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South Africa Crypto License
In South Africa, obtaining a crypto license involves adhering to the regulations set by the financial sector Conduct Authority (FSCA). Prospective crypto service providers must register their businesses and comply with the Financial Intelligence Centre Act (FICA), which mandates strong AML/KYC policies. The application process includes submitting a detailed business plan, risk management strategi...
Path: LicensingSeychelles - Mauritius potential financial services partnership
Recently, the official delegation of **Seychelles** visited Mauritius to discuss matters of becoming partners. The current plans include working in financial sector to develop international business potential of both countries. Presently, **Mauritius is a popular African territory for starting international business**. It is a competitive economy according to different factors. One of them is...
Path: BlogSeychelles FSA Introduces Updated Beneficial Ownership Guidelines
The Seychelles Financial Services Authority (FSA) has issued new guidelines on beneficial ownership to enhance transparency and compliance in its financial sector. These guidelines are designed to help financial institutions and other entities identify and report the individuals who ultimately own or control a business. This move is part of Seychelles' ongoing efforts to combat money laundering a...
Path: BlogGerman Political Parties raise discussion on implementing Regulation for Crypto Blockchain Industry
...ies come in the wake of campaigns performed by several parties prior to upcoming elections, which put Olaf Scholz as the favorite to become Angela Merkel’s successor. “The EU supervisory authorities should not only take care of the traditional financial sector but also prevent the misuse of crypto assets for money laundering and terrorist financing,” the document outlined. “We are aware ...
Path: BlogFive Fundamental Changes in FinTech from FCA
... to evaluate the payments firms are able to remain within their impact tolerances (the maximum tolerable amount of disruption to an important business service) to understand how effective the FCA’s work to improve the operational resilience of the financial sector has been. Companies need to provide a business plan to obtain a license, FCA wants to make sure that companies keep up with their or...
Path: BlogJapan and South Africa are to set new crypto regulations
...year, the collapse of Johannesburg-based Mirror Trading International was called the biggest crypto-related scam of 2020 by blockchain data platform Chainalysis. “We are of the view that cryptocurrencies are risky and we want to ensure that the financial sector is aware of those risks and pricing for those risks properly,” Naidoo said. Africa’s most developed economy is tightening the ...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...nts or guidelines on digital assets. MiCA puts emphasis on digital assets development in order to build sustainable future-ready economy for people. One of the main purposes for MiCA is to set EU as a global leader in the digital assets industry. EU financial sector aims to ensure that the EU embraces the digital revolution and drives it with innovative European firms in the lead, making the benef...
Path: BlogReview of the Funds in Cayman Islands
financial sector business in the **Cayman Islands** is regulated by the Cayman Islands Monetary Authority (CIMA). Also, after the Revision of the Mutual Funds Law in 2015, the regulator on a yearly basis releases digests on the funds industry. The latest one was issued on December 29 revealing the data for 2016. This year has mostly showed a decrease in number of registered funds except for M...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...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, which requires knowledge of the transactions or services envisaged. The regulati...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...blockchain firms operating outside the scope of their legislative control in the future. Considering that, last week South Africa’s Intergovernmental Fintech Working Group (IFWG), whose members include the South African Reserve Bank (SARB), the financial sector Conduct Authority and the National Treasury, announced that crypto assets and the various activities associated with this innovation ...
Path: BlogIs Macao prepping to become an alternative to Hong Kong?
...versification 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 incubator. New policies are designed for diversification of the economy and include the establishment of a yuan-de...
Path: BlogCySEC has expanded its authority
...s.* The Cyprus Financial Regulator, the Securities and Exchange Commission (CySEC), has just announced that it has significantly expanded its legal authority. In accordance with the new regulations, **CySEC will be able to control the country’s financial sector**. New powers allow the Commission to better fulfill its obligations as the authority responsible for financial oversight. CURR...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
**A regulatory group of experts in South Africa, comprised of South Africa’s Financial Intelligence Centre (FIC), financial sector Conduct Authority (FSCA), National Treasury (NT), the South African Revenue Service (SARS) and the South African Reserve Bank (SARB), released a clarification paper on crypto assets this week.** The SARB is very careful when it comes to comprehensive regulations ...
Path: BlogBitcoin and its possible impact on insurance
...and friends from across the globe without having to spend too much money or wait too long for a reply. International financial transactions have also become more straightforward and hassle-free. One of the significant technological strides in the financial sector is the invention of bitcoin. **Bitcoin is a new type of currency which can be used in financial transactions without the need for a m...
Path: BlogBahamas issued guidance related to financial crimes prevention
...y drafted guidance documents for financial services companies regarding prevention of financial crimes.** The first of them – **“Guidance Note on Financial Crime Risk Management”** – is proposed at licensees in the banking and non-banking financial sectors and is aimed to deliver instruction on financial crime-related risk management at the business and client levels. The aforesaid d...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
... Earlier this year, BaFin also officially classified cryptocurrencies as financial instruments, following regulatory recommendations from the Financial Action Task Force (FATF). Local German legislator looking to increase the attractiveness of their financial sector allowing companies to issue and manage digital assets, and a legal framework would only encourage new advanced technologies to be eve...
Path: BlogUSA Delaware Limited Liability Company Formation
...s between New York City and Washington D.C.. The geographical position represents a real advantage in terms of export markets due to its close location to the sea and main highways. Delaware's fastest growth sector in recent years has been in the financial sector and in particular incorporation and formation of international companies as a Delaware LLC or Delaware Corporation. Many American ...
Path: CompaniesAlpha Bank Account Opening
...ndividuals and for SMI and corporate sector, by means of a network of units situated in Bucharest and in all major cities of the country. Alpha Bank Romania has contributed in an innovative way to the development of the banking and financial sector through bold initiatives, such as the launching of the first mortgage loan with a 10 year period, in the early 2000s, an initiative t...
Path: BanksAlpha Bank Account Opening
...ndividuals and for SMI and corporate sector, by means of a network of units situated in Bucharest and in all major cities of the country. Alpha Bank Romania has contributed in an innovative way to the development of the banking and financial sector through bold initiatives, such as the launching of the first mortgage loan with a 10 year period, in the early 2000s, an initiative t...
Path: Banks