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: Licensing...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: Blog**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: Blog**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: Blog**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: BlogCanadian 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: Blog...gistration 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 introduced by the government, **it has become much more difficult to get a cryptocurrency license in Estonia**. Estonian Minister of Finance, Martin Helme, said that these changes were adopted as means of dealing with interna...
Path: BlogIt 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: BlogRussia 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: Blog...rencies are not immune to the influence — and downturns — of traditional financial markets, the trading volume of Bitcoin spiked. Many other major crypto exchanges also reported the same uptick movement in the trade volume in the past weeks. The cryptocurrency market managed to recover from Black Monday's slump. All major coins are in a green zone, however, the further upside seems to be conta...
Path: BlogSince 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: Blog**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: Blog... 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: Blog**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: Blog...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: BlogNorth 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: Blog...the three-tier regulation provides separate rules for each type of crypto assets, it will be easier to clarify the right law and remain compliant. Under the three-tier regulation, cryptocurrencies are differentiated as: **Virtual Assets** - cryptocurrency that is used to transfer values (e.g. Bitcoin) **Technical Tokens** – utility/technical tokens (e.g. Ethereum) **Digital Financ...
Path: BlogThe 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: Blog...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: Blog**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: BlogRecently 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: BlogIn 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: BlogSince 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: BlogThe 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: Blog...paid up capital: EUR 2,500.00 Overview In accordance with the Estonian legislation an authorization is required for a company to provide services of the exchange of virtual currency or custodial wallet services. Application for a cryptocurrency exchange license, must be submitted to the Register of Economic Activities. It is important to note that a company must appoint a manag...
Path: LicensingDuring the last few days, a lot of news 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 ...
Path: BlogMauritius is one of the well-known financial centers. Being focused on a lasting economic growth, Mauritius is willing to advance traditional industrial development with an innovative approach. The Republic 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, **Mauritiu...
Path: Blog**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: BlogIn 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: Licensing... 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 currencies.** This is a big s...
Path: Blog- 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: Blog...lf of 2020 year. The government of South Korea is determined to levy capital gains tax on digital currencies even if the forthcoming bill will not be approved. In order to levy taxes, the government will also have to precisely define the term of cryptocurrency and collect trading data from crypto exchanges operating in South Korea. Besides, South Korea’s government will have to decide w...
Path: Blog**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: Blog...still learning I think it is important to have structure and regulation to ensure that people have security and reassurance. I believe the move will see a new wave of people joining the space." Our editorial office continues to keep an eye on the cryptocurrency regulations all across the globe and welcomes any new regulations implied by the governments. Furthermore, our team of professionals ha...
Path: Blog...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: Blog... North Korean Crypto Conference and openly stated that attending the conference will likely constitute a sanctions violation. The UN sanctions have been imposed on North Korea back in 2006 after its first nuclear test. Financial assets including cryptocurrency and banking transactions are also covered by sanctions. Moreover, last year the UN panel reported that North Korea is involved in sophi...
Path: Blog...es among its citizens, which has thinkably resulted in the spawning of several crypto exchanges, while regulatory scenario is still remaining dark. During the last few weeks, the Indian government has held a number of high-level meetings focused on cryptocurrency and its regulation. In spite of previous plans to ban cryptocurrency circulation in the country, the recent attitude of the government ...
Path: Blog...n 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 payments in cryptocurrency, such a well-known company as Norwegian Air will provide new opportunities for crypto-lovers in aviation industry. Hopefully, the crypt...
Path: Blog...mean there are not options for you or your company, with a regulated banking provider who have the features we expect from a bank. Complaints from customers being locked out of their bank accounts are very common. If you are looking to engage in cryptocurrency trading or crypto-related business, you seem to be at greater risk of having your account blocked or frozen. It can happen to any of ...
Path: Blog...tions 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 and Foreign Trade Act.Chief Cabinet Secretary, Hokazu Mat...
Path: Blog...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: Blog...ve managed to scam around £800,000 so far. Crypto currency related scams have forced many countries to issue investment scam warnings of their own. The UK’s Financial Conduct Authority (FCA) has warned investors to avoid coronavirus-related cryptocurrency schemes that may seem too good to be true. “These scams take many forms and could be about insurance policies, pensions transfers or ...
Path: Blog...t consumers and investors by increasing the confidence of their rights. The top 100 crypto assets already account for a collective quarter of a trillion dollars. Attempt to address legal uncertainties will be helpful for protecting the rights of the cryptocurrency traders. The smart contracts technology ensures a more secure and efficient performance of a contract and allows to execute the tran...
Path: BlogLast 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: Blog**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: Blog... Markets aw, transposing MiFID II and E-Money Tokens (EMT), which qualify as Electronic 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-...
Path: Blog...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: Blog**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: Blog... 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: BlogHong 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: Blog...ld had weakened as the trading volume declined at the beginning of the year. However, the crypto exchange noted on September that Bitcoin’s rally to an intra-month high of $12,480 coincided with NASDAQ tech giant, Microstrategy buying $250m of the cryptocurrency. Weeks later, the company doubled down, purchasing a further $175m of Bitcoin, taking its total holdings to 38,250 Bitcoins. Bitcoin...
Path: Blog...d 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 for cryptocurrency exchanges which are currently under final review for the Estonian Financial Intelligence Unit (FIU), will be obligated to clarify that ...
Path: BlogRecently 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: Blog...though legal framework will not stipulate ‘securities’ as a ‘money’, fact that SEC identifies cryptocurrencies as a securities, is huge step forward. These changes have been promoted because more and more regulations have been applied to the cryptocurrency industry in other countries and changes has attracted more investors to other jurisdiction. It is believed that investors are more assu...
Path: BlogDespite 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: Blog...ition to the large fines, the authorities also intended to put the involved parties under imprisonment for up to 7 years, depending on the amount of involved digital currencies and the damage to the country’s financial system. This came when major cryptocurrency exchanges including Binance were entering the Russian market, calling a progressive stance of the country’s leaders towards crypto. ...
Path: Blog... 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: Blog... crypto-related transactions and to decide whether to extend licenses for crypto operations in South Korea. “The FSC’s decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering,” an FSC official commented. Furthermore, the watchdog will have...
Path: Blog**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: BlogAccording 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: Blog...come a holder of both above-mentioned licenses and the average time of application review by the regulator is around 1 month. **Key points for Lithuanian Crypto License Company structure** To apply for the Lithuanian crypto license to provide cryptocurrency exchange and/or wallet services a limited liability company (UAB) has to first be set up in Lithuania. The minimum share capital requir...
Path: Blog...eer in the field. Malta’s friendly approach has seen many global blockchain and digital currency companies set up operations in the island. By introducing digital assets framework into law, Albania could be aiming to establish itself as another cryptocurrency “hotspot” for companies seeking to operate within regulated environments. This seems to have worked particularly well in Malta, whi...
Path: Blog...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: Blog...irective (5AMLD) that was supposed to be fully implemented by January 2020 in all EU Member States have taken a very heavy toll on the regulators around the Europe. The discussion over whether regulation is with positive impact or bad impact for the cryptocurrency industry has evolved over the past two years as regulation has shifted from theory into practice. EU Member States that are not comp...
Path: BlogCryptocurrencies 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: Blog...parison, cryptocurrencies such as bitcoin are produced by solving complex equations, and governed by disparate online communities instead of a centralized governmental body. With national banks around the world hurry to develop CBDC, and Facebook cryptocurrency looms on the horizon, Lithuania has taken the step to issue the first central bank-produced digital coin in the eurozone, and LBCOIN is...
Path: Blog...work.* At the same time, there are different approaches to regulations of **Blockchain companies** in the world. Some countries accept new ways and some do not. We are not aiming to explain how the **Blockchain** works or why is everyone buying **cryptocurrency** now, we would like to examine different types of regulations. Gibraltar, the British Overseas territory, is one of the subjects ...
Path: BlogSome 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...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: Blog...rprising at first. Actually, Estonia is European pioneer when it comes to digitization. Needless to say, the DLT technology will not be undetected by the Estonian authorities. Estonia was one of the first countries that committed to issue its own cryptocurrency. Together with the earlier created e-Residency program, they wanted to develop an Estcoin in order to expedite payment processing. ...
Path: Blog**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: BlogThe 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: Blog...e newly created industry that will probably become the next big thing following the Internet, as well as will affect almost everything of our everyday life. Recently, the Maltese authorities ratified three bills that created a regulatory base for cryptocurrency and blockchain industry. The three above-mentioned bills are: the **‘Malta Digital Innovation Authority Act’**, the **‘Innovative...
Path: Blog...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: Blog...ed all points put forth by the defendant, stating the return of cryptocurrencies is a contractual obligation not governed by the central bank’s dictum. Notable, the court accented that no Chinese legislation restricts ownership of bitcoin or other cryptocurrency and linked transaction between two parties. The Shenzhen court is well known and has a solid reputation regarding contract issues i...
Path: BlogThe 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: BlogWhen 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: BlogDuring 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: BlogImagine 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: Blog...ing Stock Exchange*** Despite recent announcements from NYSE parent company ICE and Switzerland’s SIX, Australia’s largest stock exchange is already light years ahead. Not only has The Australian Securities Exchange (ASX) already been listing cryptocurrency exchanges and blockchain companies since 2014, but they’re actually migrating their entire infrastructure to blockchain by 2020. W...
Path: Blog...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: Blog...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: Blog...lockchain (this is the most common conception). A blockchain is essentially a decentralized accounting ledger that uses a network of computers and cryptographical algorithms to track transfer of assets and secure the ledger from tampering. For usual cryptocurrency, that gives two parties, who don’t know each other, an ironclad guarantee that an agreed upon transfer of funds will happen as expect...
Path: BlogOne 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: Blog**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: Blog..., Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, announced its concerns about Bitcoin scams. The above-mentioned regulator received reports of people being deceived through fake cryptocurrency websites. Recently in Australia **new regulatory requirements entered into force** and the Australian authorities proceed to inform...
Path: BlogAt 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: BlogEach 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: BlogWe 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: Blog...t is an economic phenomenon, which can be the biggest miracle and a challenge for all the traditional economy at the same time. Even though many **banking facilities** are suspicious about Bitcoin, the others have a proactive position on adding cryptocurrency services to their scope. Moreover, the CEO of the Citigroup Bank, one of the most respectable businessmen in the world, claims that som...
Path: Blog...rts 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 the same time, we have to remind that the **cryptocurrency exchanges** and **ICO** are illegal in China. Considering the fact, that the government has already restricted the access of Chinese...
Path: Blog**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: BlogFrance-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: Blog...dity 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 employed to cre...
Path: Blog...ge-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-mentioned bill is created in order to increase the level of self-regulatory administration of crypto-industry and classify...
Path: Blog...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: Blog...n is effected; (II) the actual allocation after the transaction is effected; and (III) the reasons for the differences between the intended and actual allocations, are made*. **Hong Kong has a reputation as one of the most progressive regions for cryptocurrency. The region takes the leading position in the development of measures, including the present rules, to boost the digital asset sector.*...
Path: Blog...come a subject to economic sanctions. Applying the “travel rule” can be quite challenging: unlike the bank transactions containing IBAN code, there is no information about the identity and location of the customer in a crypto transaction. As cryptocurrency’s address (e.g. Bitcoin) consists of random characters, the only option to tie it with the identity of the owner is the owner’s con...
Path: Blog...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: Blog...or other. An employee can receive salary in crypto assets as long as payments are made regularly, the amount is fixed and employment agreement is in place. As you may know, cryptocurrencies are mostly unregulated, and as it was explained by IRD, cryptocurrency, that would be paid as a salary, should: (1) be convertible directly into a standard form of payment; (2) have the primary purpose of a...
Path: Blog...are the first in the industry to provide this kind of data."* Big data analysis is becoming a more essential part of crypto trading. Major players of this market are trying to boost their productivity by means of data awareness. Thus, the largest cryptocurrency platform Coinbase, which includes a crypto exchange and wallet service, as of July of this year started to provide trading signals to i...
Path: Blog...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: Blog**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: BlogStarting 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: Blog...mbers 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’s Libra cryptocurrency project and its potential regulation. The initial deadline is expiring on July 31, but according FINRA’s post made late last week,...
Path: Blog...rcement and business, we can better tackle the scourge of dirty 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...
Path: Blogcryptocurrency 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: Blog**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: BlogAn 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: Blog... 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 the title **“Generally revise laws relating to cryptocurrency”** was sponsored by Shane Morigeau and already passed its first and second reading in February. As a result of the approval earlier t...
Path: Blog...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: Blog...ing storing personal details in particular name, ID card number, address and phone number. The Financial Action Task Force, a global body responsible for monitoring and preventing money laundering, has previously warned on multiple occasions that cryptocurrency creates a risk for money laundering and terrorist financing. The measures announced by the government of Pakistan are created to limit ...
Path: Blog...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: Blog...in place. In particular, experienced in AML staff members responsible for transaction monitoring and internal compliance staff with sufficient experience in AML. Whereas certain people may consider unidentified trading as a special feature of the cryptocurrency market, in particular cases it may also enable questionable business practices and criminal or terrorist activity. A lot of such platfo...
Path: Blog...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: Blog...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: Blog... for formal authorization to provide crypto assets-related products or services".* The SARB is taking into account numerous aspects to respectively regulate crypto sector including the announcement of a mandatory registration requirements for all cryptocurrency exchanges and wallet platforms operation within the country. The SARB also clarified that a step-by-step approach, starting with the...
Path: BlogThe 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: Blog...are some examples of businesses that do not fall under the Virtual Currency Exchange Business, as described by the Act: Natural or legal entity that engages in Virtual Currency trade only for its own investment purpose; Companies engaging in cryptocurrency Mining; Software developers; Wallet service providers that do not engage in sale or purchase of Virtual Currency. Benefits of ...
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