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Virtual Currencies’ Control in Singapore
Using **virtual currencies** is now a common practice between business representatives. Breadth of choice in the field of financial instruments makes regulators think of more and 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...
Path: BlogCySEC Enhancement of Procedures Regarding Safeguarding of Client Funds
... CySEC may request from the CIF to segregate an equivalent amount of its own funds in a separately titled account in another jurisdiction where the CIF can comply with the requirement of paragraph 4(1)(e) of Directive DI87-01 for the Safeguarding of financial instruments and Funds belonging to Clients (Directive). In this case CySEC proposes that, according to paragraph 6(2) of the Directive, ...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...atural or legal persons as a means of exchange; • Can be transferred, stored and traded electronically; • Does not qualified either as fiat currency or as any of the instruments termed as Financial Instrument Tokens (FIT), which qualify as financial instruments under the Investment Services and Activities and Regulated Markets aw, transposing MiFID II and E-Money Tokens (EMT), which qual...
Path: BlogDiversified reporting in no-deal Brexit scenario
...pproved 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 companies regulated in EU...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...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 stablecoins) that is in line with Europe’s Markets in financial instruments Directive (MiFID), which is a legal framework for securities markets, trading venues, and investment intermediaries. Approxim...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
...ive for these changes and adaption of legal framework to new blockchain technologies is to strengthen Germany as a business location and to increase transparency, market integrity and investor protection.** At the moment laws in Germany states that financial instruments that are classified as securities must be secured in a document. Therefore, blockchain technology could help to guarantee liquid...
Path: BlogForex Markets Related Regulations After Pandemic
...r online trading attempts by hackers to infiltrate trading systems remained high. Considering this currently attention of regulators emphasis on business sustainability and ensuring of a solid system, managing risks and adherence with The Markets in financial instruments Directive (MiFID). By doing this introduction of new regulations will be set aside. Europe might not see any regulatory changes ...
Path: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
...from contracts for difference on cryptocurrency. The UK government takes a cautious approach especially when it comes to cryptocurrency. The government had no plans to recognize digital currencies as legal tender or to propose designating them as financial instruments, said John Glen, Economic Secretary to the Treasury and City Minister. But the main point of the report is that **cryptocurr...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...carried out transactions, in significant size, on the relevant market at an average frequency of 10 transactions per quarter over the previous four quarters; - The size of the client’s financial instrument portfolio, including cash deposits and financial instruments, exceeds $500,000; - The client works or has worked in the financial sector for at least one year in a professional position,...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
Last 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: BlogBelarus exempts Forex trading from taxes
The President of Belarus, Alexander Lukashenko, **signed the Decree “On Taxation”** which exempts forex trading from taxes.The decree exempts individuals from paying income tax received from transactions with non-deliverable OTC financial instruments. The tax exemption was initially proposed in March of 2016, however, since then it was only a temporary measure and had to be extended every...
Path: Blog6 reasons why best Forex brokers are regulated
...s to information that the client needs. **Controlling** Regulations for controlling the financial tools provided by brokers may vary depending on jurisdiction and the financial authority. Some regulators allow brokers to transact only specific financial instruments. Therefore, it is crucial to understand whether the financial tools provided by brokers suit the client’s investing plan. It a...
Path: BlogRestrictions, imposed by European Securities and Markets Authority (ESMA) on the marketing, distribution or sale of CFDs and binary options to retail clients, will stay permanent
...y 2018, will apply as permanent decision without further renewals. Continuous prolongations for every three months (Decisions (EU) 2018/796, (EU) 2018/1636, (EU) 2019/155 and (EU) 2019/679)) of the temporary aforementioned restrictions on certain financial instruments, financial activities or practices to address a significant investor protection, concerning in the EU, had not led to consumer p...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
...d have ownership rights. Practically everyone who was surveyed agreed with the regulator’s opinion on security tokens in relation to the regulatory aspect. Utility tokens, on the other hand, do not provide the same kinds of rights as regulated financial instruments and will generally fall outside the scope of FCA, except in cases when they meet the definition of electronic money and fall wit...
Path: BlogGerman crypto companies will require BaFin license as of next year
...dering) regulations that will come into effect, crypto companies working in Germany will be required to apply BaFin for the license by the end of 2019. According to the Fifth Money Laundering Directive (AMD 5) crypto assets will be classified as "financial instruments". This wide-range definition of financial instruments covers not just cryptocurrencies but many related-assets as well, particul...
Path: BlogFinancial conduct authority of the UK has banned binary options for private investors
... and may reduce the risk of fraud by unauthorized entities claiming to offer these products. Christopher Woolard, Executive Director of Strategy & Competition at the FCA, said the following: *"Binary options are gambling products dressed up as financial instruments. By confirming our ban today, we are ensuring that investors don’t lose money from an inherently flawed product."* UK consu...
Path: BlogCyprus Forex License
... 4,000.00 + 19% VAT Overview The financial services regulatory body in Cyprus is the 'Cyprus Securities and Exchange Commission' (CySEC).Being a member of the EU, Cyprus is in full compliance and duly harmonized with the EU Markets in financial instruments Directive(MiFID) There are two types of licenses in Cyprus applicable for forex and usually the companies are known as CIF ...
Path: LicensingBulgaria Portfolio Management License
...nse. Holder of portfolio management license is authorized to receipt and transmit orders on behalf of the clients, intermediate 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, professio...
Path: LicensingCayman Islands Securities Investment Business License
...t activities are regulated by the Securities Investment Business Law (SIBL) (latest amendment of 2015). Cayman Islands Securities Investment license allows to: Accept and transmit funds Execute orders on behalf of the clients Underwrite financial instruments Securities management Among other benefits, the applicant will be able to enjoy the following advantages: Cayman Is...
Path: LicensingBulgaria Crypto License
...l structure chosen for the business, such as a limited liability company or a joint-stock company. Overview Bulgaria does not require a specific crypto license for cryptocurrency transactions, as cryptocurrencies are not classified as financial instruments or virtual money by the financial regulator. This allows for the establishment of cryptocurrency businesses without direct regul...
Path: Licensing