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Indian Declaration on cryptocurrencies Proposes Jail Term for Violation of Rules
...as been listed on the roaster of the ongoing parliamentary session of the country. The Indian government is planning to imply a ‘general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing’ in cryptocurrencies ‘medium of exchange, store of value and a unit of account’, the summary of the bill stated. Furthermore, the declaration migh...
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: 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 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: 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: BlogFirst central bank issued digital coin in the euro zone
...r to what is known as a central bank digital currency (CBDC) putting Lithuania at the forefront of development of fiat digital currencies. CBDCs are traditional money in digital form, issued and governed by a country’s central bank. In comparison, cryptocurrencies such as bitcoin are produced by solving complex equations, and governed by disparate online communities instead of a centralized gove...
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: BlogCovid-19 Effect on Growing Number of Crypto Related Scams
...g returns. High returns also were a main bait in Bitconnect –another scam that was shut down in 2018. As an example could be mentioned another scheme were anonymous group of ‘entrepreneurs’ run the scam bot iCenter, which is a Ponzi scheme for cryptocurrencies such as Bitcoin and Litecoin, which promises investors 1.2% daily returns and some of investors iCenter’s Facebook posts promised r...
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
...ce of press from China Central Television, a state-owned television network in China. The article spoke of the skyrocketing price of Bitcoin ahead of the halving, was especially surprising given China’s vexatious relationship with BTC and other cryptocurrencies more generally in the past. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
...ies, the new regulations place cryptocurrency asset derivatives transactions under the FSA’s jurisdiction. Additionally, the updated regulations have refined terminologies, calling them “crypto assets” instead of “virtual currencies” or “cryptocurrencies”. Another important amendment added to the regulations is the legal definitions of initial coin offerings (ICOs) and security to...
Path: BlogNigeria’s Crypto regulation as a solution for financial services
...coin, Ripple, Monero, Litecoin, Dogecoin and others, were not considered as the money or any other means of payment. Although new regulation has not introduced yet, such actions from Nigeria’s SEC indicates shift in the Nigeria’s attitude toward cryptocurrencies. Although legal framework will not stipulate ‘securities’ as a ‘money’, fact that SEC identifies cryptocurrencies as a s...
Path: BlogOutbreak of Crypto Frauds Amid Coronavirus Outbreak
...g 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 files to ransom. The City of London’s National Fraud Intelligence Bureau (NFIB) has tracked 21 coronavirus scams sinc...
Path: BlogCrisis Impact on Crypto Lending Sector
...rkets. 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 majority of Bitcoiners and other crypto advocates believed that cryptocurrencies would act as a safe haven during times of crisis, the opposite has proven to be true, so far. Considering effects of crisis, every...
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: 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: BlogNorwegian airline’s customers may be able to purchase flight tickets with bitcoin
...The project will be likely rolled out as early as next month but it is still unclear which digital currencies apart from Bitcoin will be accepted. Although Bitcoin is the best-known digital currency, there is a possibility that the list of supported cryptocurrencies will be broader. We are happy that following such a business giant as Starbucks that is planning to allow its customers to settle ...
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: BlogThe evolution of Forex in the 21st century
...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 technologies are j...
Path: BlogLocal Swiss Authority Planning to Accept Taxes in Cryptocurrency
...on 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 they will be able to tax up to CHF...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...currency 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 stablecoins) that is in line with Europe’s Markets in Financial Instruments Directive (MiFID), which...
Path: BlogThe UK provides legal certainty for crypto assets and smart contracts
...gnificant 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 legal uncertainties concerning the cryptocurrencies, smart contracts and DLT (distributed ledger technology). The document provides regulatory clarity by recognizing crypto assets a...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...ectronic Money under the Electronic Money Law, transposing EMD. **Below you can find a list of crypto-business models, which are affected by CASP legislation:** • Cryptocurrency exchanges: the digital marketplaces where you can buy and trade cryptocurrencies, crypto-asset, altcoins, and NFTs either as crypto-to-crypto or as fiat-to-crypto and vice versa transactions (i.e. Coinbase, Binance...
Path: BlogSlovakia Crypto License
... ensure the business meets financial stability and regulatory compliance standards. Once the license is granted, it allows the company to operate legally within Slovakia's crypto market, offering services such as trading, exchange, and custody of cryptocurrencies. Ongoing compliance with regulatory requirements, including regular reporting and adherence to AML/KYC standards, is essential to mai...
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: LicensingHow 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: BlogControversy on 30% Crypto Tax in India
...rprisingly introduced the new crypto taxation law coming into effect as early as this April – upon the new financial year. Although the majority of the local crypto industry members are optimistic about this, hoping that this will legitimacy to cryptocurrencies, many are concerned with the nuances of the new taxation rules. First of all, the announced crypto tax rate is higher than any oth...
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: BlogFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
... first 10 months. With rising popularity, the use of digital assets in illegal financial transactions has also increased. To counter that, many European and Asian countries have introduced strict KYC and AML rules for the detection and prevention of cryptocurrencies in illegal activities. Israel is one of the fastest-developing crypto-hubs in the whole world. Rising popularity of digital assets...
Path: BlogHead of the Estonian Financial Watchdog Endangers Crypto License Holders
...kspress, the financial watchdog’s chief wants to ‘turn the regulation to zero’. “These risks are very, very high. We need to react cardinally and very quickly,” Maeker commented on the topic of the people being unaware of the risks that cryptocurrencies carry. That said, the official expressed his concerns on issues like money laundering and terrorism financing via illegal crypto acti...
Path: BlogBrief description of the first day of Bitcoin usage in daily payment: technical problems and protests
...y of its usage as a legal tender, loosing as much as 20% of value at one point. “It has been a very bad day for the President Bukele, his government and the whole Bitcoin experiment. Most people of El Salvador are very poorly informed about the cryptocurrencies, but what we know is that it is an extremely vulnerable and fragile market, which has been proved today.” said opposition politicia...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...st in its aged private banking network, recently amended legal code to set new standards for crypto trading. Further, EU and US recently brought legislative changes regarding cryptocurrency industry by providing standardization, legal clarity around cryptocurrencies and base for regulatory consistency across jurisdictions. Following world-wide trends, more activities are expected, therefore ou...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...ted matters in the South Korea.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...
Path: BlogCuba is up to define Crypto Regulation Guidelines
...ions 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 Island.It as well explains that the government of Cuba is seeking to establish guidelines for cryp...
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: BlogJapan and South Africa are to set new crypto regulations
...to-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, Facebook’s attempt to launch Diem (previously known as Libra) caught regulatory attention worldwide. Just like other top moneta...
Path: BlogBitcoin fortifying its positions: El Salvador, Paraguay and Beyond
...ind efficient ways of converting large amounts of BTC to cash, or more nations may need to consider accepting BTC payments for international trade–or both. Another aspect which may affect the future of Bitcoin usage is idea of nationally-issued cryptocurrencies, as China has been working on issuing a nationally-issued digital currency for several years; the United States is considering launch...
Path: BlogTanzania takes steps to cryptocurrency implementation
...sible to ignore the fact, that cryptocurrency and blockchain technology as a whole is on a rise and in terms of keeping up with the modern world, Tanzania has to pave the way for development of abovementioned technologies. Moreover, she said that cryptocurrencies may evolve into the future of finance and it is up to East African nation to take steps to change the attitude of global banking indu...
Path: BlogEl Salvador: Bitcoin will become legal tender, alongside the US dollar
... will maintain a $150 million trust fund to offer the BTC to USD conversion services. It will sell some of the received Bitcoins to replenish the trust fund. The bill, which was proposed by Bukele himself, touches many areas related to the use of cryptocurrencies. It recognizes Bitcoin as a legal tender, scraping all associated capital gains tax. In addition, the country will accept taxes in Bi...
Path: BlogThe BRICS countries discuss the launch of the new cryptocurrency and unified payment system
...dition, it is assumed that the BRICS cryptocurrency will not be used as a full-fledged settlement tool or digital form of money, but rather as a tool for fixation of obligations and trade facilitation. The reason for this is that transactions in cryptocurrencies are much slower than conventional banking transactions, so it makes sense to transfer payments between the BRICS countries in cryptoc...
Path: BlogHow political unrest affects cryptocurrency?
...rrency is a relatively new phenomenon, the effects 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 ...
Path: BlogChina to become the first country to issue state-owned cryptocurrency
...y 2020. The regulations introduce new standards for the function of cryptography. However, such positive announcements and developments in relation to the blockchain technology do not necessarily mean that China supports Bitcoin and other similar cryptocurrencies. Perhaps, China’s Bitcoin ban might be just one of the security measures which the government sees as necessary before the laun...
Path: BlogLolli: how legit is the customer loyalty program that rewards users in bitcoin
...i. **How Does it Work** Loyalty reward programs have been around for years. Who doesn’t like a gift for doing a little online shopping? And while the model hasn’t changed that much, the founders are hoping that the increasing popularity of cryptocurrencies will continue to attract new customers. **Market > sell > earn commission**. The formula is the same, except that each time you sh...
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: 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: BlogNew anti-money laundering rules for crypto exchanges in Norway
... A “transitional period” has been set for registering with the FSA – this period will continue till January 15, 2019. The above-mentioned obligations under the new Money Laundering Act apply to crypto storage services and providers offering cryptocurrencies exchange services. The information needed for registration contains, among others things, certain data about the business (company...
Path: BlogBitmain's IPO: looming threats and insights from a Bear market
...re sprinting to the Gold Rush, Bitmain was there selling the pickaxes. **One of Bitmain’s main revenue generators is the production of cryptocurrency mining chips and its fleet of Antminer hardware** that allows customers to mine Bitcoin and other cryptocurrencies at semi-competitive rates. With over 80,000 customers and just under half in China and the rest overseas, Bitmain became the world’...
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: BlogCryptocurrency: what are your options?
... as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. **Top cryptocurrencies** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Among...
Path: BlogLeading Russian banks intend to work with crypto
...rypto exchange Bitflyer, Singapore-based blockchain platform NEM, and cryptocurrency Litecoin. Luc Frieden, former Minister of Finance of Luxembourg also took part in the meeting, explaining how his country had managed to build a legal framework for cryptocurrencies and become one of the leading financial hubs. Worth to note that this was not the first meeting of the Russian crypto lobby group....
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: BlogFATF is planning to release International Crypto Regulation by next summer
...l not comply with the above-mentioned regulation will face restrictions, and be added to a FATF blacklist. FATF shall require relevant firms across the globe to become duly licensed and regulated in attempts to prevent money launder by the way of cryptocurrencies like Bitcoin and Monero. Initial coin offerings will be subject to the same regulations.
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: BlogBitcoin and cryptocurrency litigation
...as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. ***Top cryptocurrencies*** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Amon...
Path: BlogWhy cryptocurrency is the future of electronic cash systems
...nd the world to become more connected. A lot has changed since Satoshi Nakamoto’s original white paper in November 2008. We’ve seen major advancements in the capabilities of blockchain technology to empower a better future of P2P payments via cryptocurrencies (despite the Bitcoin dip). When considering the current landscape of digital cash systems, consumers have quite a few concerns wit...
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: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
...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 regulated. Investors in “Initial coin offerings” run the risk of losing all their financial assets without any recourse t...
Path: BlogSwitzerland puts a hand over supervising ICOs
...han attracting investors as it was 5 - 10 years ago. From now on, FINMA will analyze every case and apply appropriate and corresponding financial legislation for each case. A very important part of this announcement is that Europe began embracing cryptocurrencies and other new technologies. In the nearest future, we hope these regulations will become more detailed and profound, but for now, eve...
Path: BlogBermuda warns: virtual currency shall not pass
...**. 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 already expressed its position about crypto-investments. According to the authority’s opini...
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: 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: BlogAttention! New guidelines for crypto holders were announced by the UK Tax Agency
... property than as a mean of payment. HMRC does not regard crypto assets to be currency or money. This considers the point of view earlier stated in the report from the CATF (Cryptoasset Taskforce), as well as point out that the CATF characterized cryptocurrencies as either exchange, utility or security tokens. Deserving to note that the above-mentioned report explains that the method of toke...
Path: BlogNew financial crime combating plan was released in UK
...money, and ensure the UK continues to be one of the safest places in the world to invest and do business."* Adoption of the above-mentioned document discloses the government plans on cryptocurrency businesses. They intent to take action to ensure cryptocurrencies are not used for money laundering and other illegal activities. The Financial Conduct Authority (FCA), the country’s financial re...
Path: BlogMarshall islands introduces its own cryptocurrency
...dentified by an approved verifier of their choice, such as a bank or an exchange." The Marshall Islands expects that citizens will use the SOV for different purposes from tax payments to buying groceries. Potential ideas for possible sovereign cryptocurrencies have grew in strength in past few months. A much like attitude with regard to digital currencies has been developing not long ago wit...
Path: BlogLegal salary in crypto. New Zealand experience
...ries 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 crypto assets as long as payments are made regularly, the amoun...
Path: BlogInnovate! Crypto exchange OKEx has recently released data analysis platform for derivatives trading
..., 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 the top cryptocurrencies BTC, ETH and XRP. In addition to the above, the platform offers to its users six key indicators linked with the main market patte...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
...ased 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 tokens". The regulator highlighted that such digital currencies do not fall under the regula...
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: BlogGerman crypto companies will require BaFin license as of next year
...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 related-assets as well, particularly security tokens. In addition, cryptocurrency-related businesses, such as exchanges ...
Path: BlogFINRA grants extended deadlines for companies to report their crypto activities
...INRA believes it is important to keep the lines of communication with members open on this important topic."* The list of crypto-related activities that FINRA outlined for its members to report include: • purchases and sales carried out with cryptocurrencies; • creation, management or participation of a crypto exchange, fund or derivatives product; • participation in an ICO or Pre-IC...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
...y not an issue, cryptocurrency will be a tool of new money laundering. We may not find any clue, but that doesn’t mean the wrongdoing 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 th...
Path: BlogFCA is planning to restrict crypto derivatives
...sers to increase the size of their trades. On Monday, the FCA announced that it has completed rules limiting the sale of CFDs and CFD-like options to retail customers. The rules include mandated leverage restrictions of 2:1 on CFDs that reference cryptocurrencies. The FCA also added that it expects to publish its final “Guidance on Cryptoassets” later this summer. Read our blog to keep a...
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: BlogRussia is considering to allow crypto trading
...nance, 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 with foreign currency, it would be possible to buy and sell cryptocurrencies, but impossible to use them for payments. After a political decision is made on this issue, we will have the responsibility."* Rus...
Path: BlogIsraeli court determined bitcoin as an asset
... On the grounds of this case it was determined that Bitcoin has a very unstable legal standing, hence it may be difficult to accept it as a currency for tax purposes. The Israeli Tax Authority (ITA) earlier took a position that bitcoin and other cryptocurrencies are considered property for tax purposes, therefore it will tax cryptocurrency as it does any other transacted commodity. As such, tr...
Path: BlogRussia is planning to create asset-backed cryptocurrency
...he legalization of the virtual asset class. Nevertheless, it seems that the creation of crypto legislation might not be a priority at the moment since it was reported last week that the Prime Minister of Russian Federation officially stated that cryptocurrencies have lost their popularity. Read our blog to keep abreast of all actual crypto news.
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: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
...ory 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 above-mentioned framework ...
Path: BlogHow to store your crypto with the less tax consequences
...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 determined as goods that are subject to the seven percent Goods and Services Tax. At the same time, in Hong Kong, cryptocurrencie...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
... aimed to bring digital assets “within the remit of securities laws to promote fair and orderly trading and ensure investor protection.” The above-mentioned declarations still leave some level of uncertainty in relation to the legal status of cryptocurrencies in contrast to ICO tokens in Malaysia. Read our blog in order to stay updated with the latest crypto and fintech news.
Path: BlogKazakhstan Crypto License
...ency activities within the AIFC, provided companies adhere to established rules, including customer identification and anti-money laundering measures. Licensed companies in Kazakhstan can legally offer services for buying, selling, and exchanging cryptocurrencies, as well as accepting and transferring cryptocurrency payments. General information Company structure ...
Path: LicensingNew Zealand Crypto License
...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 cryptocurrencies. Companies must register with the Financial Service Providers Registry (FSPR) and comply with AML/CFT measures. Gene...
Path: LicensingCyprus Crypto License
... ensure full compliance.Timeframe: 7 months Minimum paid up capital: The share capital required depends on the type of license: Type 1: EUR 50,000 Type 2: EUR 125,000 Type 3: EUR 150,000 Overview To operate in cryptocurrencies, businesses in Cyprus must obtain a license from CySEC. While the licensing process can be challenging, it offers significant benefit...
Path: LicensingUK Crypto License
...horities Shareholders' details – part of public record Directors' details – part of public record Taxation Crypto businesses in the UK are subject to standard corporate tax rates. Capital gains tax applies to the disposal of cryptocurrencies, and income tax is applicable if cryptocurrency is received as payment for goods or services. Mining activities are also considered t...
Path: LicensingBulgaria Crypto License
...a minimum capital depending on the legal structure chosen for the business, such as a limited liability company or a joint-stock company. Overview Bulgaria does not require a specific crypto license for cryptocurrency transactions, as cryptocurrencies are not classified as financial instruments or virtual money by the financial regulator. This allows for the establishment of cryptoc...
Path: LicensingJapan 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...
Path: LicensingGibraltar Crypto License
...ate 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 activities such as exchanges, token issuance, and ICOs are permitted and regulated....
Path: LicensingSingapore Crypto License
...xation Singapore has a favorable tax regime for crypto businesses: Corporate Tax: The corporate tax rate is 17% on profits. No Capital Gains Tax: Profits from crypto trading are generally not subject to capital gains tax. GST Exemption: cryptocurrencies are exempt from Goods and Services Tax (GST). Accounting requirements Filing annual report is obligatory ...
Path: LicensingNorway Crypto License
...equirement for obtaining a crypto 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...
Path: Licensing