in Vanuatu
... Ron, on 22nd of July, the amendment to the Financial Dealers Licensing Act unexpectedly went into effect, allowing the “distribution, secondary trading, custodial storage and provision of investment advice or other services in relation to digital assets”. After years of strict restrictions on any engagement with cryptocurrencies, which made those wishing to deal with Crypto go other ways, Van...
Path: BlogJapan and South Africa are to set new crypto regulations
...ication. Also, Japan is planning to deepen its diplomatic dialogs with other global economic giants in regulating the booming crypto-industry. **Stablecoins Are the Real Threat** So-called stablecoins, which are pegged to the fiats or other assets and issued privately, became the real headache for Japanese regulators. Though usage of stablecoins is now limited to trading cryptocurrencies,...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...s 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 regulated by the financial regulator, as digital assets did not fall under the category of securities. This allowed bad actors to deceive investors without any examination of a regulatory entities. ...
Path: BlogASIC’s strengthens consumer protections by reducing CFD leverage
...ts to a maximum ratio of 20:1 for CFDs referencing an exchange rate for a minor currency pair, gold or a major stock market index, 10:1 for CFDs referencing a commodity (other than gold) or a minor stock market index, 2:1 for CFDs referencing crypto-assets, 5:1 for CFDs referencing shares or other assets. ASIC’s rules will forbid bonuses and other incentives by prohibiting giving or offering ...
Path: BlogNigeria’s Crypto regulation as a solution for financial services
The 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: BlogInnovate! Crypto exchange OKEx has recently released data analysis platform for derivatives trading
**OKEx is one of the biggest digital asset exchanges based in Malta. The aforesaid crypto exchange has developed a platform with a wide-range of data insight, that covers trading trends for derivatives.** According to their press release, presumably this platform will allow OKEx users to see real-time data on the exchange’s futures and perpetual swap markets for nine major tokens, including ...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
...kchain-based digital securities. The German Finance Ministry published a statement wherein the institution will be working on a draft law with the primary goal of creating a legal framework for digital securities, including the issuance of tokenized assets. **It was decleared by official draft bill that main objective for these changes and adaption of legal framework to new blockchain technolog...
Path: BlogGovernment of India working on law to ban crypto trading
Despite India’s 1.3-billion population, digital asset businesses are a $80 billion remittance industry, and the fact that India has been identified as the land of opportunity for cryptocurrency and the global payments industry, the country has largely been a minor player on the cryptocurrency industry’s global stage. While neighbor countries to the east and west have made themselves internati...
Path: BlogLegalization of Cryptocurrencies in Russia
...lers with prison terms and hefty fines. The authority believed that the adoption of previous law version would only create an “uncontrolled black market”. In contrast the Ministry of Economy proposed mechanisms like imposing new rules for crypto assets’ issuance and transactions, as well as to bring operators like exchanges and custodians under the government’s supervision. Although the...
Path: BlogLegal salary in crypto. New Zealand experience
...the Income Tax Act with regard to section RD 3. The Inland Revenue Department (IRD) states that released rules applies to salaries and wages paid up in cryptocurrencies such as Bitcoin, Ethereum or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment agreement is in place. As you may know, cryptocurrencies are mos...
Path: BlogPandemic effect on Cryptocurrency markets
...nclear whether cryptocurrency markets and cryptocurrency market as a whole will be negatively impacted by this news, or provide safety from the storm. Falling traditional markets also may have affected crypto prices as investors flock to more stable assets. This means if cryptocurrency can separate itself from this whole situation, it has potential to become a global hedge option for everyone faci...
Path: BlogAustralian securities and investments commission proposes CFD restrictions and binary options ban
...tor has recently issued a consultation paper which sets out planned measures with regards to restrictions on over-the-counter (OTC) binary options and contracts-for-differences (CFDs).** The Binary options enable traders to bet on the price of an asset or a particular currency or commodity over a short time-frame. This option allows traders to actually buy or sell the underlying asset, currency...
Path: BlogAbu Dhabi Sovereign Wealth Fund entering ADGM
...financial institutions from all over the world have already joined the ADGM. Therefore, this is a very timely and forward-looking decision for development of the emirate. Currently the Abu Dhabi Investment Authority works with more than two dozen asset classes and other asset categories. While building cooperation with the ADGM, the Abu Dhabi Sovereign Wealth Fund will invest in building and de...
Path: BlogLeading Russian banks intend to work with crypto
.... Additionally, a lobby group was formed with an aim to approach the Russian government with suggestions on how to manage crypto flow in the country. One of executives from an unnamed Russian bank suggested to draft an alternative bill on digital assets which will be "drastically different" from the existing. From general sources it is known that the meeting was organized by a lobby group which...
Path: BlogPolymath CEO Trevor Koverko on smart investing, secret societies, and security tokens
... crypto right now”–security tokens. **What’s So Exciting About Security Tokens?** Perhaps a better question to ask is–what is a security token? “It’s very 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 pr...
Path: BlogIs your business being sued? Here's what you can do
...siness lawyer.** As a business owner, you must prioritize having a lawyer as a stand-by contact. You should do this as early as you start your business. * 2) **Get insurance.** A business must have liability insurance. * 3) **Protect your personal assets.** You can do this by having a trust own the business. A trust is a legal entity that can own a business, property, cash, and other assets. If ...
Path: BlogA Blockchain Education Network: the new era of scholastics
...tor. The best students excel at their own pace, while exceptional minds stick out amongst the crowd. **Trust in Certification** **One of the most significant advantages of blockchain technology is its ability to prove ownership of a particular asset.** In the case of the educational system, this technology integrates into the verification of certifications and accreditation. Researchers from...
Path: Blog5 signs of booming blockchain innovation in Australia
... Exchange (ASX) already been listing cryptocurrency exchanges and blockchain companies since 2014, but they’re actually migrating their entire infrastructure to blockchain by 2020. We’re not just talking about listing Bitcoin or other digital assets here. The country’s main stock exchange will embrace blockchain technology entirely. The plan is to implement a post-trade system that is blo...
Path: BlogBitcoin and cryptocurrency litigation
...erference from another party. The ETC is also popular among initial coin offerings (ICOs), an aid for startup crypto junkies. * ***Litecoin (LTC).*** Often considered as Bitcoin’s clone, Litecoin is at $98.07 per coin. Familiarity is one of the assets that Litecoin has to offer to its investors since it is one of the oldest cryptocurrencies in the market. Since 2011, its fast transaction spee...
Path: BlogNew hype or a real irreplaceable instrument. Contracts of digital age.
...t between parties that is stored on and executed by a blockchain (this is the most common conception). A blockchain is essentially a decentralized accounting ledger that uses a network of computers and cryptographical algorithms to track transfer of assets and secure the ledger from tampering. For usual cryptocurrency, that gives two parties, who don’t know each other, an ironclad guarantee that...
Path: BlogCoinbase was approved by SEC to list security tokens
...purchase three companies: (I) Keystone Capital Corp., (II) Venovate Marketplace and (III) Digital Wealth LLC – as means of becoming a regulated platform for offering trading services in security tokens, as well as to tokenize traditional financial assets. Coinbase COO Assiff Hiriji commented: *“Ultimately, we can envision a world where we may even work with regulators to tokenize existing t...
Path: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
...currency as other risky investments category** and noted the excessive volatility of cryptocurrency. Many activities relating to cryptocurrencies are not regulated. Investors in “Initial coin offerings” run the risk of losing all their financial assets without any recourse to the **Financial Services Compensation Scheme** (FSCS), warned Financial Conduct Authority (FCA) in September 2017. ...
Path: BlogChoosing Business Structure for a Singapore Company
...ntrary to a Public Limited Company and a Private Limited Company, this type of company is set up for non-profitable purposes. It is a public company formed based on the principle of limiting the liability to the amount that members contribute to the assets of the company. This formation is common with non-profit organizations. [ the Malta Digital Innovation Authority Bill; (II) the Innovative Technology arrangements and Services Bill; and (III) the Virtual Financial asset Bill. In a few words, blockchain is allowing digital information to be distributed at a high security level, blockchain technology created th...
Path: BlogNew securities policies from Bahamas Regulator
...ment 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 clients’ cash and/or other possible assets, may use receivables for fees, retrocessions and commissions when calculating net regulatory capital. These changes were made due to the fact ...
Path: BlogCyber risks rules compliance. New rules in Hong Kong
...types of businesses are subjects of these changes and 2FA implementation requirements? Currently 4 types of trading activities are affected by these changes: dealing in securities, dealing in futures contracts, leveraged foreign exchange trading and asset management. **Later this summer there will be more security rules changes for trading businesses in Hong Kong**. These will include updates f...
Path: BlogChinese financial services opening up to foreigners
The President of the People’s Republic of China and the People's Bank of China announced their intentions to open up China’s financial markets to promote foreign competition. For now, foreign ownership is limited for banks and asset management companies. Within a few months **the foreign ownership cap will be removed**. These changes will open the market to foreign investors and banks, givin...
Path: BlogBitmain's IPO: looming threats and insights from a Bear market
...s 2016 revenue ($278M) and profit ($111M) to $2.518B and $701M in 2017 – a near 10x in revenue and 7x in profit. For those that have been keeping a close watch on the cryptocurrency world in 2016 and 2017, this shouldn’t be a shocker. Most cryptoassets saw similar jumps in value during the same period. While many speculators were sprinting to the Gold Rush, Bitmain was there selling the pic...
Path: BlogHow to Incorporate a Company and Why it is Beneficial
...y when you start doing your own business. First of all, this process lets you act like a separate legal entity and use all privileges of a certain jurisdiction. What benefits can incorporation bring you as a businessman? The main advantages include asset protection, asset transfer, low tax rates and many others. Registration process tends to be easy in many countries now. Follow our recommendatio...
Path: BlogHow to Relocate Your Business Overseas: Expert Recommendations
...s obvious - business owners are looking for as many pros as possible while going offshore. Legitimate restructuring of your company overseas is beneficial even in short extent of time. What are the main criteria that make owners relocate? Protecting assets, cutting taxes, optimizing expenses: these are only few financial reasons, but enough to start thinking of this. Also, you get anonymity while...
Path: BlogThe British Virgin Island Authority declared a warning for CRS and FATCA
...em is an online service, which allows financial institutions to file all required reports**. The US Financial Account Tax Compliance Act is a document, requiring financial institutions to provide information about the US account holders and their assets, meanwhile being important for the following internal US taxation legislation. On the contrary, the OECD's Common Reporting Standard is an inte...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
**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: BlogVirtual currency draft bill in Gibraltar
...nd promotion of any kinds of tokens and coins which use blockchain technology will be subjected to the regulation. Consequently, new acts will contain rules about investments, secondary market activities and probably investment funds holding digital assets. Narrowing this information, legal regulation will consist of: 1. * -Information disclosure about purchasing tokens; 1. * -Measures of p...
Path: BlogSwitzerland puts a hand over supervising ICOs
...cing of terrorism. Many questions aroused while deciding on **token regulations**. For example, currently there are different types of tokens and approach to them is measured by their purpose. They are distinguished into the three types: payment, asset and utility. Payment tokens are the simplest and, even though they are under FINMA control too, they are mostly connected to a single project. ...
Path: BlogReview of the Funds in Cayman Islands
...d growth in 2016. In general, licenses and/or registrations were issued for more than 10 and a half thousands of funds. It is less than in 2015, but only by 354. Therefore, the decrease is insignificant. However, there is an important increase in assets that are managed by funds. Its net has increased by more than USD 450 billion. For both, **registered funds** and **master funds**, increase re...
Path: BlogBitcoin Mining Faces Rumors in China
...lly when your chosen jurisdiction restricts more and more actions with the cryptocurrency. We are ready to consult you on prospective territories where Bitcoin is accepted by the government and it is safer to establish business. Use your capital and assets wisely and if you are ready to dive into the ocean of the **cryptobusiness**, just let us know.
Path: BlogHow to choose a suitable company structure for your business?
...es LLC popular between entrepreneurs. Many different things need to be considered while choosing the best company structure for your business. OffshoreLicense Ltd helps you deal with a list of most important ones. • Personal liability and assets protection Entrepreneurs should divide personal costs from enterprise finances while starting a business. This means that the safest company...
Path: BlogWhat needs to be included in your offshore business plan
*There is a strong motivation for business to keep money offshore. Proper planning and analyzing will help company to store their assets in a safe and reliable jurisdictions. Many companies from the Forbes TOP-100 list are using offshore plans to maximize their profit and legally keep their money.* However, it is not right to look only to big enterprises because the law is the same for smaller c...
Path: BlogMove business wisely. What to consider when choosing offshore jurisdiction?
...isdiction 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, investment laws and taxes. Due to this, many world...
Path: BlogWhy should you invest in offshore business?
...ompanies. International income tax and individual taxes are balanced specially for this reason. Another point to consider when moving a business offshore, is safety and confidentiality of the country. Most popular jurisdictions have high level of asset protection and strong confidentiality legislation. Individuals who are afraid of lawsuits or other financial troubles can easily invest in compa...
Path: BlogHow to set up a Limited Partnership in Scotland?
...dence or nationality of partners but according to Scottish company formation rules. there should be at least one limited and one general partner. Limited partners are more like “passive” investors who have limited liability depending on their assets. On the other hand, general partners bear most responsibility for all company’s debts. According to these differences, it is logical to condu...
Path: BlogPros and cons of Labuan company formation
...s paid-up capital is limited to 1$ and you can also enjoy advantages of paying only 3% or fixed amount of profit tax per year. Setting up a business in Malaysia can also be profitable for investment companies as it can act without separate property, assets and wealth management. This means that doing business in Malaysia can grant your company favorable conditions for growth and development. Fi...
Path: BlogCryptocurrency: what are your options?
...ut interference from another party. The ETC is also popular among initial coin offerings (ICOs), an aid for startup crypto junkies. * -Litecoin (LTC). Often considered as Bitcoin’s clone, Litecoin is at $98.07 per coin. Familiarity is one of the assets that Litecoin has to offer to its investors since it is one of the oldest cryptocurrencies in the market. Since 2011, its fast transaction spee...
Path: BlogAGREEMENTS AND LEGAL OPINIONS
...w, administrative law, constitutional law, intellectual property, pensions law, information technology, business rescue, franchise agreements, services agreements, shareholder agreements, subscription agreements, sale of business agreements, sale of asset agreements, deal-structuring from a legal risks’ perspective, business integrity issues, engineering design agreements, enterprise development...
Path: AdditionalThe new identification system for Australian directors
... is to promote good corporate conduct.** Mainly, the new rule assists regulators to identify and address unlawful behavior, such as “phoenixing”. Phoenix activity is the process of avoiding settlement of liabilities by selling of the company’s assets and its liquidation, while creating another entity to which the assets are moved for little or no compensation and then maintaining the same bu...
Path: BlogCySEC has introduced a new reporting form for CIFs
...tment Firms (CIFs) are required to fill in a new form detailing their trading volumes for 2018.** The aforementioned forms require retail brokers to indicate their trading volumes for the past year. CIFs are obliged to classify their volumes into asset sub-classes and include all undertaken trades. Any margin trading conducted with usage of leverage must also be reported. For example, if subjec...
Path: BlogBinance exchange is planning to create crypto futures trading platform
**Cryptocurrency exchange Binance, the world’s largest cryptocurrency exchange by trading volume, has recently revealed its plans to launch a futures trading platform which will offer both long and short positions for digital assets.** The aforesaid news was announced at the Asia Blockchain Summit in Taipei. During a presentation at the conference, Changpeng “CZ” Zhao, founder and C...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
...doing does not occur.”* At this point, AMLO does not receive complaints with respect to money laundering involving cryptocurrencies, but Preecha said that the country must be ready for this, since criminal elements will increasingly use digital assets to conceal their illegal funds. In order to prepare for this, the secretary-general plans to amend local legislation and bring cryptos into the...
Path: BlogGerman crypto companies will require BaFin license as of next year
...n the new AML (Anti-Money Laundering) regulations that will come into effect, crypto companies working in Germany will be required to apply BaFin for the license by the end of 2019. According to the Fifth Money Laundering Directive (AMD 5) crypto assets will be classified as "financial instruments". This wide-range definition of financial instruments covers not just cryptocurrencies but many re...
Path: BlogFINRA grants extended deadlines for companies to report their crypto activities
...made late last week, the final term will be extended until the same date in 2020. The new notice clarifies that: *"As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets – e.g., Joint Statement on Broker-Dealer Custody of Digital asset Securities – FINRA believes it is important to keep the lines of communic...
Path: BlogNew financial crime combating plan was released in UK
**UK government has recently released a new action plan to combat financial crimes that among other things will include actions on cryptoassets.** Criminal elements will have nowhere left to hide their illegal gains due to a joint action made by government and businesses. The Economic Crime Plan drawn up by H.M. Treasury and the Home Office is aimed to improve the way economic crime is handle...
Path: BlogFCA is planning to restrict crypto derivatives
The UK's Financial Conduct Authority (FCA) is putting forward restrictions on the sale, marketing and distribution of derivatives such as CFDs, options and futures, as well as exchange-traded notes (ETNs) linked to "unregulated transferable cryptoassets".The aforesaid restrictions shall apply to all retail consumers and firms operating or based within the country. The regulator describes these a...
Path: BlogHow to store your crypto with the less tax consequences
...ions. That is why it can be challenging to decide where tax is liable to be paid 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...
Path: BlogSaint Vincent and the Grenadines requested FATCA and CRS reporting deadline extension
...e Grenadines is requesting further extension of reporting deadline**, related to the Foreign Account Tax Compliance Act (FATCA) and common reporting standard (CRS). Under the FATCA and the CRS financial organizations are obliged to report on the assets held by their foreign account owners to their home tax jurisdictions. Like other respective subjects, Saint Vincent & the Grenadines is obligat...
Path: BlogThe BVI announced the main condition for the disclosure of beneficial owners information
...companies registered there don’t pay taxes. It is estimated the company formation services account for 62% of the BVI’s government annual revenue. The British Virgin Islands is a home to more than 400,000 companies that hold $1.5 trillion in assets. At the same time, the largest country without public registries of beneficiaries of companies is the United States. The decision of the Briti...
Path: BlogRussia is considering to allow crypto trading
**Russian government is actively discussing the idea of allowing cryptocurrency trading.** The country’s major crypto bill on “Digital Financial assets" is already being drafted, and Deputy Minister of Finance, Alexei Moiseyev, informed what should be expected when the legislation is finally passed: *"There is a range of possibilities from prohibition to the possibility of purchase. Like w...
Path: BlogCySEC proposes three levels of leverage for retail clients
... either ‘positive’ or ‘negative.’ Retail clients who won’t be classified as any of the above categories shall remain in the ‘grey’ area of the target market and receive leverage of 20:1 on traditional currencies. In case of digital assets trading, no leverage will be available to these clients. In addition to the above, the regulator suggested a prohibition of marketing, distr...
Path: BlogMauritius has announced new regulatory framework for security token offering
...isks they would face and the fact that they are not protected by any statutory compensation arrangements. Every issuer raising funds through STO's shall conduct suitable due diligence of its project, team and the rights and obligations regarding the assets backing the tokens. As you may see, the Mauritius regulator remains highly supportive of Fintech-related initiatives within the country. The...
Path: BlogAustralian commision requires each and every piece of information about its brokers
...s, brokers are obliged to inform the ASIC whether their employees’ compensation is related in some way to deposits, trading volumes or profits and losses of clients. The overall information requested, including 2017 and 2018 turnovers, revenues by asset class, position details, swap rates, and many more are turning this report into a nightmare of every local broker. ASIC has also requested in...
Path: BlogFCA will offer 30:1 margin leverage in government bonds
... measures"*. The European regulator, in this particular case, took a classic governmental position: *"The other regulators should adopt measures that are as least as stringent as ESMA’s measures. Allowing higher leverage limits for a new indicated asset class would result in divergence within the Union and potential regulatory arbitrage".* The FCA in a response to this noted that it had used ...
Path: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
...e country. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) announced a new framework for cryptocurrencies exchanges that would terminate short selling and margin trading of digital assets The development of the above-mentioned framework follows the scandal and the death of chief executive officer of QuadrigaCX, Canada’s larges...
Path: BlogAttention! New guidelines for crypto holders were announced by the UK Tax Agency
**The UK’s tax agency has recently issued a detailed description of how it regards crypto assets and how its owners might be taxed on their assets.** HMRC (Her Majesty’s Revenue and Customs), the branch of government in charge of tax collection and overseeing other aspects of the nation’s treasuries, stated that one of latest reports particularly aims to describe how persons owing digita...
Path: BlogOffshore jurisdictions introduce strict requirements for tax residents
...es. 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 of expenses and physical assets, the Bermuda regulations have similar wording, where sufficiency will be determined by the local regulator. Analyzing the above we might confid...
Path: BlogMalta as the new crypto bay
...egulatory base for cryptocurrency and blockchain industry. The three above-mentioned bills are: the **‘Malta Digital Innovation Authority Act’**, the **‘Innovative Technological Arrangement and Services Act’**, and the **‘Virtual Financial asset Act’**. The Innovative Technology Arrangements and Services Act will provide the legitimate framework for blockchain and crypto, and The V...
Path: BlogNew crypto regulation from Switzerland
...ial projection (budget) for the next three financial years with “optimistic, realistic and pessimistic scenarios”. Earlier this year, FINMA issued a license under the Swiss Collective Investment Schemes Act related to Crypto Fund AG, a crypto asset management subsidiary of Zug-based Crypto Finance AG, founded by former UBS banker Jan Brzezek. Read our blog to keep abreast of all interest...
Path: BlogThe main benefits of Cyprus formation
...national trust**. Therefore, an investor can be the beneficial owner of a Cyprus company, but it is not obliged to be the registered shareholder of the business as well. In this manner, a local individual, or corporate body, may hold the company’s assets under their name as nominee shareholder for the benefit of the actual shareholder - beneficial owner. **Advanced and effective system** C...
Path: BlogHerding in the most volatile market in decades
...other words to find herding behaviour, one would need to analyse the effects between price and volume, and the direction of causality between them. The importance of finding herding in a financial market is to know whether the current price of an asset is causing an increase in transactions and thus volume or is an increase in transactions causing movement in price. If one is to find herding...
Path: BlogChinese court: bitcoin is a property with "economic value" and must be protected by law
Recently a **Chinese arbitration court stated that crypto-assets such as bitcoin have to be considered as property**, regardless of the infamous internal restriction on cryptocurrencies and other digital assets. As it was reported by a local newspaper, the Shenzhen Court of International Arbitration decreed that cryptocurrencies supposed to be legally treated as a property with “economic val...
Path: BlogTwo of Malta's blockchain acts came into force
...rypto, 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 on the 1st November 2018. • **The Innovative Tech...
Path: BlogCoinbase starting over-the-counter crypto trading for institutional investors
...er noted: *“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading.”* Coinbase is also granting its clients the possibility to trade any assets that are accessible on the institutional Coinbase platform, as well as initiating more order books options, including web interface, Skype, Blo...
Path: BlogThe government of Delaware has recently adopted enhanced business screening procedure
...spect that identity information in comparison with registers of persons, foreign nationals, groups and entities that have been sanctioned by federal authorities or are in any other way forbidden to do business in the USA. The OFAC (Office of Foreign assets Control), a division of the U.S. Treasury, is responsible for maintaining these lists. Moreover, **Delaware registered agents, in compliance...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
... of South Africa’s Financial Intelligence Centre (FIC), Financial Sector Conduct 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...
Path: BlogBlack pearl of Caribbean. International business company at Saint Vincent and the Grenadines.
...ically consistent territory, being referred to as a solid offshore jurisdiction with a strong confidentiality law. **International business companies in Saint Vincent and The Grenadines take advantages of an exemption from all taxes on income and assets for 25 years as of the moment of incorporation.** It is applicable even when the company is managed with physical presence in Saint Vincent and...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...xchanges would require additional confirmation from the SC prior to commencement of operations and would have to comply with local securities laws. Minister of Finance, Lim Guan Eng stated: *“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding 10 million Mala...
Path: BlogLuxembourg has just passed the law providing a legal framework for blockchain securities
...l. Luxembourg is well known for its dynamic approach to blockchain technology. In November last year, the University of Luxembourg collaborated with Luxembourg-based trading platform, VNX Exchange, in an effort to enhance the security of digital assets. The above-mentioned cooperation was aimed at creation of higher levels of network security for digital assets. The small European country i...
Path: BlogBelize Money Transmission License
... such sufixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima or Aktiengesellschaft. Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. N.B. Restricted connections for company name: n...
Path: LicensingCook Islands Money Changing-Remittance License
...equired to appoint an auditor before lodging the license application. Company Name Language: Any Letters: From Roman alphabet Company name must end with such suffix or it’s abbreviation: Limited Names Requiring Consent or a Licence: asset Management, asset Manager, Assurance, Bank, Banking, Broker (s) / Brokerage, Capital, Credit, Currency (ies), Custodian(s), Custody, Dealer(s), ...
Path: LicensingSouth Africa Forex License
... External auditor(s) TIimeframe The process may be very lengthy – approximately 1 (one) year Taxation Corporate income tax – 28% No withholding taxes Capital gains tax - 18,6% Capital The FSP shall maintain current assets which are at least sufficient to meet current liabilities Accounting requirements - Annual submitting of audited financial statements ...
Path: LicensingDeltec Bank Account Opening
...y Captive Management. Advantages of bank account opening: A tax neutral platform – with no income, estate, inheritance or capital gains tax, and no restrictions on the repatriation of funds No forced heirship laws for domiciled assets Highest ranking nation for civil liberties and political rights by the World Bank Home to approximately one third of the world’s top 100 ...
Path: BanksSwitzerland Portfolio Management (ARIF Registration)
...s on behalf of Financial Markets Authority.Overview “Association Romande des Intermédiaires Financiers” (ARIF) – a non-profit organization of a public utility who was recognized in 2009 by Financial Market Authority (FINMA) for independent asset managers. This self-regulatory organism offers a Certificate of Membership which would allow successful applicant conduct portfolio management a...
Path: LicensingBelize Forex License
...h such sufixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima or Aktiengesellschaft Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered N.B. Restricted connections for company name: na...
Path: LicensingUK Crypto License
...K. However, companies must demonstrate sufficient financial stability to meet operational and regulatory demands. Overview In April 2022, the UK Government committed to establishing a new regulatory regime for crypto assets, balancing risks and opportunities. On February 1, 2023, a consultation paper was published outlining proposals for this future reg...
Path: LicensingEstonia Crypto License
... Clear and adaptable regulations keep pace with market changes, enhancing Estonia's appeal as a leading jurisdiction for crypto operations.Timeframe: 6 - 8 months Minimum paid up capital: The minimum share capital required for a Virtual asset Service Provider (VASP) license is EUR 250,000. Overview Estonia is known as a "cryptocurrency haven" due to its progressive legi...
Path: LicensingCayman Islands Securities Investment Business License
...of the major financial hubs No local presence required Bank account can be held in any bank (not necessarily in local bank) No local income, corporation, capital gains, profits or withholding taxes for Cayman exempted companies High level of asset protection General information Company structure At least 1 shareholder (natural persons and legal entities allowed, no restrictions w...
Path: LicensingVanuatu International Bank License
Issue 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: LicensingCIM Bank Account Opening
...fessional fees for assistance of opening a bank account. The bank offers range of services and products Personal and commercial account Investment execution: stock, bonds, funds, derivatives and forex Counselling on financial investment asset Management Executing payment orders Multi-currency current accounts and deposit accounts Debit and credit cards services Structuring Lom...
Path: BanksCayman Islands Securities Investment Fund License
... No local presence required Bank account can be held in any bank (not necessarily in local bank) No local income, corporation, capital gains, profits or withholding taxes for Cayman exempted companies High level of asset protection General information Company structure At least 2 Directors Registered Agent - Not required Registered ...
Path: LicensingLuxembourg Investment Fund License
...bility of multilingual staff and professional expertise.Timeframe: up to 4 months Minimum capital requirements: Management companies must have a minimum capital of EUR 1 250 000.00. plus additional own funds calculated as a percentage of the assets under management. Self-management companies have a minimum capital requirement of EUR 300,000.00. Overview UCITS are designed fo...
Path: LicensingCyprus Investment Fund License
...ements: Third-party Managed €200,000 or €300,000 if self-managed. A Cyprus UCITS management company must have an initial minimum capital of 125.000 EUR. Overview UCITS are internationally regarded as one of the most effective asset management tools available. There is no minimum subscription amount by investors. A Cyprus UCITS can be set-up either as a Common Fund (CF) or a...
Path: LicensingSwitzerland Crypto License
...all under the license of a financial intermediary); utility tokens: a token designed, for example, to provide digital access to an application or service (as a rule, is not subject to licensing, but in some cases may be equated with securities); asset tokens: a token whose function is similar to stocks and bonds (as a rule, they fall under the license for trading activity in the field of secur...
Path: LicensingCryptocurrency Exchange License in El Salvador
... at the national level. The government's rapid development of the cryptocurrency sector is supported by tax incentives and exemptions for companies with a cryptocurrency license in El Salvador. They are exempt from fees, taxes, and duties on digital assets, including capital gains and ordinary income. However, any other taxes and government fees can be paid with cryptocurrency. In addition, the pr...
Path: LicensingSlovakia Crypto License
...elp streamline the process and ensure full compliance.Timeframe: 1 - 2 months Minimum paid up capital: No specific minimum share capital is mandated for obtaining a crypto license in Slovakia. Overview In Slovakia, crypto-asset services are not directly regulated by the National Bank of Slovakia (NBS). Therefore, no NBS approval is required for crypto activities. Howeve...
Path: LicensingSouth Africa Crypto License
...Africa. The main focus is on compliance with financial regulations and operational standards Overview South Africa leads in cryptocurrency regulation in Africa, having introduced official licensing for crypto service providers. Crypto assets are recognized as financial products and are fully legalized. With 10% of the population engaged in crypto activities as of 2023, there's a hig...
Path: LicensingNew Zealand Crypto License
...e ability to meet operational needs. Overview New Zealand offers a progressive regulatory environment for cryptocurrency transactions under the Financial Markets Authority (FMA). While a separate crypto license is not required, crypto assets are classified as securities and subject to regulatory controls. The taxation system includes taxes on income from mining, trading, and using c...
Path: LicensingKazakhstan Crypto License
...ining a crypto license in Kazakhstan is $100. Overview Kazakhstan has established a comprehensive regulatory system for cryptocurrency activities, actively accepting applications for crypto licenses. As of April 1, 2023, the Law on Digital assets in Kazakhstan regulates the issuance and circulation of digital assets, providing a legal framework for these activities. Despite the genera...
Path: LicensingNorway Crypto License
...o license in Norway. Companies must demonstrate financial stability. Overview Norway offers a favorable environment for cryptocurrency businesses with its stable economy and innovative business climate. Cryptocurrencies are treated as assets, simplifying tax compliance. The regulatory landscape is still evolving, with the Ministry of Finance requiring crypto providers to register wi...
Path: LicensingDeltec Bank Account Opening
...y Captive Management. Advantages of bank account opening: A tax neutral platform – with no income, estate, inheritance or capital gains tax, and no restrictions on the repatriation of funds No forced heirship laws for domiciled assets Highest ranking nation for civil liberties and political rights by the World Bank Home to approximately one third of the world’s top 100 ...
Path: BanksRaiffeisenbank Bank Account Opening
...bank is a member of Austrian Raiffeisen Group that also offers products and services in the Czech Republic in the area of building savings, insurance and leasing.Account opening: 7-14 working days Overview: According to total assets over CZK 300 billion, the bank is 5th largest in the market. Raiffeisenbank serves clients at more than 120 branches and business client centre...
Path: BanksCIM Bank Account Opening
...fessional fees for assistance of opening a bank account. The bank offers range of services and products Personal and commercial account Investment execution: stock, bonds, funds, derivatives and forex Counselling on financial investment asset Management Executing payment orders Multi-currency current accounts and deposit accounts Debit and credit cards services Structuring Lom...
Path: BanksSwitzerland Limited Liability Company Formation
...its investments, providing services on behalf of the consolidated group, debt financing of subsidiaries, and/or the holding and exploitation of Intellectual Property. In the long term, either the company’s participators must represent 2/3 of the assets in its balance sheet or the income derived from such participators (dividends/capital gains) must represent at least 2/3 of its total income. T...
Path: CompaniesHong Kong Limited Company Formation
...onnected in any way with the Central People's Government or the Government of the HKSAR or any department of either government such as Department, Government, Commission, Bureau, Federation, Council, Authority Names Requiring Consent or a Licence: asset management, Assurance, Authority, Bank, Building Society, Bureau Federation, Chamber of Commerce, Chartered, Commission, Co-operative, Council, ...
Path: CompaniesSt. Vincent and the Grenadines LLC Company Formation
...eals to the Privy Council based in the United Kingdom. A St. Vincent IBC is a tax free vehicle for undertaking a wide range of business and investment opportunities under the jurisdiction of St. Vincent and the Grenadines, characterised by robust asset protection and some of the strongest global confidentiality laws. St. Vincent and the Grenadines holds an international reputation in the off...
Path: CompaniesAntigua and Barbuda International Business Company Formation
...h such sufixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima or Aktiengesellschaft Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered N.B. Restricted connections for company name: na...
Path: CompaniesBritish Virgin Islands International Business Company Formation
...also, they are exempt from capital gains, estate, inheritance, succession or gift tax with respect to any shares, debt obligations or other securities of the company. BVI BC’s are also exempt from any kind of stamp duties related in any way to its assets or activities, with an exception for land-ownership transactions in the BVI, in which case a stamp duty remains payable. Other benefits ...
Path: CompaniesSt.Lucia International Business Company Formation
...pany name must end with such sufixes or their abbreviations: Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered N.B. Restricted connections for company name: na...
Path: CompaniesSeychelles International Business Company (IBC) Formation
...ce in which account records shall be kept (it may be in or outside Seychelles). Accounting records shall be maintained for a period of 7 years (from the completion of the transactions). “Accounting records” is defined as “documents relating to assets and liabilities of the company including receipts and expenditure, sales and purchases and other transactions”. Secretary Not Required&...
Path: CompaniesSingapore Private Company Formation
...usiness entity to be set up in SG is the Private Limited Company. The Private Limited (Pte Ltd) company is the safest and the most cost-beneficial way to set up a business in SG as this form of business registration protects shareholders’ personal assets by separating them from the company’s liabilities and limiting the latter with the share capital. Company’s members do not risk their perso...
Path: CompaniesUSA Delaware Limited Liability Company Formation
... expand its economy. The companies incorporated in Delaware are known as LLCs, which offer the advantages of a combination between a corporation limited by shares and a Limited Partnership, thus is a good way to protect the personal liability and assets of the owners. At the same time, it allows the owner to enjoy the benefits of a tax-free jurisdiction on all business transactions and profits ...
Path: CompaniesGibraltar Limited Liability Company Formation
...he many reasons to form an international company offshore, easing a company’s tax burden always remains high on the list. Gibraltar’s Non-Resident Companies are not only exempt from paying any local taxes, but also enjoy secure asset protection provisions and flexible corporate structuring that allows for single individual.General information Company structure ...
Path: CompaniesNetherlands Limited Liability Company (LLC) Formation
...5%. There are two taxable income brackets. A lower rate of 20% applies to the first income bracket, for taxable income up to EUR 200,000. A special regime applies with respect to profits, including royalties, derived from a self-developed intangible asset (developed after 31 December 2006). In this so-called innovation box, the taxpayer may opt, under certain conditions, for the application of a l...
Path: CompaniesCyprus Limited Liability Company Formation
... name Language: Any Letters: From Roman alphabet Company name must end with such suffix or it’s abbreviation: Limited Restricted names: Any word that the Registrar considers undesirable Names Requiring Consent or a Licence: asset Management, asset Manager, Assurance, Bank, Banking, Broker (s) / Brokerage, Capital, Credit, Currency (ies), Custodian(s), Custody, Dealer(s), ...
Path: CompaniesAfrAsia Bank Account Opening
...tor.Account opening: 7-14 working days Overview: AfrAsia Bank is a large financial services provider in Mauritius and in the adjacent continental sub-regions of Southern, Central and Eastern Africa. As of June 2016, the total asset valuation of the bank was approximately US$2.6 billion. The bank was founded by Jamess Benoit (resigned as of 2016) and others in 20...
Path: BanksSaint Kitts and Nevis Limited Liability Company (LLC) Formation
...ide range of enabling legislation which makes it possible to create and register offshore entities and companies. The St.Kitts and Nevis legislative framework enables efficient tax system, better estate planning, well developed wealth management and asset protection on a top level in comparison to other jurisdictions. Advantages of Saint Kitts and Nevis Limited Liability Company LLC: ...
Path: CompaniesCayman Islands Company Formation
...ccess to The Register of Directors and Officers or the Register of Shareholders. Benefits: - exemption from all local taxes and stamp duty - maximum confidentiality and anonymity - ease of operation, maintenance and control - asset security - mergers with other corporations either in the Cayman Islands or in other countries are allowed General information Company stru...
Path: CompaniesAuthorised Company in Mauritius
...ered office Required Company name Language: Any Letters: from Latin alphabet Names Requiring Consent or a Licence: Bank, buildings society, insurance, assurance, reinsurance, funds, trust, trustees, finance, savings, royal, asset management, foundation, municipal, chartered, healthcare, gaming, brokerage, broker, forex, lease, leasing, pharmaceutical N.B. Compa...
Path: CompaniesPacific Private Bank Account Opening
...ific. Its geographical, economic, tax and legal environment is favourable for foreign investor capital protection. The Bank focuses in providing services to corporate and private customers from around the world. Specialized in wealth and asset management, the bank develops and offers tailored investment solutions. By providing personalized banking services the bank is able ...
Path: BanksCredit Suisse Bank Account Opening
...erwriting. The Securities Data Company ranked Credit Suisse as the fourth best place for financial advice for mergers and acquisitions in the US in 1995 and sixth for domestic equity issues. Credit Suisse has been recognized by the asset Triple A Awards. In 2005 Credit Suisse was ranked as the second best prime broker by Institutional Investor.Payment processing options Master...
Path: BanksRaiffeisenbank Bank Account Opening
...bank is a member of Austrian Raiffeisen Group that also offers products and services in the Czech Republic in the area of building savings, insurance and leasing.Account opening: 7-14 working days Overview: According to total assets over CZK 300 billion, the bank is 5th largest in the market. Raiffeisenbank serves clients at more than 120 branches and business client centre...
Path: BanksPublic Bank Berhad Account Opening
...us commercial banking and related financial services to individual and business customers in Malaysia and internationally. It offers savings, current, fixed deposit, and foreign currency accounts; and financing for working capital and acquisition of assets and vehicles, as well as credit guarantee corporation and fund guaranteed financing schemes. The company also provides Islamic bank...
Path: BanksPacific Private Bank Account Opening
...ific. Its geographical, economic, tax and legal environment is favourable for foreign investor capital protection. The Bank focuses in providing services to corporate and private customers from around the world. Specialized in wealth and asset management, the bank develops and offers tailored investment solutions. By providing personalized banking services the bank is able ...
Path: BanksCredit Suisse Bank Account Opening
... third for IPO underwriting. The Securities Data Company ranked Credit Suisse as the fourth best place for financial advice for mergers and acquisitions in the US in 1995 and sixth for domestic equity issues. Credit Suisse has been recognized by the asset Triple A Awards. In 2005 Credit Suisse was ranked as the second best prime broker by Institutional Investor.Payment processing options Master...
Path: BanksPublic Bank Berhad Account Opening
...us commercial banking and related financial services to individual and business customers in Malaysia and internationally. It offers savings, current, fixed deposit, and foreign currency accounts; and financing for working capital and acquisition of assets and vehicles, as well as credit guarantee corporation and fund guaranteed financing schemes. The company also provides Islamic bank...
Path: BanksAfrAsia Bank Account Opening
...tor.Account opening: 7-14 working days Overview: AfrAsia Bank is a large financial services provider in Mauritius and in the adjacent continental sub-regions of Southern, Central and Eastern Africa. As of June 2016, the total asset valuation of the bank was approximately US$2.6 billion. The bank was founded by Jamess Benoit (resigned as of 2016) and others in 20...
Path: BanksBelize International Business Company Formation
... An International Business Company (IBC) is arguably one of the most effective corporations it is a tax-exempt vehicle, very popular among advanced entrepreneurs around the world. It can be used for offshore banking, investment activities, asset protection and the operation of many types of business. The IBC has full tax exemption in Belize and is widely suitable to buying an...
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