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Norway crypto License
Norway presents an evolving landscape for cryptocurrency businesses, characterized by a regulatory framework aimed at balancing innovation with investor protection. The Financial Supervisory Authority of Norway (Finanstilsynet) oversees crypto-related activities, emphasizing compliance with stringent anti-money laundering (AML) and consumer protection regulations. To operate legally, crypto excha...
Path: LicensingSlovakia crypto License
In Slovakia, obtaining a crypto license requires registering a business with the Slovak Commercial Register and complying with the regulatory standards set by the Financial Market Authority. The process involves submitting a comprehensive application, which includes a business plan, AML/KYC policies, and detailed information about the company's key personnel and their qualifications. The authorit...
Path: LicensingSingapore crypto License
In Singapore, obtaining a crypto license requires compliance with the regulations set by the Monetary Authority of Singapore (MAS) under the Payment Services Act. Companies intending to offer cryptocurrency services must register and apply for either a standard payment institution license or a major payment institution license, depending on the scale of their operations. The application process i...
Path: LicensingEstonia crypto License
Estonia is a key hub for crypto businesses due to its progressive regulatory framework. The Estonian Financial Intelligence Unit (FIU) requires crypto exchanges and wallet providers to obtain a Virtual Currency Service Provider license, ensuring compliance with KYC, AML, and cybersecurity standards. This structure provides stability and confidence for investors and businesses. Estonia’s effi...
Path: LicensingSwitzerland crypto License
In Switzerland cryptocurrencies and exchanges are legal, and the country has adopted a remarkably progressive stance towards cryptocurrency regulations.Incorporation: around 3 months + delivery time for the courier Minimum paid up capital: 100,000 CHF Overview Clearly, Switzerland is not the cheapest of jurisdictions in which to establish a new business, but it does have ma...
Path: Licensingcryptocurrency Exchange License in El Salvador
El Salvador adopted Bitcoin as legal tender in June 2021 and became the first country to officially recognize the digital currency 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. Timeframe: within 3 – 4 months Minimum capital requirement: Share c...
Path: LicensingBulgaria crypto License
In Bulgaria, obtaining a crypto license involves registering a company with the Bulgarian Commercial Register, typically as an LLC, and complying with the regulatory requirements set by the Financial Supervision Commission (FSC). The application process includes submitting a detailed business plan, AML/KYC policies, risk management procedures, and information about key personnel. The FSC reviews ...
Path: LicensingUK crypto License
Starting your crypto Exchange company in the UK is a great choice due to the absence of any specific regulation of the industry by the Financial Conduct Authority. However, it is highly recommended that crypto Exchange Companies completed an analysis of their planned activity in order to clarify whether the particular crypto Exchange project complies with the legislation of the United Kingdom.Tim...
Path: LicensingCyprus crypto License
In Cyprus, obtaining a crypto license involves registering a company and adhering to the regulations set by the Cyprus Securities and Exchange Commission (CySEC). The application process requires submitting a detailed business plan, AML/KYC policies, risk management procedures, and information about the company's directors and shareholders. CySEC evaluates the application to ensure that the busin...
Path: LicensingNew Zealand crypto License
New Zealand is a prime destination for cryptocurrency businesses due to its robust regulatory framework and supportive environment. The Financial Markets Authority (FMA) regulates crypto activities, ensuring compliance with the Financial Markets Conduct Act 2013. crypto exchanges must obtain an FMA license, meeting strict requirements for investor protection and market integrity, including AML, C...
Path: LicensingGeorgia crypto License
Georgia has become an attractive destination for cryptocurrency businesses due to its favorable regulatory environment and supportive government policies. The National Bank of Georgia oversees the regulation of crypto activities, ensuring compliance with local laws and international standards. To operate legally, crypto exchanges and related businesses must obtain a license, which involves meetin...
Path: LicensingSouth Africa crypto License
In South Africa, obtaining a crypto license involves adhering to the regulations set by the Financial Sector Conduct Authority (FSCA). Prospective crypto service providers must register their businesses and comply with the Financial Intelligence Centre Act (FICA), which mandates strong AML/KYC policies. The application process includes submitting a detailed business plan, risk management strategi...
Path: LicensingKazakhstan crypto License
Kazakhstan is gaining recognition as a favorable destination for cryptocurrency businesses due to its proactive regulatory framework and supportive government stance. The Astana International Financial Centre (AIFC) oversees crypto activities, ensuring compliance with local and international standards. To operate legally, crypto exchanges and related businesses must obtain a license from the AIFC...
Path: LicensingJapanese Financial Services Agency is discussing to impose stricter crypto Laws
**The aim is to begin the use of new rules by mid-2022.** Financial Services Agency (FSA) of Japan has begun taking steps towards strengthening cryptocurrency 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 digi...
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: Blogcrypto aspirations: North Korea is holding cryptocurrency conferences
North Korea continues to impress the international community by showing how enthusiastic it is about the ample opportunity deriving from the cryptocurrency. The country announced that it will be holding the second blockchain and cryptocurrency conference in February 2020 and which is expected to be far larger than the previous one. Following the previous successful crypto event back in April 2...
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: BlogTanzania takes steps to cryptocurrency implementation
...dor, Tanzania has also made steps towards wide-spreading Bitcoin usage. According to local media reports, this Sunday, 13.06.2021, Tanzanian president, Saami Suluhu Hassan, gave a speech, in which she urged the central bank to start preparations for cryptocurrency implementation. She stated, that it is impossible to ignore the fact, that cryptocurrency and blockchain technology as a whole is on...
Path: BlogMarshall islands introduces its own cryptocurrency
**The Marshall Islands is on the move with plans to issue its own cryptocurrency that will be distributed as a means of payment together with the US dollar.** **The country has recently announced the official release of the Sovereign (SOV).** SOV will have an established money supply with settled growth along with closing the secrecy and anonymity loopholes utilized by criminals and terrorist...
Path: BlogLegal salary in crypto. New Zealand experience
New Zealand has recently adopted changes that allow to pay salaries in crypto. The aforesaid changes were implemented by New Zealand’s tax authority under 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...
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: 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: BlogFINRA grants extended deadlines for companies to report their crypto activities
Last year, **the U.S. Financial Industry Regulatory Authority (FINRA), a self-regulatory body for brokerages and exchanges within the country requested its members to report on their involvement with crypto.** FINRA has recently extended its deadline for firms to report their involvement in crypto activities. It is presumed, that this was made due to the last week’s commotion over Facebook...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
**Thailand’s financial regulator is willing to amend local laws in order for those to include cryptocurrency.** Preecha Charoensahayanon, Police Major and secretary-general of the Anti-Money Laundering Office (AMLO), said: *"We believe that, while currently not an issue, cryptocurrency will be a tool of new money laundering. We may not find any clue, but that doesn’t mean the wrongdoin...
Path: BlogGerman crypto companies will require BaFin license as of next year
Starting from next year, **new regulation in Germany will require cryptocurrency companies to obtain a license issued by the Federal Financial Supervisory Authority (BaFin)**. crypto derivatives will not fall under these regulations, but remain subject to the ESMA’s current restriction and any future proposals by the BaFin regarding the sale of these instruments to retail investors. Based on...
Path: BlogJapan and South Africa are to set new crypto regulations
**Two of worlds global economic giants, Japan and South Africa, are to set new crypto regulations in the scope of recent activities and scandals within the cryptocurrency market.** **Japan works on both regulatory and diplomatic levels to introduce crypto Regulations.** In terms of introducing crypto regulations, Financial Services Agency (FSA), Japan’s financial watchdog, has recently e...
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: BlogLocal cryptocurrency could soon be used in Japanese regions
**Two Japanese companies have been cooperating for two years on local cryptocurrency and now are launching a trial of a local digital coin.** Mitsubishi Research Institute and Kintetsu Shimakaze railway company introduced a new regional digital currency for use in Mie Prefecture - a famous tourist area. **The newly introduced cryptocurrency will be available for use from November 11 to Januar...
Path: BlogHow to store your crypto with the less tax consequences
cryptocurrency is a quite innovative project, therefore it still requires clarifications and guidelines especially with regards to taxation. This question becomes even more relevant in a view of ongoing tax season around the globe. **The beginning of tax season is pushing cryptocurrency holders to figure out how to declare their coins.** In Singapore, for example, cryptocurrencies are determin...
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: BlogLawyers’ Lobbying Efforts result in lifting crypto-Ban in Vanuatu
One of the most popular offshore licensing jurisdictions faces changes. Dealing with cryptocurrencies was banned by Vanuatu authorities for a long time. If the VSFC license holder had a small reference to crypto on his website, regardless whether as a means for payment, a traded commodity or a CFD, VSFC license could have been revoked and the USD 50,000.00 bond forfeited – never-minding the ...
Path: BlogMarshall Islands Announces Fund Development For Its Local cryptocurrency
...nced the establishment of Sovereign coin (SOV), a national coin that currently being under active development. Recently, the government has announced that they have also formed a SOV Development Fund in order to enhance the establishment of the cryptocurrency. SOV Development Fund is a newly-formed Marshallese not-for-profit organization. The Fund’s task is to support the authorities in the...
Path: BlogRussia adopting three-tier cryptocurrency regulation
Russia shows its readiness to embrace the crypto world since Russians are actively using cryptocurrencies in multiple ways. The three-tier approach to regulate digital currencies proposed by Russia’s Finance Ministry will see the light as early as on November 1st. Russia’s customized approach will facilitate crypto handling for companies, traders, investors and other participants of the d...
Path: BlogHow political unrest affects cryptocurrency?
... Although it is difficult to quantify the ways in which political instability can affect the financial systems, there is doubt about the interdependent nature of finance, government, and politics. But what effects the political upheaval has on cryptocurrency? Since Bitcoin and digital currency is a relatively new phenomenon, the effects of political events on cryptocurrency have not been clo...
Path: BlogChina to become the first country to issue state-owned cryptocurrency
**China is about to become the first world’s country to issue domestic cryptocurrency.** The government plans to provide the digitized currency to commercial banks and other institutions, then those will transmit to the public. The President of China Xi Jinping has expressed his support for the blockchain technology and development of the first state-owned cryptocurrency. He revealed that th...
Path: BlogPandemic effect on cryptocurrency markets
...conomy to slow down, which is, therefore, affecting the stock prices to dip down. Reports suggest that the S&P 500 index has gone red with 10% since January 2020. Before Black Monday, when the price of Bitcoin dipped below $4,000, indicating that cryptocurrencies are not immune to the influence — and downturns — of traditional financial markets, the trading volume of Bitcoin spiked. Many ot...
Path: BlogCovid-19 Effect on Growing Number of crypto Related Scams
According to a report from blockchain forensics company CipherTrace losses from cryptocurrency crimes netted 1.4 billion USD in the first five months of 2020. This could be the second-highest value in losses linked to cryptocurrency crimes compering to 2019 when crypto crimes proceeds surged to 4.52 billion USD, up 160 percent from 2018’s total of 1.74 billion USD. As a result, 2019 and 2020 ar...
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: BlogImpact of New Legal Framework on Estonian crypto Market
Since the establishment of fintech as an independent banking field, crypto exchanges have tried to find the right license that will enable them to conduct business with a possibly lowest limit of regulation, at the same time still trying to comply with local framework. Estonia is one of the most advanced digital nations and also the first country, which has implemented e-residency for global ...
Path: BlogSouth Africa’s Introduction to crypto Regulation
cryptocurrencies have been shown to be mainstream in South Africa, with 10.7% of the country’s residents owning crypto, which is one of the highest of any country at the moment. South Africa’s cryptocurrency market has reached a point where it can no longer be ignored. At the end of the last year the South African Reserve Bank (SARB) reported that they are going to impose new regulations...
Path: BlogAttempts to Unify cryptocurrency Regulation and Introduction of the Travel Rule
It has been almost a year since the Financial Action Task Force (FATF) released its controversial crypto directives, which merged the cryptocurrency industry into existing banking policy, requiring firms to comply with the same requirements as traditional financial institutions. FATF stated that it would give 12 months to adopt the guidelines. FATF’s guidelines will: - increase transpare...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s crypto Laws
Last year two of legislation were passed by the Japanese House of Representatives - The Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA), as a result Japan will be enforcing new cryptocurrency- related regulation. Originally new legislations were scheduled to come into effect in April, but due to a COVID-19 pandemic delay the final enforcement date has been offi...
Path: BlogOutbreak of crypto Frauds Amid Coronavirus Outbreak
As the number of global coronavirus cases grows each day, unscrupulous hackers and cyber-criminals are once again using sophisticated malware, phishing and scam techniques to steal people’s money and crypto holdings. Thousands of fake websites, maps, applications, program downloads, and email phishing campaigns are used in order to steal passwords, money, and cryptocurrencies, or hold user ...
Path: BlogCrisis Impact on crypto Lending Sector
...ty of the global economy. Every industry in the world is fighting to find ways to adapt to the new way that was thrust into reality few weeks ago. One of the most affected sectors has been global financial markets. This has also been true in the cryptocurrency industry. Everyone is aware that the crypto lending sector has gained a reputation for resilience amid market downturns. While a majori...
Path: Blogcrypto-Friendly bank ‘freeze’ bank account
For those companies or people dealing with crypto transactions on a daily basis, or those buying cryptocurrencies as an investment, finding a suitable bank and open an account that will hold their funds is essential. cryptocurrencies banking is viewed as high risk by many banks. This however does not mean there are not options for you or your company, with a regulated banking provider who have t...
Path: BlogHow cryptocurrency will be taxed in the UK?
The United Kingdom’s tax, payments and customs authority has clarified its view on how cryptocurrency will be taxed. New guidelines published by Her Majesty’s Revenue and Customs (HMRC) explain the approach to 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 curr...
Path: BlogLocal Swiss Authority Planning to Accept Taxes in cryptocurrency
**Authorities in the Swiss canton of Zug plan to begin accepting taxes in cryptocurrency from the start of next year.** From February 2021, citizens and companies based in Zug will be able to pay of their taxes in either Bitcoin (BTC) or Ether (ETH), as the two are the biggest cryptocurrencies in the market. Starting from next year this will be applicable for local citizens and companies as th...
Path: BlogThe UN warns on North Korean crypto Conference
...e in February. The event is being arranged by Alejandro Cao de Benos, a president of the Korean Friendship and Chris Emms, a business developer at Bitcoin.com. This January, the United Nations warned people not to attend 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...
Path: BlogNigeria’s crypto regulation as a solution for financial services
...l framework will look like, but it is said that if the virtual digital assets can be classified as securities and they will be treated as securities and will fall under the jurisdiction of the SEC. In 2018 Central Bank of Nigeria did declare that crypto-currencies such as Bitcoin, Ripple, Monero, Litecoin, Dogecoin and others, were not considered as the money or any other means of payment. Alth...
Path: BlogAttention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet
... related to "new" legislation in Estonia began to appear on the Internet. One of the main sources of such information was the local consulting firm ESTI. According to their report, Estonian Ministry of Finance (EMF) released amendments to local crypto legislation that have significantly raised the bar for new potential crypto-companies. The report also states that the application processing t...
Path: BlogSouth Korea to tax capital gains on crypto
crypto taxation is one of the hottest topics of debate globally. And while most of the countries keep on discussing the opportunities of crypto taxation, South Korea takes the initiative into own hands. **The Ministry of Economy and Finance of South Korea has decided to tax earning from crypto-related profits by imposing capital gains tax on virtual currencies.** According to government sourc...
Path: BlogSouth Korea enforcing crypto rules
**Although South Korea is one of the main crypto exchange markets with exchanges holding about $1.9 billion worth of virtual currencies, there were no relevant regulations to this day.** After years of deliberations, the country has finally specified the legal framework for cryptocurrency. **The National Assembly of South Korea has passed a bill establishing a legal foundation for virtual cur...
Path: BlogThe BRICS countries discuss the launch of the new cryptocurrency and unified payment system
...RICS summit which was held in Brazil this November was strengthening economic growth. As reported by Russian news outlet RBC, five growing economies including Brazil, Russia, India, China, and South Africa, were discussing the launch of the “BRICS cryptocurrency” and unified payment system. The idea of creating a new cryptocurrency and a single payment transaction system between the five co...
Path: BlogThe UK provides legal certainty for crypto assets and smart contracts
Although new crypto technologies 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 ...
Path: BlogRussia is planning to create asset-backed cryptocurrency
Russia is still actively considering the question of whether cryptocurrency should be regulated at the government level. The head of nation's central bank said that the country is planning to create a gold-backed cryptocurrency in order to arrange the possibility of international settlements. As reported by the head of the Central Bank of the Russia, Elvira Nabiullina, the bank acknowledges ad...
Path: BlogEstonian government tightens up licensing requirements for cryptocurrency companies
**New changes to a local crypto legislation were introduced by Estonian Ministry of Finance.** According to the updated rules the processing time of applications changed from 30 to 90 days along with a mandatory registration of a company or its branch in Estonia. Among other crucial changes the cost of the license was increased almost 10 times, to 3,330 euros. Due to new regulations introdu...
Path: BlogUtility tokens to be! A new crypto legislation in Montana
**The state of Montana has just released a bill that will exclude cryptocurrencies from the securities law and will describe the use of utility tokens in a in a clear and straightforward manner.** The Governor of Montana, Steve Bullock signed House Bill 584 which proposes the new provisions, as a result, making the State of Montana a desirable location for crypto startups. The bill with th...
Path: BlogNew anti-money laundering rules for crypto exchanges in Norway
**Norway Financial Supervision Authority (FSA) recently announced new requirements for virtual currency exchange providers and businesses that create, store and maintain cryptographic keys.** New money laundering rules shall come into force as of October 15, 2018, and will focus on reporting companies established in Norway, including branches of foreign companies. Also, the new requirements wi...
Path: BlogLegalization of cryptocurrencies in Russia
On July 22 the Russian State Duma introduced new legal framework legalizing cryptocurrencies in Russia and also properly defining them. Draft law was approved by legislative branch in the third reading and the new law will come into effect on January 1, 2021. According to new legislation any digital currency will now be recognized as a set of electronic data which can be used for payments pur...
Path: BlogChina's Central Bank is planning to ban crypto airdrops
**The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that are conducting free airdrop campaigns in the country.** In its latest financial stability report for 2018, which was published on November 2, 2018 the **central bank stated that there has been a surge in the number of "disguised" Initial Coin Offerings (ICO)**, as well as free distribution ...
Path: BlogControversy on 30% crypto Tax in India
- The tax rate is on par with gambling and lottery. - Indian traders with a cent in crypto profits will now have to pay tax and file returns. The government of India has officially imposed taxation regime on cryptocurrency gains – despite the expectations that the Indian government will table a bill regulating digital assets, the Minister of Finances has surprisingly introduced the new cryp...
Path: BlogMalta as the new crypto bay
**Malta is swiftly becoming one of the popular destinations for crypto and ICO** whereas other jurisdictions around the world restricting cryptocurrencies and ICOs or adopting a neutral approach. Even though Malta is the smallest EU member, its government is developing reliable laws for the newly created industry that will probably become the next big thing following the Internet, as well as ...
Path: BlogJapan to Tighten crypto Rules for Preventing Sanctions Evasion
Japan Implement Stricter crypto Rules in Order of Sanctions Evasion Prevention. - Legislation updates are initiated by the Russia-Ukraine war conflict. - In case crypto exchanges suspect unauthorized transactions, they are obliged to notify the FSA. The government of Japan is to tighten rules on cryptocurrency exchanges, as the country announced intentions to update its Foreign Exchange an...
Path: BlogHow to Get a crypto License in 2024
 cryptocurrencies have become an integral part of the financial landscape, and with their growing adoption, the need for regulatory compliance has also increased. Obtaining a crypto license is essential for businesses that wish to operate legally within this space. Whether ...
Path: BlogSingapore authorities are planning to support crypto startups with receiving banking services
The Monetary Authority of Singapore (MAS), also known as the city-state's central bank, is currently working on the new approach to provide cryptocurrency startups with internal banking services. The above-mentioned development is part of the country's efforts to boost its fintech development sector. Based on the statement of Ravi Menon, MAS managing director, the **government of Singapore is...
Path: BlogHow to Obtain a crypto License in Saint Vincent and the Grenadines
 Saint Vincent and the Grenadines (SVG) is emerging as a favorable jurisdiction for cryptocurrency businesses due to its evolving regulatory framework and attractive economic conditions. The country is part of the Eastern Caribbean Currency Union (ECCU) ...
Path: BlogGerman Political Parties raise discussion on implementing Regulation for crypto Blockchain Industry
The SPD, the Alliance 90/The Greens, and the FPD suggested a draft of crypto and blockchain regulatory framework. The most influential 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 Eu...
Path: BlogDubai’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: Blogcryptocurrency: what are your options?
Since its development in 2009, cryptocurrency has been in the financial space as both a threat and an innovation to the business and economic scene. Budget investors have been swayed by the virtual monetary device that offers anonymity, easy international transactions, and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number ha...
Path: BlogLeading Russian banks intend to work with crypto
During a meeting, held at the Moscow Exchange, **numerous Russian banking organizations expressed their readiness to collaborate with the industry of cryptocurrency and blockchain**, stated Russian news site RBC on September 19. According to an unnamed source, cryptocurrency has a huge potential in Russian region and the demand over the past year has grown significantly, but the banks are unab...
Path: BlogMauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset
...c has admitted that the current 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 Jugnau...
Path: BlogBitcoin and cryptocurrency litigation
Since its development in 2009, cryptocurrency has been in the financial space as both a threat and an innovation to the business and economic scene. Budget investors have been swayed by the virtual monetary device that offers anonymity, easy international transactions,and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has...
Path: BlogWhy cryptocurrency is the future of electronic cash systems
In this article, we’ll look at why cryptocurrency is the future of electronic cash systems. Why it should become the most widely-used type of payment–and how this could impact the future of the global economy. We’ll also discuss why the Bitcoin dip and other market factors present both challenges and opportunities. **Consumer Benefits of cryptocurrency** Since the beginning of the 21...
Path: BlogHedge fund billionaire joined crypto market
**Steven Cohen, better known as the “Hedge Fund King”, recently has enter the crypto market.** Cohen through his venture capital firm, Cohen Private Ventures, made a significant investment in cryptocurrency-focused hedge fund Autonomous Partners, as was stated in the Fortune [article](http://fortune.com/2018/07/12/steven-cohens-bitcoin-crypto-autonomous-partners/){._blank} published on the 1...
Path: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
Recently the **UK Financial Ombudsman Service (FOS) has expressed its opinion on cryptocurrency**, among the other topics raised by UK investors, in its Annual Review 2017/18. In the above-mentioned Review, the **Ombudsman classify cryptocurrency as other risky investments category** and noted the excessive volatility of cryptocurrency. Many activities relating to cryptocurrencies are not re...
Path: BlogIndian Declaration on cryptocurrencies Proposes Jail Term for Violation of Rules
**The bill with such proposal is to be tabled for voting in the nearest time.** While Indian government is still working on development of cryptocurrency legislation, which is expected to be set on vote in the ongoing session of the Indian parliament, this legislation included a proposal of complete ban on cryptocurrency use as a payment method and violation of such law may lead to criminal ch...
Path: BlogPotential PayPal Entry into cryptocurrency Market
**Fintech giant PayPal could potentially be making an entrance into the cryptocurrency market by offering its clients the ability to buy and sell cryptocurrencies.** PayPal plans to carry out direct sales of cryptocurrency to its 325 million users. At the moment, PayPal can be used as an alternative way for withdrawing funds from exchanges such as Coinbase, but this would be a first method of ...
Path: BlogCoinbase starting over-the-counter crypto trading for institutional investors
On November 27 financial news network Cheddar announced that **Coinbase, one of the biggest United States crypto exchange and wallet provider, has recently started over-the-counter (OTC) trading for institutional clients**. Unlike trading through a crypto exchange itself, over-the-counter crypto trading makes it possible for institutional investors to carry out direct trades between each other...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
...mprised 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 omiss...
Path: BlogCuba is up to define crypto Regulation Guidelines
**Miguel Diaz-Canel, the President of Cuba, has left hints on the possibility of crypto-regulations in various speeches during last couple of months.** Banco Central de Cuba (BCC – The Central Bank of Cuba) – has left a message in its official gazette in regard of their plans to define a set of rules in order to recognize and regulate cryptocurrencies and the industry itself within the Is...
Path: BlogSouth Korea is planning to establish crypto-Focused Bureau
...licy Management Planning Division’ as a part of the brand-new bureau launch.** The Financial Service Commission (FSC), a South Korean financial watchdog, announced on Thursday that it would set up an independent bureau that seeks to address all crypto-related matters in the South Korea.According to media-outlet ‘The Korea Times’, KFIU will have the legal power to handle the brand-new agen...
Path: BlogPakistan is planning to regulate crypto business
**The government of Pakistan has recently created regulations for crypto business.** The federal government has settled on the new Electronic Money Institutions (EMIs) regulations to follow recommendations of the Financial Action Task Force, in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement po...
Path: Blogcrypto exchange industry is not as compliant as it appears to us
According to the recent studies, numerous crypto exchange companies still do not have sufficient KYC policies. 69 percent of crypto companies does not have proper know-your-customer (KYC) procedures, and only 26 percent of exchanges had appropriate anti-money laundering (AML) procedures in place. In particular, experienced in AML staff members responsible for transaction monitoring and internal...
Path: BlogBrand-new product - crypto Exchange & Wallet License in Lithuania
**OFFSHORELICENSE LTD is proud to offer brand-new product - crypto Exchange & Wallet License in Lithuania** [**crypto Exchange & Wallet License in Lithuania**- click here](http://www.offshorelicense.com/licensing/crypto-exchange-and-wallet-license-lithuania) Recently, Lithuania started offering a friendly and well-regulated legal environment for crypto exchange and crypto wallet services pr...
Path: BlogCanada is Planning to Restrict cryptocurrency Short Selling
Canadian financial regulatory authorities are currently developing **new rules for cryptocurrency exchanges** within the 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...
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: 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: BlogHead of the Estonian Financial Watchdog Endangers crypto License Holders
Head of the Estonian Financial Intelligence Unit (FIU), who has been appointed to his role in May, 2021, Matis Maeker, has recently made a statement that the country should re-start the licensing process of all crypto-related businesses in the country, which implies that all of crypto exchanges will be revoked their licenses. According to Estonian media outlet, Eesti Ekspress, the financial watc...
Path: BlogFATF is planning to release International crypto Regulation by next summer
France-based money laundering intergovernmental watchdog, Financial Action Task Force (FATF), has seen growing tension from global governments to unify regulation of the cryptocurrency industry. As stated in the Reuters report Friday, **the FATF said it will publish international rules for cryptocurrency regulation by next summer**. The possible regulations will put into effect licensing sche...
Path: BlogTop 5 crypto-friendly jurisdictions
Dear readers, today we would like to draw your attention to the **most crypto-friendly zones around the world**. **SINGAPORE** Singapore, an island city-state that is opened to both cryptocurrencies and blockchain. The government and the central bank of the country are chasing a clear blockchain plan with the objective to connect central banks worldwide through DLT (distributed ledger techn...
Path: BlogJapan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)
At the moment the Financial Services Agency (FSA) of Japan is estimating the industry’s interest in ETFs (exchange-traded funds) tracking cryptocurrencies. Liberal Democratic Party, **Japan’s main ruling party, is planning to submit a draft law by March 2019, that, among other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mention...
Path: BlogIndia is up to Classifying crypto-Exchanges as e-Commerce Platforms
The exchanges will probably comply to the Indian Goods & Services Tax (GST) regime. Country’s government is about to implement regulatory clarity on the Indian booming crypto-industry. According to local media “Business Standard” report released last Wednesday the plan is to label crypto-exchanges as e-commerce platforms. This governmental initiative will result in Indian crypto-exch...
Path: BlogNew crypto regulation from Switzerland
**FINMA (Switzerland’s Financial Market Supervisory Authority) has recently announced a new fintech license**, with moderate conditions, that is appropriate to blockchain and cryptocurrency-based companies. On 3rd December, 2018 the regulator stated that the new regulation will grant recognized “innovative financial companies” the ability to accept public deposits of up to 100 million Sw...
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: BlogGibraltar crypto License
... Gibraltar Financial Services Commission (GFSC) expects companies to demonstrate financial stability and sufficient capital to cover their business operations and potential risks Overview Gibraltar offers an attractive environment for cryptocurrency companies, featuring low tax rates and favorable regulations. cryptocurrencies are legally recognized as a means of payment, and activi...
Path: LicensingAustralia crypto License
...ce, insurance, and dispute resolution, but does not guarantee service quality.Timeframe: around 3 - 6 months Minimum paid up capital: As of now, there is no explicit share capital requirement specified for companies seeking to engage in cryptocurrency activities in Australia. However, businesses must ensure they have adequate financial resources to meet the compliance and operational ...
Path: LicensingLabuan crypto License
A credit token business under Labuan Law is defined as any business where a token, being a cheque, card, voucher, stamp, booklet, coupon, form or other document or thing is given or issued to a person by the person carrying on the business.Timeframe: around 6 months Minimum paid up capital: Not prescribed Overview Labuan is an island and a Federal territory of Malaysia, whi...
Path: LicensingNew 6 AMLD Compliance Conditions for EMIs
...internal procedure, considering that criminal liability will shift in this December. Also, EMIs, that co-operating with industries that are considered as high risk, are recommended by the Regulator to require stronger compliance. Similar to many cryptocurrency licenses, EMI are not been forced to comply with new conditions, but it is quite probable that EMIs, especially in the Baltics, will ha...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
... major influential participant in the EU and naturally, it wants to take a significant role in the new paradigm of digital securities and the blooming decentralized finance sector. At the beginning of 2020, Germany had allowed local banks to sell cryptocurrencies to their customers. After approving the sale, 40 banks had reportedly applied for crypto custody licenses by February 2020. Earlier t...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
Hong Kong’s Securities and Futures Commission (SFC) will stipulate the regulations of all cryptocurrency trading companies operating in Hong Kong’s jurisdiction. The following activities is 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 reg...
Path: BlogBrief description of the first day of Bitcoin usage in daily payment: technical problems and protests
**Due to BBC reports, the first week that Bitcoin has been a legal tender in El Salvador resulted in technical problems, protest and cryptocurrency’s sharp fall in market value.** On Tuesday, September the 7th, the price of Bitcoin fell from USD 52,000 per coin to USD 43,000, reaching its lowest mark in almost a month. As a result of a cryptocurrency daily usage blurry start one of the poore...
Path: BlogBitcoin fortifying its positions: El Salvador, Paraguay and Beyond
... moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world!” Even before Paraguay, Tanzanian President Suluhu Hassan addressed the nation’s financial chiefs with a plea to prepare for cryptocurrency implementation: “We have witnessed the emergence of a new journey through the internet,” she declared. “I know that throughout th...
Path: BlogASIC’s strengthens consumer protections by reducing CFD leverage
...l clients 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 of...
Path: BlogNew requirements for Lithuania and UK EMIs
...cial entities which are licensed in both jurisdictions, particularly EMIs, will retain the lowest level of their risk standard, while enabling a strong and stable risk management policy, specifically if company’s business activities are related to crypto currencies. Such precaution is required until the final agreement is reached between the EU and the UK. EMIs that have established accounts ...
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
...ge 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 Provider (VASP). This is major step for the emer...
Path: BlogCFTC Warns More Than 20 Forex Brands
...e CFTC’s crackdown on binary options operatives after a series of cases uncovered massive fraud in the dubious industry. This time companies like Allegra Markets, IDB Traders/Baltic Concert LLP, Capital 245, MM Financial Experts, Coinexx, Omega crypto, Crown Finance, Omega Capitals, EagleFX, Platin CFD, Easy Line Pro, Richmond FG, F1 Trade, Top Option 360, FX Dealer, Trade GF, FXVIP, Turnkey ...
Path: BlogEl Salvador: Bitcoin will become legal tender, alongside the US dollar
... dollars at the time of transaction through a trust created at the country's development bank BANDESAL. Under the law, bitcoin must be accepted by companies when offered as payment for goods and services. Tax contributions can also be paid in the cryptocurrency. The bitcoin-dollar exchange will be rated set by the market. The El Salvador government will maintain a $150 million trust fund to ...
Path: BlogDubai is set to regulate investment tokens
...e ‘Arabian Business’ media outlet, “There have been a number of ‘false starts’ in the security token field over the last four years, so this kind of progress is very welcome indeed. We believe security tokens have the potential to grow the crypto space 100 times, and as such we will be monitoring the landscape with interest.” However, utility, exchange and fiat-backed tokens (or so-...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
...he region. Consulting with a professional service provider can help facilitate the account setup. How many companies are registered in Seychelles? There are about 150,000 companies registered in Seychelles, including numerous forex brokers and crypto exchanges. The jurisdiction's favorable business environment and streamlined registration process make it a popular choice for international bu...
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: 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: BlogKnow-hows on Different Legislations and Blockchain Implementation Profitability in Your Business
*crypto technology boom is on its peak now and there are still numerous discussions whether it is profitable to use Blockchain in your business, or not. Financial companies, retail and even government authorities are using new instruments in their work.* At the same time, there are different approaches to regulations of **Blockchain companies** in the world. Some countries accept new ways and ...
Path: BlogFirst central bank issued digital coin in the euro zone
...hers to build a specific set that can then be exchanged for a credit card-sized physical silver coin with a nominal worth of 19.18 euros. LBCOINs can be exchanged directly with the central bank and on private blockchain networks. The sum total of crypto exchange transactions from 2017 to 2018 stood at 661 million euros (around $762 million). According to ICO figures in October of 2018, Lithuani...
Path: Blog5 signs of booming blockchain innovation in Australia
...r new technology like blockchain to thrive. TechStars’ first accelerator program in the Asia-Pacific region is based in Adelaide and the entrepreneur scene is thriving in this Australian city. As the US continues to forge its path to regulating cryptocurrencies, smaller countries, it seems, are steaming ahead. Well, smaller population countries anyway. ***2. A Pioneering Stock Exchange*** ...
Path: BlogTwo of Malta's blockchain acts came into force
As Malta aspires to become the center of blockchain, crypto, 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 ...
Path: BlogICO vs IPO. Main differences
The cryptocurrency market has caught attention of many, from brokers wishing to make some quick earnings, to high skilled professionals who have extended experience in the classical capital market. Therefore, it was rather expected when initial coin offerings (ICO’s) accumulated more funds in the first three months of 2018 than during the entire 2017. Nowadays we hear a lot of different inf...
Path: BlogWhat is coin selection and why does it matter?
...Possible Solution?** It was blockchain developer Mark Erhardt who first proposed how to optimize the Bitcoin coin selection algorithm. Although, it was Andrew Chow who implemented the update. Erhardt now works for BitGo, which develops enterprise cryptocurrency solutions for institutional investors. There, he has developed Predictive UTXO, which helps to offset the fees involved in spending man...
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: BlogTierion: utilizing the bitcoin blockchain to verify documents
...its, and even awards. The data helps to reduce fraudulent activity in the sector by providing businesses with an easy and affordable way to verify their employees’ credentials. **Partnerships** In February, Tierion raised eyebrows across the crypto community when they announced a partnership with computer giant Microsoft. The partnership’s goals revolve around securing sensitive pieces o...
Path: BlogBitmain's IPO: looming threats and insights from a Bear market
When Bitcoin mining and ASIC miner-producing juggernaut **Bitmain** released its IPO prospectus to the Stock Exchange of Hong Kong in September 2018, the world got to take a peek at some wild growth rates in the cryptocurrency industry not purely linked to astronomical gains from market speculation. The most impressive component is the leap from Bitmain’s 2016 revenue ($278M) and profit ($11...
Path: BlogFresh breath of air for innovative financial services in Labuan
...intech and assists Labuan entities in case of providing related to fintech activities. LFSA expressed its interest in attracting “Innovative Financial Services” to the region including businesses involved in distributed ledger technology and cryptocurrencies as it stated in “Circular on Innovative Financial Services in the Labuan” sent on June 28, 2018. Labuan business is called upon t...
Path: BlogLolli: how legit is the customer loyalty program that rewards users in bitcoin
Imagine getting paid while shopping online. Even better, imagine getting paid in cryptocurrency while shopping online. Sound good? A new customer rewards platform called Lolli thinks so and is paving the way for a new cryptocurrency cashback model. Or perhaps it should be coined the new bitcoinback model? Either way, users of the service will receive rewards in Bitcoin when shopping at one of Lo...
Path: BlogThe government of Zimbabwe is willing to treat bitcoin same way Switzerland does
...id Mr. Ncube, *“But there are other countries which are moving faster. If you look at the Swiss central bank they are investing in and understanding Bitcoin.”* At the same time the RBZ has taken an increasingly cautious position regarding the cryptocurrency, in May of 2018 it prohibited all internal banking institutions from servicing cryptocurrency businesses in a way similar to India and ...
Path: BlogPolymath CEO Trevor Koverko on smart investing, secret societies, and security tokens
...interview with Polymath CEO Trevor Koverko is a slightly surreal experience. I’ve had meetings with key political figures that were easier to coordinate–and without having to cut through a swathe of adoring crowds requesting to take selfies with crypto’s man of the moment. So, what is it that’s got everyone talking about Trevor Koverko? Quite a few things actually. CoinCental’s Christ...
Path: BlogDecentralized Internet – affordable resources and privacy on the web
...ns primarily as a user interface and provides browsers and links so people can navigate to websites. You may be thinking that a decentralized internet could bring a better user interface then. But anyone experiencing the user interface of typical cryptocurrency wallets and blockchain sites might well be skeptical. The web implemented a number of design choices reasonable people might well ar...
Path: BlogEthereum has attracted considerable interest of the CFTC
The U.S. Commodity Futures Trading Commission (CFTC) wishes to learn more about one of the most popular cryptocurrencies – Ethereum (ETH). Let's try to figure out what caused such an interest from the regulator's side. **Ethereum is the second most discussed cryptocurrency right now.** Ethereum proposes to provide a blockchain with an integral, fully fledged programming language that can be ...
Path: BlogNew hype or a real irreplaceable instrument. Contracts of digital age.
....” Simply put, they represent any agreement 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...
Path: BlogCoinbase was approved by SEC to list security tokens
One of the top U.S. cryptocurrency exchange, **Coinbase Inc., has been granted the regulatory’s approval to acquire securities of several firms** – it is a great progress in legitimizing crypto investments and provisions of related services to public in a trustworthy way. Last month, the exchange announced that it intends to purchase three companies: (I) Keystone Capital Corp., (II) Venov...
Path: BlogA raising trend of investment scams in Australia
...overall losses of Australians, that are related to investment scams, added-up to more than $21.8 million. Previously the highest loses were recorded in 2017. The governmental authorities stated that current level of fraud schemes, associated with cryptocurrencies, is alarming. Early this year, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victo...
Path: BlogSpanish internal collaboration on blockchain project
...d to continue exploring the possible applications of blockchain in its processes and to proceed further with the project. Given the above, in order to be informed of the latest technology trends it is worth to analyze all the main topics such as cryptocurrencies, blockchain or legal tech. Read **Offshorelicense** blog to keep up-to-date on the latest technological and legal news.
Path: BlogList of ICOs to watch in June
At present, the main concern among cryptocurrency enthusiasts is a sharp drop in the exchange rate. But this does not affect **the popularity of the blockchain technology**. Recently, the **number of new blockchain projects, varying from gaming to artificial intelligence, rapidly increased**. Here are some projects that successfully launched during the previous month and are worth to be revie...
Path: BlogSwitzerland puts a hand over supervising ICOs
February 16th became an important day for **European crypto-community**. **Switzerland** showed itself as a progressive jurisdiction and published guidelines regarding the **ICO regulation**. It was developed by The Swiss Financial Market Supervisory Authority (FINMA). Many Swiss startups has now decided to announce ICO as acceptable since it is easier than attracting investors as it was 5 - ...
Path: BlogBermuda warns: virtual currency shall not pass
Each jurisdiction makes and individual decisions on the matters of **cryptocurrency business**. We have already informed you about the countries whose reception of blockchain is mostly positive and the new legal initiatives are giving business space to work. However, it is not about **Bermuda**. Currently, this territory is not against cryptocurrencies, but the Bermuda Monetary Authority has ...
Path: BlogHow Brokers in China Feel After the Website Blocks
We have already informed you regarding the latest **Chinese website restrictions** that occurred due to lack of information towards the financial regulator. Soon after the government **banned Bitcoin and other cryptocurrency exchanges**, followed by the bans of other trade platforms. It affected all FX and trading platforms without ICP certificates. Trading community stated that the access to...
Path: BlogIs Accepting Bitcoin a Reasonable Choice for Banks?
The buzz around the **cryptocurrencies** remains and we understand the mixed feeling about it. Many people still think it is just a bubble, whereas others believe that **Bitcoin** is the new fiat. Unfortunately, nobody can predict all perspectives for sure and all we have is a forecast and assumptions. The rapid growth of the Bitcoin rate and dozens of successful ICOs made many entrepreneurs...
Path: BlogBitcoin Mining Faces Rumors in China
... around the Internet by mistake. In spite of that, Sichuan still remains the province where are the most reasonable electricity prices. The Chinese government in the last couple of years supports a very negative attitude towards Bitcoin and other cryptocurrencies. However, mining is still not banned and, any unofficial statements that might claim it is an outlaw, do not have any legal power. At...
Path: BlogSouth Korea is planning to amend current tax legislation in order to boost blockchain startups
**The government of South Korea announced its plans to amend current tax rules in the part that concerns innovative companies – including, but not limited to, blockchain and crypto startups.** During a meeting of ministers from government agencies, a decision was made to expand tax benefits for companies that focus their research and development (R&D) on modern technologies. This move was ma...
Path: BlogiFX EXPO Asia, Hong Kong 2019
...d Company Formation](http:www.offshorelicense.com/companies/hong-kong-limited-company-formation){._blank} ☑ [Mauritius Global Business License](http://www.offshorelicense.com/licensing/maurtius-global-business-licence){._blank} ☑ [Estonian cryptocurrency Exchange License](http://www.offshorelicense.com/licensing/estonian-cryptocurrency-exchange-license){._blank} ☑ [Cayman Islands Se...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...ion 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’s net equity doe...
Path: BlogBermuda became the first government to accept digital currency payments
...o accept digital currency for government taxes, services, and fees payments.** Bermuda thereby became the first government providing such an opportunity. This means that around 60,000 residents of the island will be able to pay their taxes using the cryptocurrency. **For government services payments, Bermuda will accept USD-dollar backed stablecoins (USD Coins) that are licensed by the Bermuda...
Path: BlogAlbania is preparing a legal framework for virtual assets
...* But to change that Albania is seeking to become the next European blockchain hub with a new set of laws that legalize the use of digital currencies. On May 21st, the Albanian parliament signed a new bill into law to implement a legal framework for cryptocurrencies, which is already described as “Europe’s most comprehensive crypto law yet.” New legal framework was first introduced to Alb...
Path: BlogPossible Effects of Bitcoin Halving
...s to the blockchain was cut in half. However, it was reported that from April 11th to May 14th, the average cost of Bitcoin network transaction fees increased by more than 1,250%, rising from $0.38 to a $5.16. **One of the most popular beliefs in cryptocurrency circles about halving events is that they are great for the price of Bitcoin, in particular, the halving will cause the Bitcoin price t...
Path: BlogNorwegian airline’s customers may be able to purchase flight tickets with bitcoin
The third largest low-cost airline in Europe and the largest airline in Scandinavia will start accepting payments for flight tickets in crypto as soon as this spring. **Norwegian Air, one of the biggest airlines in Europe is about to transform the aviation industry in 2020 by allowing its customers to purchase flight tickets with digital currency.** Founded in 1993, Norwegian Air is the large...
Path: BlogWhat is the reason behind the suspension of ePayments operations?
...freeze. One assumption is that because the electronic money institution remains one of the largest processors for “high-risk” industries which traditional banks tend to avoid. Many industry participants view that ePayments’ connection to a crypto exchange called Digital Securities Exchange (DSX) could possibly lead to suspension of operations of the regulated e-money company. Another...
Path: BlogCambodia will launch a central bank digital currency
... own digital currency will be launched in the coming months. Bakong central digital currency was designed by the Japanese blockchain company. The company Soramitsu has developed a system that supports any type and number of currencies, including crypto. As explained by the Central Bank’s director-general Chea Serey, **the central bank digital currency (CBDC) will bring all participants i...
Path: Blog“Sand Dollar” pilot testing in the Bahamas
...districts of the Bahamas, and will extend to the Abaco Islands in the first half of 2020. The testing will allow collecting the data on the performance of the digital currency. **The island’s “Sand Dollar” is a digital fiat currency, not a cryptocurrency, stable coin**, or competitor to the Bahamian dollar. According to the project, this is simply a digital version “in every way equiva...
Path: BlogBritish Virgin Islands announces a dollar-backed digital coin
...developing a Rapid Cash Response program that will offer aid in the event of a national emergency. It seems that there is a tendency among the island territories to develop digital coins. Just as Bermuda and Marshall Islands, the BVI is boosting crypto technologies on its territory. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogThe evolution of Forex in the 21st century
...tals also altering the character of FX market. The effects of such policy changes as Bing Bang are always dramatic, so having an understanding of the policies is a great way to prepare for changes that may occur in the future. Blockchain and crypto cryptocurrencies and Blockchain technology certainly are taking many industries further. Forex industry is not an exception. crypto technolo...
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: Blog“To trade or not to trade?” or How Chinese Exchanges Overcome the Bitcoin Ban?
...e-known fact that China had banned Bitcoin exchanges. The reason for this ban is the government’s statement that frauds and money laundering took place on the exchanges.* Before these bans, China had a trustworthy role as one of the biggest **cryptocurrency** trading markets. At the same time, this country is ahead with the mining business and became, actually, one of the centers for crypto...
Path: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...y 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 management, segregation of assets, custodianship...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
We hasten to inform that **Malaysia’s SC (Securities Commission) recently has commenced regulation of ICOs and crypto exchanges**. New legislation (Capital Markets and Services Order) entered into force on Tuesday, January 15. The new prescription order means that ICOs and exchanges would require additional confirmation from the SC prior to commencement of operations and would have to compl...
Path: BlogFINMA provides guidelines on "stablecoin"
The number of ‘stablecoin’ projects has increased markedly since the last year. The idea behind the ‘stablecoin’ projects is to minimize the volatility in cryptocurrency’s valuation by fixing the ‘stablecoin’ to currencies, commodities, securities or, real estate. In this connection, the Swiss Financial Market Supervisory Authority (FINMA) has provided the guidelines bringing to lig...
Path: BlogLegal bitcoin to be!
...nsactions remain not classified. Until now, there have been an estimated 440 million bitcoin transactions following the network’s launch in 2009. While Elliptic is regularly hired by law enforcement agencies throughout the world with regards to cryptocurrency transactions identification, the purpose of this research was to determine main patterns that might be useful in distinguishing illicit...
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: 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: BlogCySEC proposes three levels of leverage for retail clients
...verage 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, distribution, and sale of leveraged CFDs on crypto assets to retail clients. CLIENT PROTECTION According to the Head of CySEC, Demetra Kalogerou, the standards in the sphere of marketing...
Path: BlogSaudi Arabia issued its first license for Forex trading
...iggest state-owned company - Saudi Aramco. Earlier this month, the company has managed to raise 10 times the bids it sought in a major bond sale. That fact can change the country’s plans for a public listing. Saudi Arabia had also headlined the cryptocurrency space. The country’s central bank has been working jointly with the UAE monetary authorities to develop a new token. Read our blog...
Path: BlogBlockchain technology to be used for cross-border forex transfer in China
...kchain platform for cross-border financial trades. At present, a highly complex industry such as China's import and export financing system relies on manual, paper-based operation for processing. In order to resolve this, data will be stored on a cryptographically secured distributed network. By using a blockchain system, it will be possible to share this data instantly as well as transparently...
Path: BlogMauritius has announced new regulatory framework for security token offering
...ing the tokens. As you may see, the Mauritius regulator remains highly supportive of Fintech-related initiatives within the country. The above-mentioned guideline follows a first clarification note from the regulator, issued in September 2018, on cryptocurrency as an asset class. Read our blog to keep abreast of all interesting and actual crypto news.
Path: BlogOmega Dark, the first regulated dark pool in digital assets is launched
...s 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 pools matter so much for crypto because they act as a central warehouse for liquidity, and connect the broad array of fragmented exchanges and OTC desks across the globe into ...
Path: BlogAustralia is planning to implement blockchain technology in order to automate transaction reporting
...tribution of Swinburne’s existing Blockchain Innovation Lab, the BSOE is planning to work with Capgemini to develop blockchain solutions from the point of Proof of Concept to collaborated production. Last spring, AUSTRAC presented new rules for cryptocurrency exchanges adhering the AML&CTF (counter money laundering and terrorism financing), which also included implementation of obligatory int...
Path: BlogSEC representative "hopes" Bitcoin ETF will be approved
...y, Hester Peirce stated that the Winklevoss’ suggested rule change has satisfied the statutory standard, hence it should be permitted. By analyzing the above situation, we surely can say that the SEC’s position has obviously not deterred all crypto enthusiasts from trying to make the ETF revelation. Read our blog in order to stay updated with the latest crypto news.
Path: BlogThe Central Bank of the Bahamas expressed digital currency plans
...hat soon Bahamians will have their own digital currency. **The Central Bank of the Bahamas disclosed the plans to issue their own electronic money and establish digital currency as a legal tender.** According to the Central Bank, introducing the cryptocurrency will be a valuable input for handling economic issues. It will be the blockchain-based digital fiat currency dubbed “Sand Dollar” d...
Path: BlogJapan Virtual Currency Exchange Provider’s License
...thin 8 weeks License application - within 6 months Minimum capital requirement: 10 000 000 JPY (approx. EUR 75 000) + Registration tax minimum of 150 000 JPY (0.7% of capital) It is important to note, that not all, currently available cryptocurrencies, fall under the definition of Virtual Currency of the Payment Services Act. There are two types of Virtual Currency that are describe...
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