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Omega Dark, the first regulated dark pool in digital assets is launched
**Omega One announced the proper launch of Omega Dark, the first regulated, fully autonomous dark pool in the digital asset marketplace.** As reported in a recent press release, Omega Dark is the first company to be approved for a provisional Digital Asset Exchange License in Bermuda in accordance with the country’s new Digital Asset Business Act. CEO Gordon-Brander stated: *"Dark pool...
Path: BlogVirtual currency draft bill in Gibraltar
...bution and promotion of any kinds of tokens and coins which use blockchain technology will be subjected to the regulation. Consequently, new acts will contain rules about investments, secondary market activities and probably investment funds holding digital assets. Narrowing this information, legal regulation will consist of: 1. * -Information disclosure about purchasing tokens; 1. * -Measu...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...e making things easier for the largest firms in its domestic crypto industry the EU moving toward a more comprehensive regulatory strategy – one that could foster innovation from the ‘bottom-up.’ MiCA draft indicates that the EU considers a digital assets industry as a crucial part of its economic future, unlike language that has been largely absent from any of the US statements or guidel...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
...ffect in April, but due to a COVID-19 pandemic delay the final enforcement date has been officially pushed to May 1st, 2020. **Although there are no laws to regulate crypto in Japan, amending existing regulations is the only way at this time for digital assets to have any kind of legal status in the Asian nation.**These will bring significant changes in the operation of crypto businesses in th...
Path: BlogAlbania is preparing a legal framework for virtual assets
...a and France, with the former being nicknamed the “blockchain island” for being a pioneer 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 operat...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
...s not restricted to private systems. Instead, it would also be possible to be done on public blockchains. This would create the potential for securities, according to German law, to be issued on Ethereum, currently the most popular platform to issue digital assets on. Aditionally, if the legal framework is established, the procedure would be eligible for digitizing stocks or investment funds. Th...
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
...ers three main areas: Multilateral Trading Facility (MTF) permissions, which allow Archax to operate the first ever regulated digital securities marketplace in London; CASS custody permissions to allow Archax to offer a regulated custody service for digital assets as well as client cash; and brokerage permissions to allow Archax to face off to the widest range of participants. This FCA authori...
Path: BlogNigeria’s Crypto regulation as a solution for financial services
The Securities and Exchange Commission (SEC) of Nigeria recently announced that it will be regulating the trade of digital currencies in the country. Issuance and sponsoring of virtual digital assets will be supervised by SEC’s regulation. This move is intended to protect investors’ best interests and to promote transparency within the area, and the general objective of regulation is not to d...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...vities 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 regulated by the financial regulator, as digital assets did not fall under the category of securities. This allowed bad actors to deceive investors without any examination of a regulatory ent...
Path: Blog5 signs of booming blockchain innovation in Australia
...curities Exchange (ASX) already been listing cryptocurrency exchanges and blockchain companies since 2014, but they’re actually migrating their entire infrastructure to blockchain by 2020. We’re not just talking about listing Bitcoin or other digital assets here. The country’s main stock exchange will embrace blockchain technology entirely. The plan is to implement a post-trade system tha...
Path: BlogLawyers’ Lobbying Efforts result in lifting Crypto-Ban in Vanuatu
...l Itzhak Ron, on 22nd of July, the amendment to the Financial Dealers Licensing Act unexpectedly went into effect, allowing the “distribution, secondary trading, custodial storage and provision of investment advice or other services in relation to digital assets”. After years of strict restrictions on any engagement with cryptocurrencies, which made those wishing to deal with Crypto go other w...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...tech firms to prevent capital flight. **Cryptocurrencies in Nigeria** At the beginning of the calendar year, Nigerian Securities and Exchange Commission had a pretty strict position against cryptocurrencies suspending its plans to regulate the digital assets following the central bank’s circular in suspending bank accounts for crypto companies. Nigeria is one of most crypto-penetrated c...
Path: BlogFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
...tivities under its jurisdiction. According to the article by The Jerusalem Post, Israeli Authority for Combating Terror Financing and Money Laundering has significantly increased their efforts in fighting with the money laundering throughout the digital assets. The authority will monitor not only mainstream assets like Bitcoin and Ethereum, but Fintech and other financial products as well ...
Path: BlogVanuatu is Willing to Move Its Financial Dealers Onshore
...mmission (VFSC) has significantly beefed up the requirements for the holder of Financial Dealer License, including even the necessity of at least one direct employee matching ‘fit and proper’ definition to be physically present. Those dealing in digital assets, trading which was legalized just this July, must have three employees onshore, including the CTO. Also, minimum capital of US $500,000...
Path: BlogControversy on 30% Crypto Tax in India
...s 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 crypto taxation law coming into effect as early as this April – upon th...
Path: BlogHow to Get a Crypto License in 2024
...ate transactions and often provide advisory services, making this license essential for those looking to operate in a brokerage capacity. Crypto Custody License A crypto custody license allows a business to provide secure storage and management of digital assets on behalf of clients. Custodians play a crucial role in protecting assets against theft and fraud, making this license vital for trust ...
Path: BlogSouth Korea to tax capital gains on crypto
...a is currently enhancing the know-your-customer (KYC) and anti-money laundering (AML) requirements and is moving towards the regulated crypto industry. It worth noting that the National Assembly greenlighted legislation that recognizes crypto as digital assets and giving them a legal status. Current regulations require crypto platforms operating in the country to follow AML and KYC rules the s...
Path: BlogSouth Korea enforcing crypto rules
...oward the legitimacy of cryptocurrency in South Korea. So far virtual currency exchanges were classified as information providers so they didn’t fall under the jurisdiction of the financial regulator. The new bill categorizes cryptocurrency as digital assets which makes crypto exchanges recognized as regulated financial business. The legal framework will require exchanges to enhance thei...
Path: BlogIn 2020 Starbucks will allow you to buy coffee using Bitcoin
Some argued that without integrating digital assets in the daily activities of people, cryptocurrency will not go mainstream. Well, 2020 will be the year when thousands of people will be able to buy their coffee paying with cryptocurrency. **The largest coffeehouse chain Starbucks entered into a partnership with Bakkt, a digital assets trading platform, to allow its customers to pay for a co...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...ency as a threat to Russia’s monetary system, many financial institutions and politicians, including Vladimir Putin, supported the adoption of crypto laws. Indeed, the crypto regulation would allow national authorities to have control over the digital assets industry. Many experts raise concerns about the anonymity issue and suppose that proposed crypto laws would reveal cryptocurrency owner...
Path: BlogMauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset
...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 Jugnauth, said that Maurit...
Path: BlogLeading Russian banks intend to work with crypto
...ealities. Additionally, a lobby group was formed with an aim to approach the Russian government with suggestions on how to manage crypto flow in the country. One of executives from an unnamed Russian bank suggested to draft an alternative bill on digital assets which will be "drastically different" from the existing. From general sources it is known that the meeting was organized by a lobby gro...
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
...ssets.** HMRC (Her Majesty’s Revenue and Customs), the branch of government in charge of tax collection and overseeing other aspects of the nation’s treasuries, stated that one of latest reports particularly aims to describe how persons owing digital assets may be taxed, but does not draw attention to the tax model for tokens held by companies or for business means. The aforesaid documen...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
...with the registration phase, would lead to formal authorization and designation as a registered/licensed provider for crypto asset services operating in South Africa at a later stage. But even despite that, the bank clarified that it does not regard digital assets as legal instruments. The complete registration process shall be finished by the end of Q1 of 2019. Moreover, the cryptocurrency servic...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...ceeding 10 years and fine not exceeding 10 million Malaysian ringgits [$2.44 million].”* It is also worth pointing out that the SC in collaboration with the Central bank (Bank Negara Malaysia) together will prepare a complete legal framework on digital assets before the end of Q1 2019. The Commission replies on this: *“The guidelines will among others, establish criteria for determin...
Path: BlogLuxembourg has just passed the law providing a legal framework for blockchain securities
... the bill. Luxembourg is well known for its dynamic approach to blockchain technology. In November last year, the University of Luxembourg collaborated with Luxembourg-based trading platform, VNX Exchange, in an effort to enhance the security of digital assets. The above-mentioned cooperation was aimed at creation of higher levels of network security for digital assets. The small European c...
Path: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
...ithin 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 follows the scandal and the death of chief executive officer of QuadrigaCX, Canada’...
Path: BlogCySEC proposes three levels of leverage for retail clients
...arket – either ‘positive’ or ‘negative.’ Retail clients who won’t be classified as any of the above categories shall remain in the ‘grey’ area of the target market and receive leverage of 20:1 on traditional currencies. In case of digital assets trading, no leverage will be available to these clients. In addition to the above, the regulator suggested a prohibition of marketin...
Path: BlogHow to store your crypto with the less tax consequences
...he amount and where to lodge it creates a question. With the question amongst property and security, or personal gain or business income, remaining undefined, individuals are exposed: liable without being fully aware of the repercussions of their digital assets. SOLUTION TO THE PROBLEM Even though the uncertainty, individuals can store cryptocurrency obediently by entrusting their digital...
Path: BlogFINRA grants extended deadlines for companies to report their crypto activities
...s post made late last week, the final term will be extended until the same date in 2020. The new notice clarifies that: *"As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets – e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities – FINRA believes it is important to keep the lines of ...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
...he 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 their illegal funds. In order to prepare for this, the secretary-general plans to amend local legislation and bring cryptos ...
Path: BlogBinance exchange is planning to create crypto futures trading platform
**Cryptocurrency exchange Binance, the world’s largest cryptocurrency exchange by trading volume, has recently revealed its plans to launch a futures trading platform which will offer both long and short positions for digital assets.** The aforesaid news was announced at the Asia Blockchain Summit in Taipei. During a presentation at the conference, Changpeng “CZ” Zhao, founder and C...
Path: BlogBermuda Digital Asset license
...wing “digital asset business” activities where they are conducted by any entity in or from within Bermuda: issuing selling or redeeming virtual coins, tokens or any other form of digital asset; payment service provider business utilising digital assets; operating an electronic exchange whereby digital assets of any type are exchanged for cash or other digital assets; provision of d...
Path: LicensingCryptocurrency Exchange License in El Salvador
...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. They are exempt from fees, taxes, and duties on digital assets, including capital gains and ordinary income. However, any other taxes and government fees can be paid with cryptocurrency. In addition...
Path: LicensingKazakhstan Crypto License
...for obtaining a crypto license in Kazakhstan is $100. Overview Kazakhstan has established a comprehensive regulatory system for cryptocurrency activities, actively accepting applications for crypto licenses. As of April 1, 2023, the Law on digital assets in Kazakhstan regulates the issuance and circulation of digital assets, providing a legal framework for these activities. Despite th...
Path: Licensing