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Russian 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: 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: 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: 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: 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: 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: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...al expenses as they seek to comply with the Travel Rule. Some VASPs may cease to exist or others may move to unregulated countries such as Panama. Nevertheless, this will be a positive impact on the industry because Travel Rule will help virtual assets grow into an asset class that is safe for investors. Offshorelicenese team are ready to assist to our clients with Crypto license obtaining ...
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: 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: BlogCrisis Impact on Crypto Lending Sector
...he outcome will likely be the same. Just as in the past, “crypto-backed lenders are likely faring better than other crypto businesses during the global pandemic, as they offer a way for crypto holders to get cash without having to sell their cryptoassets. Even more, crypto lenders may be able to offer other platforms and investors the tools that they need to survive the downturn: “in the midst...
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: BlogThe 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: 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: 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: 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 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: 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: 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: 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: 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: 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: 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: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...work 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 management, segregation of assets, custodianship, funds...
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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
... meaning trades occur between investors, rather than with a security’s initial issuer. These platforms are essential for the health of securities, as they provide investors with access to liquidity in their holdings. Digital securities take real assets, such as equity, debt or funds, and tokenise them using blockchain technology. This not only modernises and simplifies the capital raising proc...
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: 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
...trading platform operating in the country. Despite the security requirements, the Japanese crypto exchange, Liquid was hacked recently when hackers stole around $80 million in cryptocurrency. The FSA has developed rules around the storage of client assets by the exchanges and is now bending towards adopting the Financial Action Task Force’s Travel Rule by 2022 that will mandate all crypto platf...
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: 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: 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: 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: 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: BlogUK FCA issued clarifications of cryptocurrency regulations
...sed 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 ground, instead these specify when certain types of crypto assets fall under existing categories. In these guidelines, the FCA determined main cryptocurrencies such as Bitcoin and Ether as “exchange token...
Path: BlogGovernmental digitalization in Malta
... In the meantime, the Innovative Technology Arrangements and Services Bill would establish the regulatory regime that the MDIA would enforce in the nearest future. The Virtual Financial Asset Bill will create a legal frame for the virtual financial assets market and the Malta Financial Services Authority will be the responsible government body for the oversight. **Malta is creating an absolute...
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: 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: 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: 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: 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: 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: 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: BlogThe 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: 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: 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: 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?
...ks, like Bank of Cyprus, Piraeus Bank, America Bank, Pacific Private Bank and others, that are considered best for offshore companies. These banks offer high-quality customer service, technological solutions for privacy and safety, security for your assets and other advantages. Some jurisdictions also have requirements for founders or executives of the company. For example, age restrictions or ...
Path: BlogWhy should you invest in offshore business?
...ty 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 company offshore. This can keep your assets safe and also help increase your income. Confidentiality and secrecy laws are also crucial when investing offshore. Corporate and banking rules...
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: 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: 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. [ 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: 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: 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: 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: 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
...t and where to lodge it creates a question. With the question amongst property and security, or personal gain or business income, remaining undefined, individuals are exposed: liable without being fully aware of the repercussions of their digital assets. SOLUTION TO THE PROBLEM Even though the uncertainty, individuals can store cryptocurrency obediently by entrusting their digital assets ...
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: BlogTECHNICAL SOLUTIONS
...any name and logo Admin tool set up PAMM/MAM Systems Technical Solution for Broker Companies OffshoreLicense LTD offers solutions for Forex Fund Management. PAMM/MAM is the system by which the trader (manager) can manage investor’s assets through a broker. The main advantage of system is that the interests of both parties will protect broker. Elimination of risks in relations bet...
Path: AdditionalCanada 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: BlogMalta as the new crypto bay
...ve 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 Virtual Financial assets Act will set up methods and conditions for ICO projects, including Anti Money Laundering, Know Your Client and other related requirements. I...
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: 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: 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: 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: 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: 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: 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: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...10 years and fine not exceeding 10 million Malaysian ringgits [$2.44 million].”* It is also worth pointing out that the SC in collaboration with the Central bank (Bank Negara Malaysia) together will prepare a complete legal framework on digital assets before the end of Q1 2019. The Commission replies on this: *“The guidelines will among others, establish criteria for determining fit ...
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: BlogSingapore 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: CompaniesHong 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: 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: 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: 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: 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: 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: LicensingBermuda Digital Asset license
...ss and the collation of the documents needed for the license application Company incorporation – approx. 5 business days from the lodgment of the application Initial BMA decision in respect of the License – approx. 4-6 weeks Minimum net assets: $100,000 USD or such other amount as the Bermuda Monetary Authority (“BMA”) may direct taking into consideration the nature, size and...
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: 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: 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: 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: BanksSouth 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: BanksUSA 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: CompaniesPublic 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: 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: 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: 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: 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: 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: CompaniesNetherlands Limited Liability Company (LLC) Formation
...om 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 lower effective rate on taxable profits derived from these intangible assets. The effective tax rate of the innovation box is 5%. The innovation box is applicable if at least 30% of the profits have been originated by th...
Path: Companies