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Estonian 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: BlogAttention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet
During 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: 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: BlogNew financial crime combating plan was released in UK
...rrencies are not used for money laundering and other illegal activities. The Financial Conduct Authority (FCA), the country’s financial regulator, will supervise the regulations, meaning it will introduce and maintain a sufficient AML regime for cryptocurrency companies. Further, an Asset Recovery Action Plan will help reclaim the proceeds of crime, including funds retained outside the U.K....
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: BlogAlbania is preparing a legal framework for virtual assets
...ments. This seems to have worked particularly well in Malta, which eventually became colloquially known as the “blockchain island” because of the high number of cryptocurrency firms that set up shop there. Considering previous experience, new cryptocurrency companies have avoided establishing themselves with unclear regulations due to the chance of accidentally violating the law, and being ...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
... hurdles. Notable Crypto Companies in SVG CoinW: Successfully obtained a cryptocurrency regulatory license from the FSA in December 2022. OKX: Applied for an SVG FSA license. CryptoRocket, CXM Trading, ProfitiX: These are examples of other cryptocurrency companies operating in SVG. Legal and Regulatory Context Cryptocurrency Business Legality Cryptocurrency activities have been ...
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: 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: LicensingEstonia Crypto License
...et Service Provider (VASP) license is EUR 250,000. Overview Estonia is known as a "cryptocurrency haven" due to its progressive legislation and favorable environment for virtual currency activities. As the first EU country to regulate cryptocurrency companies, Estonia has attracted over 2,000 licensed crypto businesses. Entrepreneurs often choose Estonia for ICOs, IEOs, and IDOs, ta...
Path: LicensingBulgaria Crypto License
...ls – part of public record Taxation Cryptocurrency businesses in Bulgaria are subject to a corporate tax rate of 10%. This is one of the lowest corporate tax rates in the European Union, making Bulgaria an attractive destination for cryptocurrency companies. Additionally, there may be a 5% tax on dividends distributed to shareholders. Accounting requirements Filing ...
Path: Licensing