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United Arab emirates Accounting Services
The United Arab emirates is a federation of 7 emirates. Since its formation and the discovery of oil and natural gas resources, the UAE has undergone a rapid development and is currently known as a modern trade hub.Description The residents of the United Arab emirates had long enjoyed a tax-free and heavily subsidized existence. However, recently the country imposed a new tax legislat...
Path: AccountingNew requirements for Lithuania and UK emis
Electronic Money Institutions (emis) will be facing uncertainty over regulations due to post-Brexit and Sixth Anti Money Laundering Directive (6 AMLD) which provides obligations that need to be transposed by European Union Member States by the December 20th, 2020. Due to the worldwide covid-19 pandemic Brexit was postponed for few months, however currently Brexit has been brought back and is ...
Path: BlogNew 6 AMLD Compliance Conditions for emis
...sh and move it across the borders and inside countries. Thus, AML regulations are tightening towards Money service businesses, making sure that they do everything to prevent criminal activities With the new measures Electronic Money Institutions (emis) which are currently lost with endless correspondence with local EU Member State Financial Intelligence Units (hereinafter- FIUs) should keep in ...
Path: BlogForex Markets Related Regulations After Pandemic
The COVID-19 has had large impact on our daily lives and it has changed the way we do business. Of course, there are many aspects of life that pandemic hasn’t changed, but the effects can be clearly found in the Forex and trading markets. In particular, **coronavirus pandemic brought a surge of volatility back into the markets in February and March**. This volatility, which has been widely repo...
Path: BlogPandemic effect on Cryptocurrency markets
The World Health Organization (WHO) officially classified Coronavirus as a pandemic. Outbreaks in Italy, Korea, and Iran appear to be spreading rapidly, with more than 60 countries having been directly affected and cases being reported in New York City and many other key cities around the world. The disease has also been seen affecting the world economy along with global health. **The traders...
Path: BlogCook Islands Money Changing-Remittance License
...case-by-case basis by the Commission upon review of the application. However, it is advisable that the capital would be no less than $100 000 USD. Overview Money changer’s license allows you to conduct only money changing business, Remittance license allows you to accept clients’ money and transmit it to another person residing abroad. To conduct Forex brokerage business in Cook...
Path: LicensingLithuania Payment Institutions License
In order to provide payment services a payment institution is to be licensed by the Bank of Lithuania. A Lithuanian licensed payment institution may perform services such as money remittances, payment transactions, cash deposit and cash withdrawal services, and other closely related to those services. However, a payment institution may not accept deposits from unprofessional market participants a...
Path: LicensingCzech Republic small Electronic Money Institution License
Electronic Money Institution (emi) is a legal entity which can issue and distribute electronic money and provide payment services. To be able to issue electronic money and provide services associated with it, a legal entity must obtain a small Electronic Money License (the License), supervised by Czech National Bank (CNB). An authorized emi exchanges virtual electronic money (issued by emi) for t...
Path: LicensingCzech Republic Electronic Money License
Electronic Money Institution (emi) is a legal entity which can issue and distribute electronic money and provide payment services.Timeframe: approximately 3-6 months Initial capital: EUR 125,000.00 To be able to issue electronic money and provide services associated with it, a legal entity must obtain an Electronic Money License. An authorized emi exchanges virtual electronic money (is...
Path: LicensingRAK ICC or Ajman Offshore Company Incorporation
United Arab emirates emirates is a prestigious jurisdiction for the incorporation of the company, where a 0% corporate tax regime exists.Incorporation: up to 10 working days +delivery time for the courier Minimum paid up capital: no minimum capital requirement Overview: United Arab emirates (UAE) is located in the Western Asia and has ranked as 9th in...
Path: CompaniesPossible Effects of Bitcoin Halving
March, April, and May were major months for Bitcoin (BTC). After a big price dive on March 12th, Bitcoin slowly recovered to almost $10,000, where it was before the coronavirus world-wide pandemic crushed into the economy. A large portion of the increase came in the days preceding and following the Bitcoin halving last week. In the middle of the May the rewards that Bitcoin miners receive in ...
Path: BlogLaunch of a new EU trade body - The European Digital Payments Industry Alliance
... customers and merchants. As world makes the way out of COVID-19 crisis, payments will be crucial to Europe’s recovery. The proven reliability and flawless availability of payments infrastructure during the unprecedented COVID-19 crisis is a good reminder of the critical importance for our society of the European digital payment industry. Also, the EDPIA is looking forward to inviting relevan...
Path: BlogBusiness advantages of Belize offshore jurisdiction
...g business, check if your domestic country is supporting this jurisdiction; decide whether you want to do online or offline business; make choice on doing internal trades with Belize companies and other. Professional consultant might help you to systemize and sort out your thoughts, plans and abilities. OffshoreLicense Ltd is a company that will explain you how to start a company in Belize and wil...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
...rvices 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 officially pushed to May 1st, 2020. **Although there are no laws to regulate crypto in Japan, amend...
Path: BlogWill 2020 bring the volatility back to the Forex market?
...e the steepest since the 2008 financial crisis.** On the so-called Black Monday stocks entered a ‘’bear market’’ when fallen more than 20% from the recent peak. The crash was largely caused by the coronavirus outbreak that was declared a pandemic combined with the ongoing oil war between Russia and Saudi Arabia. **This Thursday US stocks saw their worst day since 1987 after falling alm...
Path: BlogCrisis Impact on Crypto Lending Sector
...s in crypto history, the volatility that the virus has caused in crypto markets means that the outcome will likely be the same. Just as in the past, “crypto-backed lenders are likely faring better than other crypto businesses during the global pandemic, as they offer a way for crypto holders to get cash without having to sell their cryptoassets. Even more, crypto lenders may be able to offer oth...
Path: BlogData protection during the health crisis: is GDPR confronted with Covid-19?
Data protection is confronted with unprecedented challenges during the coronavirus times.Covid-19 pandemic is a durability test of GDPR (the EU general data protection regulation) because it is the first time when the data protection law goes through a large-scale public health crisis. The lessons learned will definitely affect and modify the law in future. When it comes to health, data is tr...
Path: BlogNegative effects for Payment Service and E-money Institutions in case of no-deal Brexit
...2 and the SEPA, including STEP2, meaning customers will face increased costs and slower processing for Euro transactions. This will have impact on all PSPs, which use UK banks for euro correspondent services, including non-bank PSPs, such as PIs and emis, which will have to open accounts with EU-based PSPs. Many Authorised Payment Service Institutions and Authorised E-money Institutions based in t...
Path: BlogIs Macao prepping to become an alternative to Hong Kong?
Chinese President Xi Jinping is visiting Macao this week with a number of economic incentives and plans aimed at diversification of the region. Macao is a semi-autonomous region best known for its gaming sector. However, a number of new financial incentives give rise to rumors that China has plans for transforming Macao from a casino-dependent economy into a financial sector and technology in...
Path: BlogTurbo Certificates vs. CFDs
...tificates even if the leverage restrictions are applied. However, CFDs involve the risk of unlimited losses in case if the prices go up against the trader. Turbo Certificates in turn, are more similar to options where loss is restricted to the premium paid. Here are some highlights of the Turbos features: - MiFID qualifies Turbo Certificates as transferable security; - They are usually...
Path: BlogEconomic Substance Regulations in UAE
...ce the reports to the Regulatory Authority annually to demonstrate that the company achieves economic substance interest. **Scope** The provisions of the regulations apply to entities carrying out any “relevant activity” in the United Arab emirates. “Relevant activities” include: • Banking Business • Insurance Business • Investment Fund Management Business • Lease...
Path: BlogCovid-19 Effect on Growing Number of Crypto Related Scams
...ons. With coronavirus quarantines going into their third and fourth months, it is clear that 2020 has been one of the most hardship-filled year in this century and existential fear across the globe seems to be reaching a fever pitch. Coronavirus pandemic in particular has made its impact in cybercrimes, especially as government attention are funneled to defuse negative effect of coronavirus and mo...
Path: BlogGovernment of India working on law to ban crypto trading
Despite 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: BlogFirst central bank issued digital coin in the euro zone
... accounts for the customers funds- when it comes to processing payments. It was announced by the Central Bank of Lithuania that at the moment, the only way to hold central bank-issued money is to hold the physical cash. The recent coronavirus pandemic has accelerated the development of CBDCs as it has introduced millions of people to cashless and contactless payments, central bank officials sai...
Path: BlogCySEC Requires to Follow Recently Introduced FATF’s Policies
As the world is focusing on responding to the COVID-19 pandemic and financial crimes benefiting from COVID-19 fears skyrocketed in recent months the Cyprus Securities and Exchange Commission (CySEC) has ordered all regulated entities under it to implement the Financial Task Force (FATF)-recommended pandemic-related anti-money laundering (AML) and counter-terror financing (CFT) policies. The offic...
Path: BlogThe BVI announced the main condition for the disclosure of beneficial owners information
... of beneficiaries of companies is the United States. The decision of the British Parliament led to a protest in Road Town on May 24, 2018. People marched in protest and signed a petition of disagreement with the actions of London. The then-deputy premier, Kedrick Pickering, declared “open war against the U.K.” Read our blog to keep abreast of all actual and interesting offshore news.
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
...Laundering Regulations (5MLD) and is now mandatory for all cryptoasset firms. Companies which are not registered with the FCA, on 10 January 2021 will have to cease trading. Following these new conditions and right after Archax, crypto exchange Gemini, a UK based subsidiary of the New York-headquartered exchange, also received permision from the FCA to start its operations in the UK. The UK re...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...standardize compliance procedures across states, which allows for state-licensed money transmitters to achieve compliance in multiple states at a time. No doubt that these legal frameworks could have big impact for global cryptocurrency market and seemingly they look similar, but there are important differences which can lead to which can be distinguished US and EU point of view on cryptocurrencie...
Path: BlogDiversified reporting in no-deal Brexit scenario
...tory (TR) and/or Approved Reporting Mechanism (ARM). At the moment there are no indications that Brexit deal will be concluded. Despite the result of transaction period, companies are required to handle European Market Infrastructure Regulation (emiR), Markets in Financial Instruments Regulation (MiFIR) and Securities Financing Transactions Regulation (SFTR) requirements. Investment compani...
Path: BlogEl Salvador: Bitcoin will become legal tender, alongside the US dollar
...ew law will bring financial inclusion, investments, tourism, innovations and economic development to their country. Moreover, a former marketing executive, has suggested bitcoin could make it easier for Salvadorans living abroad to send home the remittances which amounted to $6bn in 2019 – a fifth of the country’s GDP. The use of bitcoin will be optional for individuals and will not brin...
Path: BlogBitcoin fortifying its positions: El Salvador, Paraguay and Beyond
... a guarantee of success.” “Venezuela hasn’t gotten far with its Petro currency, although it was mainly intended as an end-run around international sanctions. It’s also tied to oil, which has had its own volatility thanks to the COVID-19 pandemic,” he explained. Similarly, while national movements toward Bitcoin and nationally-issued coins could have big implications for the future of...
Path: BlogFive Fundamental Changes in FinTech from FCA
...ent to use. FCA plainly declares that in this way they can reject more requests for authorization. In FCAs business plan says “we will expect refusal, withdrawal, and rejection rates to increase initially as we make the gateway more robust.” emily Shepperd has been appointed as the new Executive Director for Authorization of the FCA. he was ordered to hire an additional 100 new employees t...
Path: BlogBrief description of the first day of Bitcoin usage in daily payment: technical problems and protests
... example, Ed Ernandez, local citizen who owns a small shop in the San Salvador, country’s capital, selling rice, beans and cleaning products, spoke in favor of cryptocurrency implementation: “It is good not to use physical money during a pandemic. Also, this protects business owners from counterfeit money used by the customers.” However, not everyone is excited about the innovations, ...
Path: BlogHow to Get a Crypto License in 2024
... Singapore, the costs are significantly higher due to stricter regulatory requirements. Crypto License for Sale In some cases, existing licensed entities may sell their licenses. This can be a quicker way to enter the market but often comes at a premium price. Cheapest Crypto License Lithuania is known for offering the cheapest crypto licenses, with lower application fees and capital requireme...
Path: BlogEstablishing an Offshore Business: An Overview
...st of non-cooperative jurisdictions, limiting access to EU funds. Hence, companies might gain more from investigating other choices, such as areas that are legally tax-exempt or have no taxes. 3. Jurisdictions with zero taxation The United Arab emirates (UAE), notably Dubai, is an excellent example of a zero-tax country. Corporate Tax Exemption : Dubai offshore companies pay no corpora...
Path: BlogThe Online Gambling Sector: A Booming Business
...pportunities Establish solid connections with top merchants and payment processors. Establish settlement accounts across many jurisdictions. Open doors to sponsorship opportunities and profitable advertising contracts. 4. Premium Resource Access Collaborate with leading hardware suppliers. Get the greatest games and applications to improve your platform. ...
Path: BlogLocal cryptocurrency could soon be used in Japanese regions
...download an app called “Kintetsu Shimakaze Coin” and buy coins through it. Moreover, the app will allow the coin transfers between individuals. This local cryptocurrency is a stablecoin pegged to Japanese yen. Users can top up, paying a 10% premium, up to 100,000 yen at express ticket counters in the Ise-Shima area and settle at facilities such as Shima Village or Shima Kanko Hotel in Shima...
Path: BlogThe great step towards China
...ther traders, investors, affiliates, IBs, fintech companies and brokers from across China and the world. With the rapidly growing financial market here in China, this event provided the know-how about what’s moving the markets via a range of free seminars and an exhibition of forex products, services answering how to start offshore company and how to acquire business license. Offshorelicense ...
Path: BlogBahamas Securities Commission pushes for new legislation for token sales
...he offering and regularly update the memorandum, so as to notify the members of the public. In the document it is stated that any information that can “reasonably negatively affect the interests” of token buyers should also be revealed by the emitter immediately, and the failure to do as prescribed will cost the company a fine of 10,000 Bahamian dollars ($10,000). Companies, planning to iss...
Path: BlogBitcoin Mining Faces Rumors in China
...le 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 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 ...
Path: BlogUsage of artificial intelligence for financial institutions in Singapore
...f financial services operating AI should know how their data is managed. The SFC released a document on the matter of robo-advice, services where AI bots or other services collect data and work as consultants or service providers. Even though academic experts and government representatives have different points of view on regulating AI in legal scope, users of the financial services need to kno...
Path: BlogSeychelles - Mauritius potential financial services partnership
... Presently, **Mauritius is a popular African territory for starting international business**. It is a competitive economy according to different factors. One of them is Mauritius double tax treaties with developed countries like Germany, United Arab emirates, the UK, India and many others. This makes Mauritius a prospective partner for other offshore jurisdictions. Both international financial ...
Path: BlogDid Cayman become a top choice for blockchain business?
Last couple of years confirmed that the **Cayman Islands is one of the top jurisdictions for innovative fintech business**. Why is that so? In February 2018, Cayman Premier, Alden McLaughlin, confirmed that statistically, Cayman is now in top-three countries for blockchain entrepreneurs. Since 2012, the special tax-free economic zone, Cayman Enterprise City, functions in Cayman by attracting sta...
Path: BlogThe British Virgin Island Authority declared a warning for CRS and FATCA
...t Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities. In February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who are subject to this regulation that May 31st will be the deadline for all institutions to fill in the reports according to t...
Path: BlogVirtual currency draft bill in Gibraltar
...tions in Gibraltar and follow the updates from the Gibraltar Financial Services Commission. Representatives of the Commission state that regulating tokens is a crucial step in protecting users of digital assets. Consequently, we feel the need to remind our clients about existing licensing regime for intermediaries who use blockchain technology in their business. Since January 1st, 2018, compan...
Path: BlogThe new transparent taxes in Latin America and the Caribbean
...n **LatAm** and the **Caribbean**. The reputation is a crucial factor for **international business jurisdictions**, therefore implementing legislation that prevents money laundering and tax evasion, is a paramount for the governments. During the seminar that was dedicated to the anniversary, ECLAC representative stated that the **new transparency policy** is a way to develop and strengthen demo...
Path: BlogHow to Offshore: Useful Tips and Tricks from Leaked Apple Inc. Papers
...ompanies, like **Offshorelicense Ltd**. The decision was taken in the early 2015 and Apple Operations International (AOI) and Apple Sales International (ASI), Irish subsidiaries of Apple Inc. were moved to Jersey. At the same time, we have to remind you that creating **offshore opportunities for business is not a violation or misuse** of any kind. The above-mentioned company is a really good...
Path: BlogAbu Dhabi Sovereign Wealth Fund entering ADGM
In 1976 the Abu Dhabi Government established an independent investment authority, which is called the **Abu Dhabi Sovereign Wealth Fund**. Main task of this authority is performing investments on behalf of the emirate. Lately, Sheikh Hamed bin Zayed Al Nahyan, the Fund’s Managing Director, announced that the authority is going to enter the Abu Dhabi Global Market (ADGM). **The ADGM is the l...
Path: BlogGod Save the Queen. Paradise Papers Revelation
...nd. The money returned to the British retail company afterwards who was been sued and is considered as controversial now. It is one more proof that you have to choose your counterparty very carefully to know where the investment goes. We have to remind once more, that having an offshore investment is not a misuse of funds or improper action or the law breach. The main idea is to follow governme...
Path: BlogPakistan is planning to regulate crypto business
**The government of Pakistan has recently created regulations for crypto business.** The federal government has settled on the new Electronic Money Institutions (emis) regulations to follow recommendations of the Financial Action Task Force, in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement po...
Path: BlogSecrets of starting a business in the UAE
*The United Arab emirates have developed a reputation of a jurisdiction, which is great for business through last years. Despite the fact that oil and gas are dominating business activities in the UAE, nowadays almost every type of activity can successfully operate inside the country. Tourism, healthcare, information technology, aviation, transport are also very successful fields of business. Th...
Path: BlogHow to set up a business on Bahamas?
...l confirm their identifications and financial information to complete the registration. Considering business activity of your company is also a serious step before forming a company on the Bahamas. It is also required for the Bahamas IBC to have a premise where all documents and seals will be kept, so think about renting your office in advance. 3. In common, the whole registration and legalizat...
Path: BlogStarting offshore business in Vanuatu
...ransferring funds is simple and you can exchange currencies on your account easily. If you are thinking to register a company in Vanuatu it is important to decide which legal entity to form, prepare necessary documents, choose director, operating premise and solve other organizational matters. You will be able to start operating a company in Vanuatu within a couple of days. Obtaining a forex lice...
Path: BlogWhy is Limited Liability Partnership a popular business structure?
...o corporate law and it needs to be established under the rules of the 200 Act. Let us describe how to incorporate LLP in legal way. First, you need to decide on main organizational matters. This includes company’s name, partners, operating premise and other. You should also check legal requirements if you want to set up a Limited Liability Partnership outside the UK. Main document that ...
Path: BlogHow to set up a Limited Partnership in Scotland?
...ages of legal entity like owning property, signing agreements and even borrow money from banks. Let us move on to Scottish company formation procedures. Starting a limited partnership does not even require an address. If you have operational premise and have filed the Registrar of Limited Partnerships – you are nearly done. Important thing is that documents should be filed in Edinburgh onl...
Path: BlogNew beneficial owner policy in British Virgin Islands
... are now discussing implementation of new rules for beneficial owners**. It is a problem of particular interest due to growing number of Asian beneficial owners of BVI companies. **BVI House Asia**, financial services promotion agency, organized a seminar in Hong Kong to discuss and inform Asian entrepreneurs about newest regulations. Above mentioned regulations are mostly related to non-conte...
Path: BlogKnow-hows on Different Legislations and Blockchain Implementation Profitability in Your Business
...slation to enter in force by 2019 but there is still no information on its contents. In the UAE, there is already a stable approach to Blockchain technology. Dubai already initiated a program to implement new technology countrywide and by 2020 this emirate promises to be fully Blockchain-based. **Government considers potential of this technology as very high**, therefore it is willing to shift co...
Path: BlogThe grand taxpayer data swap is approaching
...e the beginning of May, Macedonia, Grenada, Hong Kong, Liberia, Macau, Paraguay, and Vanuatu have joined the Convention, bringing the total number of participating jurisdictions up to 124. The Bahamas, Bahrain, Grenada, Peru, and the United Arab emirates have deposited their instruments of ratification. OECD said that the mentioned early countries are almost finished with the implementation pr...
Path: BlogCyprus has transferred to Moscow Russian bank account holders data for 2017
... that Cyprus does not meet international requirements for data security and privacy. The Ministry of Finance of Cyprus assures that it is currently developing an "action plan" that will eliminate all the shortcomings of their system. It is worth reminding that the initiator of the development of a single reporting standard is the OECD, and that 90 countries have already joined the automatic exc...
Path: BlogCrypto exchange industry is not as compliant as it appears to us
...ot of such platforms require just a crypto wallet address in order to start using it. Generally, there were several exchanges identified as “low risk” due to official licenses and strict KYC/AML policies, among them are Coinsquare, Coinbase, Gemini and the Circle-owned Poloniex. It is worth noting that numerous exchanges own separate legal entities that deal with deposits, money transmis...
Path: BlogCySEC has introduced a new reporting form for CIFs
...trading section and leave the other section blank in order to avoid double registration. In a statement issued this Tuesday, CySEC stated that firms have submit the completed form by April 12th. The regulator said that it will provide none other reminders to CIFs, that no prolongations would be given in addition to this date and that failure to submit the requested information will result in fi...
Path: BlogEU Has Amended The List Of Non-Cooperative Tax Jurisdictions
...he EU: American Samoa, Guam, Samoa, Trinidad and Tobago, as well as the US Virgin Islands. **The updated list contains the following countries:** -Aruba -Barbados -Belize -Bermuda -Fiji -Marshall Islands -Oman -United Arab emirates (UAE) -Vanuatu -Dominica Over the course of last year, the Commission evaluated 92 countries in accordance to three criteria: tax tr...
Path: BlogAustralia is planning to implement blockchain technology in order to automate transaction reporting
...an international transfer of funds – inter alia payer, sender and beneficiary – shall report details of the transfer during 10 days. It is also worth noting that last month Swinburne University had been collaborating with technology firm "Capgemini" in order to create a new BCOE (Blockchain Centre of Excellence). The BSOE, located at the university’s Hawthorn campus in Melbourne, will foc...
Path: BlogBitcoin and cryptocurrency litigation
...t $98.07 per coin. Familiarity is one of the assets that Litecoin has to offer to its investors since it is one of the oldest cryptocurrencies in the market. Since 2011, its fast transaction speed and close connection to Bitcoin continue to be its premium quality. ***Cheapest Cryptocurrencies*** For budget investors, here are a few of the cheapest cryptocurrencies in the market now: -...
Path: BlogGood times are over. Russian owned Cyprus companies will have to prove their real economic activities within the country.
...ion sharing, the essence of which is to combat the possibility of using Cyprus companies for tax evasion. Thus, owners of the companies will have to prove the fact that the main purpose of registering their companies in Cyprus is not to receive tax remissions. Those who will not be able to prove this will not be able to perform money transfers to their Cyprus companies. On the other hand, for C...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...ed to adhere to AML / CFT requirements, along with cybersecurity and other related measures.** In accordance with the statement of the Securities Commission and Bank Negara Malaysia new regulations are 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 le...
Path: BlogCySEC Enhancement of Procedures Regarding Safeguarding of Client Funds
...he holding of those funds and take into consideration the need for diversification of these funds as part of the required due diligence. CIFs can maintain merchant accounts with payment service providers (PSPs) and electronic funds institutions (emis) for clearing and settling their customer’s payment transactions, between others. In Consultation Paper CySEC points out that CIFs at least ...
Path: BlogEthereum has attracted considerable interest of the CFTC
...um market along with any derivatives markets related to cryptocurrency. The CFT said: *“The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives markets as well as monitoring and reducing systemic risk by enhancing legal certainty in the markets. The RFI seeks to understand similarities and distinctions between certain virtual currencies, i...
Path: BlogCryptocurrency: what are your options?
...t $98.07 per coin. Familiarity is one of the assets that Litecoin has to offer to its investors since it is one of the oldest cryptocurrencies in the market. Since 2011, its fast transaction speed and close connection to Bitcoin continue to be its premium quality. **Cheapest Cryptocurrencies** 1. 1) Bitshare (BTS), currently trading at $0.086510, with an all-time high of $0.40. 2. 2) ...
Path: BlogBitmain's IPO: looming threats and insights from a Bear market
...old 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’s leading mining hard...
Path: BlogBitcoin and its possible impact on insurance
...ven revolutionize the way that the insurance industry works. Without the need for banks to act as middlemen, insurance claims would be paid out more efficiently and promptly. There may also come a time when you wouldn’t need to pay for a monthly premium; with the help of GPS technology in conjunction with bitcoin technology, your vehicle’s movement can be tracked, and you would just have to pa...
Path: BlogThe Cook Islands first licensed online foreign exchange money changer
...of fifteenth separate islands. The Financial Supervisory Commission (FSC) is a local financial regulator which, as of July 2003, replaced the former Off-shore Financial Services Commission. It is worth pointing out that all money changer’s and remittance licenses are issued under the Money-changing and Remittance Business Act 2009. The money changer’s and remittance license allows a comp...
Path: Blog5 signs of booming blockchain innovation in Australia
...when we think of the land down under. Sun-bleached surfers, wallabies, the Sydney Opera House. But, Australia, despite its modest population of 23 million, is more than just a faraway tourist destination. The home of kangaroos, koalas, AC/DC, and vegemite is well on its way to becoming a world leader in the blockchain space. Here are at least five signs of blockchain innovation in Australia right ...
Path: BlogA Blockchain Education Network: the new era of scholastics
...anywhere in the world. Perhaps even more important is the fact that the transparent nature of blockchain technology would allow students to be able to access the information as well. This untethered access could help students to monitor their academic progress and find out where they are going wrong. IBM and Sony have teamed up to create a platform to tackle the current mess that is school t...
Path: BlogHow blockchain will combat bias in news reporting
...on, members of the community manage promotion and censorship if something breaches guidelines. Network participants use their tokens to cast votes on content published on the networks. The news networks, therefore, self-govern in a similar way to Steemit. Civil has allocated more than a million dollars in grants for on-boarding an initial group of full-time journalists. This ensures the publica...
Path: BlogGeorgia Payment Service Provider Authorization (PSP)
...ing services: services that ensure the debiting of funds from the payer’s account services related to the crediting of funds to the payee’s account making payments through direct debits issuing and/or acquiring payment instruments remittances issuing electronic money executing payment transactions Benefits of Georgia PSP authorization: Incorporation of a company ca...
Path: LicensingBahamas Payment Services Provider License
...p;within 6 months Minimum paid up capital: $100 000 USD Overview Bahamas PSPs may engage in various activities including: the execution of payment transactions, issuing and/or acquiring of payment instruments as well as money remittance. The Central Bank of The Bahamas (“the Central Bank”) is responsible for the licensing of entities providing payment services under t...
Path: LicensingMalta Gambling License
...ing tax of 5% due is based on the gaming revenue generated by the operators from end customers located in Malta The levy on gaming devices payable in each and every tax period is calculated with reference to gaming devices deployed within gaming premises in the provision or conduct of the chosen Type of the license The compliance contribution payable on qualifying activities is calculated with...
Path: LicensingLuxembourg Investment Fund License
...ns exempt to Net wealth tax VAT exemption on management services Registered office - Not required Registered agent - Not required Secretary - Not required Accounting and Audit requirements Annual audit Semi-annual reporting Company name Language: Any Letters: From Roman alphabet Restricted any name that is identical or similar to a...
Path: LicensingCyprus Investment Fund License
...uptcy certificate - Criminal record certificate Duly completed CySec questionnaire form Other documents requested by the Authority It should be noted that all Directors must have adequate financial and fund management experience and academic credentials Details of the following key service providers: Auditor Custodian Administrator
Path: LicensingBermuda Digital Asset license
...n the nature, size and complexity of the licensed undertaking Overview DABA regulates the following “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 electroni...
Path: LicensingSeychelles Securities Dealer License
...Bank reference (Must be in Original) Passport Copy (Certified Copies can Suffice) Proof of address (Certified Copies can Suffice) Police Criminal Certificate (Certified Copies can Suffice) Tax Certificate (Certified Copies can Suffice) Academic and Professional Qualification Certificates (Certified Copies can Suffice) In case the shareholder is a company, it is required to provide: ...
Path: LicensingGibraltar Accounting Services
... requirements and that you are compliant with the local legislation. The companies in Gibraltar, you may encounter the following deadlines: Income Tax and Social Insurance must be deducted as per the individuals tax code and remitted to this office by no later than the 15th day of every month; Forms of declaration and contributions should be submitted by 31st July of ever...
Path: AccountingNew Zealand Asset Management License
...d to file respective application to the Financial Markets Authority or FMA. Under current regulations, representatives of the FMA shall conduct an inspection of the registered place of business in order to determine if these are genuine working premises. This means that local office with at least one employee are required and this must be the place of carrying out business activity. New Zeal...
Path: LicensingVanuatu Dealer's in Securities License
...s and reasons for refusal Updated information on registered agent and office details Updated information on shareholders and beneficial owners Report of any complaints received from investors Registered Agent - Required Physical premise The company must operate from a physical premise located in Vanuatu, which maintains the following systems: A filing systems; A...
Path: LicensingBulgaria Portfolio Management License
...ediate the conclusion of transactions, provide investment advice, manage funds of clients and holding client’s money and/or financial instruments. Officers of an applicant company must satisfy “fit & proper” requirements in terms of academic background, professional experience in relevant field and clean criminal records. In order to be qualified for license application, an applicant ...
Path: LicensingSouth Africa Forex License
...2 (FAIS Act). The company that intends to conduct Forex business on a discretionary basis must obtain a Category II Discretionary FSP license with FSB.Overview Annual levy paid by a licensed FSP is calculated by FSB depending on the total gross premiums (as reported by an auditor/accounting officer) and on number of Key Individuals and Representatives in FSP. Entities registered both in and ...
Path: LicensingDeltec Bank Account Opening
...espoke solutions to meet their clients’ unique needs.Account opening: 7-14 working days Overview: The Bahamas has been an independent nation since 1973 and is one of the oldest, most stable democracies in the Western Hemisphere, with more than 280 years of uninterrupted parliamentary democracy. Conveniently located in the same time zone as New York and Miami, The Ba...
Path: BanksDeltec Bank Account Opening
...espoke solutions to meet their clients’ unique needs.Account opening: 7-14 working days Overview: The Bahamas has been an independent nation since 1973 and is one of the oldest, most stable democracies in the Western Hemisphere, with more than 280 years of uninterrupted parliamentary democracy. Conveniently located in the same time zone as New York and Miami, The Ba...
Path: BanksAccount Opening in National Bank of Vanuatu
...of salaries, and term deposits. In addition, the company offers international banking products and services comprising foreign currency call and deposit accounts, import/export letters of credit, import/export collections, international remittances, and traveler’s cheque issuance and encashment services. Further, it provides rural banking services; and electronic, mobile, and Interne...
Path: BanksAccount Opening in National Bank of Vanuatu
...of salaries, and term deposits. In addition, the company offers international banking products and services comprising foreign currency call and deposit accounts, import/export letters of credit, import/export collections, international remittances, and traveler’s cheque issuance and encashment services. Further, it provides rural banking services; and electronic, mobile, and Interne...
Path: BanksPublic Bank Berhad Account Opening
...nancing schemes. The company also provides Islamic banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance, and general insurance products. In addition, it offers credit cards, remittance services, deposit collection, and investment products. Further, the company provides investment banking services, including structured finan...
Path: BanksLimited Liability GmbH in Germany
...corporation Check with the Chamber of Industry and Commerce that the company is unique Draft the company agreement Notarization of all founding documents for banks, the internal revenue office, etc. Open a bank account for the business, remit the stock capital Register the GmbH with the municipal trade office Request a tax identification number from the tax office/authorities Hav...
Path: CompaniesIreland Private Limited Company Formation
...rate secretary must be appointed. Every other type of Irish company must have at least 2 directors. If at least 1 of the directors is not an EEA resident, then a company may place a bond to the value of EUR 25,000 with the Company Registry. The premium for the bond is €1957.50 and covers a period of 2 years. Moreover, there is a requirement for every Irish company to have a Secretary, who may...
Path: CompaniesCyprus Limited Liability Company Formation
...reland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Moldova, Montenegro, Norway, Qatar, Poland, Romania, Russia, Singapore, Slovenia, South Africa, Sweden, Syria, San Marino, Serbia, Seychelles, Tadzhikistan, Thailand, Ukraine, United Arab emirates, United Kingdom and USA. Other benefits No double tax treaties The directors and the shareholders meetings need not be held in S...
Path: CompaniesSwitzerland Limited Liability Company Formation
...t the size of New Jersey and is between France and Italy. It is also bordered by Austria, Germany, and Liechtenstein. Switzerland is highly competitive and owes its prosperity to the industrial sector with its top-level technology, the chemical-pharmaceutical industry as well as to the service sector, which is characterised by a highly developed banking and insurance sector. Switzerlan...
Path: CompaniesGibraltar Limited Liability Company Formation
... then please request a nominee service Taxation In order to qualify for non-resident status, company must be managed and controlled from outside Gibraltar. It is not subject to any local taxes except for corporate tax on profits remitted to Gibraltar. Non-resident controlled companies are permitted to trade within Gibraltar and with Gibraltar companies, but in this ...
Path: CompaniesPublic Bank Berhad Account Opening
...nancing schemes. The company also provides Islamic banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance, and general insurance products. In addition, it offers credit cards, remittance services, deposit collection, and investment products. Further, the company provides investment banking services, including structured finan...
Path: Banks