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Is Accepting Bitcoin a Reasonable Choice for Banks?
...ppose that in crisis, traditional financial system is much more predictable and there is a stable scheme of bailing out. At the same time, cryptocurrencies are decentralized and sometimes it is anadvantage. Bitcoin now is a great value that proves **digital currencies’ viability**. It is an economic phenomenon, which can be the biggest miracle and a challenge for all the traditional economy at ...
Path: BlogLegalization of Cryptocurrencies in Russia
...o 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 purpose or even as an investment tool. It has been determined by local lawmaker that digital currencies do not have any centrally responsible party and are managed by the operators and nodes of the blockchain network. Also, new legal f...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...ns in SVG Regulatory Environment Saint Vincent and the Grenadines does not have specific legislation exclusively governing cryptocurrency activities as of now. However, the country's involvement in the ECCU pilot program reflects its openness to digital currencies. The Eastern Caribbean Central Bank (ECCB) initiated this pilot program to test a digital version of the Eastern Caribbean Dollar (...
Path: BlogControversy on 30% Crypto Tax in India
...” However, all of the above-mentioned rules, even though they are being harsh, the industry is optimistic about the future of cryptocurrencies in India. No, the tax laws do not legally define cryptocurrencies, but they definitely legitimize the digital currencies, when the industry was expecting a crypto ban by the government. The ultimate fate of cryptocurrencies in India will be decided ...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...netrated countries in Africa. Data complied by Coin Dance, exposed that 60,215 Bitcoins were traded in Nigeria starting from 2016. In addition to that, SEC recognized cryptocurrencies in September 200 and is planning to create regulatory sandbox for digital currencies. Never minding the abovementioned, according to our experience, we propose Estonian Cryptocurrency Exchange License as the best ...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
...ere established here and led the market in Bitcoin trading for some years already. **Hacks Led to Strict Rules** After the massive attack on the Japanese leading crypto exchange, Coincheck, which resulted in theft of over $500 million worth of digital currencies, took place in 2019, major overhaul of Japanese crypto regulations took place. In order to strengthen security of exchange and pro...
Path: BlogLawyers’ Lobbying Efforts result in lifting Crypto-Ban in Vanuatu
...bank account in exceptional brick-and-mortar banks such as Bank Frick in Liechtenstein, which our firm partners with,” - Genia explains. Genia Gurevitz explained, that this legislation effectively allows crypto-entrepreneurs to launch their own digital currencies, similarly to what Genia has already dealt with in the past in Gibraltar. Moreover, Tal’s team has already gathered the knowledge...
Path: BlogJapan and South Africa are to set new crypto regulations
...move on the part of the Japanese agency and the Ministry came as the country is becoming concerned over the influence of private money on the existing financial system. “Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,” one of the officials told the publication. Also, Japan is planning to deepen its diplomatic dialogs with o...
Path: BlogTanzania takes steps to cryptocurrency implementation
...oughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development.” While first world countries are unsure whether the rise of digital currencies is a positive factor, emerging nation kindle the bonfire of cryptocurrency expansion. Tanzania’s stance towards the Bitcoin may h...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...may find in some recent regulatory changes from the mayor economies. For example, Nigeria has Africa’s largest GDP, of more of $400bn. In September the Securities and Exchange Commission of Nigeria announced that it will be regulating the trade of digital currencies in the country and clearly defined crypto assets as securities. Such clarity leads to faster innovation and more investments. Al...
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: BlogCFTC Warns More Than 20 Forex Brands
...s Regulations has occurred. However, investors should be cautious of unregistered firms or individuals when participating in products or markets that historically have seen a large number of fraud complaints. These include binary options, forex, digital currencies, commodity pools, and precious metals. Registration with CFTC allows the agency to provide greater security and oversight of the in...
Path: BlogGovernment of India working on law to ban crypto trading
... the digital asset businesses. In decision the court dismissed the order of RBI that banned all the commercial banks under its purview from offering banking services to crypto-related businesses. Currently government of India is preparing to ban digital currencies trade again by introducing a new law. The government has been consulting with the law ministry, ministry of information and technol...
Path: BlogFirst central bank issued digital coin in the euro zone
... currency.** Two years later, in July of 2020 Lithuania is about to issue the first central bank-produced digital coin in the euro zone. This week the Baltic country will issue the digital coin- LBCOIN, as part of a project to trial central bank digital currencies and blockchain technology in everyday use. Currently it is planned to issue a twenty-four thousand digital tokens, which will go on...
Path: BlogVirtual Currencies’ Control in Singapore
...d more universal types of acts and laws. Many international documents also have requirements for the counter-financing of terrorism and anti-money laundering policies. This puts financial regulators in the position where they should decide whether **digital currencies** are according to the legislation or they should be banned. An important statement was issued by the Deputy Prime Minister of *...
Path: BlogAlbania is preparing a legal framework for virtual assets
In 2017, the Albanian Central Bank issued a warning to citizens that digital currencies like Bitcoin were not under the direct supervision of the domestic banking sector regulations and that such assets carried high levels of risk. **Currently in Albania are no law providing for the regulation, prohibition or penalty in connection with virtual assets and related services.** But to change that...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...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 for the use of digital currencies in a bid to deter crypto users from evading currency controls. At the time SARB’s officials said that the new rules will be imple...
Path: BlogPros and cons of Central Bank Digital Currency in the view of the IMF
The interest towards Central Bank digital currencies (CBDC) keeps growing since the early developments that started more than a decade ago. According to the International Monetary Fund (IMF), about 80% of central banks are exploring CBDC at some level. Last week the IMF’s Managing Director briefed the pros and cons of CBDC, below are outlined some of them. Among the advantages of ado...
Path: BlogNorwegian airline’s customers may be able to purchase flight tickets with bitcoin
... “Everything is ready to go from our side,” said the NBX’s CEO in the interview. Crypto-airline collab may widespread advanced solutions this spring. 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 s...
Path: BlogSouth Korea to tax capital gains on crypto
...ains tax on virtual currencies.** According to government sources, it is expected that a draft bill will be drawn up by the finance ministry by the first half 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 te...
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: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...managers provide detailed guidance on risk management, segregation of assets, custodianship, funds structure, and other legal aspects. Virtual assets under the present Terms and Conditions are defined as digital representations of value including digital currencies, digital tokens, crypto assets or any other virtual commodities. The document provides that fund managers investing in virtual ...
Path: BlogMarshall islands introduces its own cryptocurrency
...all 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 with central banks in Russia and China. The aforesaid countries already announced trial starts of ...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
... 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 regulatory scope of the FCA, however, anti-money-laundering rules shall apply. The FCA stated that they ha...
Path: BlogRussia is planning to create asset-backed cryptocurrency
...s tied to gold. But, in my opinion, it is more important to develop settlements in national currencies"* THE FUTURE OF CRYPTOCURRENCY IN THE COUNTRY IS STILL UNCERTAIN At the same time, Nabiullina reaffirms the bank’s position in relation to digital currencies, which has previously spoken against the legalization of the virtual asset class. Nevertheless, it seems that the creation of c...
Path: BlogCrutial amendments to the Polish tax legislation in 2019
...ding to the governments clarification, the reduced rate of the tax will not be applicable to income gained from capital gains. The Bill also presents detailed rules of taxation of the income gained from virtual currencies. Incomes from trading in digital currencies will be regulated as incomes from capital in PIT or capital gains in CIT. The loss incurred while trading in virtual currencies wil...
Path: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
... The report also refers to the reasons for an active involvement of individuals in crypto investing. Among many appeal aspects, were pointed out - a possibility of being a part of something new and the availability of a great number of different digital currencies. It is important to note, that the sphere of crypto investment does not directly relate to Ombudsman. However, cryptocurrencies ...
Path: BlogAustralia Crypto License
...tments Commission (ASIC) is anticipated to oversee licensing for crypto businesses like exchanges and brokers. Currently, digital currency exchanges must register with AUSTRAC as service providers. Companies offering financial services related to digital currencies, such as trading or investment advice, need to obtain an Australian Financial Services (AFS) license from ASIC. This license permit...
Path: Licensing