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Seychelles 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: BlogFINMA provides guidelines on "stablecoin"
...ojects is to minimize the volatility in cryptocurrency’s valuation by fixing the ‘stablecoin’ to currencies, commodities, securities or, real estate. In this connection, the Swiss Financial Market Supervisory Authority (FINMA) has provided the guidelines bringing to light how ‘stablecoins’ are being handled under the relevant Swiss regulation. The Swiss Authority’s handling of ‘st...
Path: BlogCuba is up to define Crypto Regulation guidelines
... message in its official gazette in regard of their plans to define a set of rules in order to recognize and regulate cryptocurrencies and the industry itself within the Island.It as well explains that the government of Cuba is seeking to establish guidelines for crypto-related providers licensing. “The Central Bank of Cuba, for reasons of socio-economic interest, may authorize the use of ce...
Path: BlogAttention! New guidelines for crypto holders were announced by the UK Tax Agency
**The UK’s tax agency has recently issued a detailed description of how it regards crypto assets and how its owners might be taxed on their assets.** 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 digita...
Path: BlogChina amends the FIE record-filing laws regulating foreign investments
...ishment and Change of Foreign-Invested Enterprises alongside with the Circular (2016) No.22 **(Circular 22)**(issued jointly by the PRC National Development and Reform Commission and the MOFCOM). The purpose was to provide further clarifications and guidelines on the procedures for FIE establishment. Circular 22 aims to delineate and further clarify that the scope of special market entry admini...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...ch is a legal framework for securities markets, trading venues, and investment intermediaries. Approximately the very same time, US Conference of State Bank Supervisors (CSBS) announced the launch of MSB Networked Supervision, a set of compliance guidelines for large Money Service Businesses (MSBs) in the US. These guidelines will standardize compliance procedures across states, which allows fo...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...controversial crypto directives, which merged the cryptocurrency industry into existing banking policy, requiring firms to comply with the same requirements as traditional financial institutions. FATF stated that it would give 12 months to adopt the guidelines. FATF’s guidelines will: - increase transparency regarding who actually owns legal entities to prevent money laundering and terror...
Path: BlogAlbania is preparing a legal framework for virtual assets
...f digital currencies. According to new regulation it is required that any virtual asset service provider put in place a risk-protected system to monitor transactions for suspicious transactions. The licensees will also have to adhere to the existing guidelines on the prevention of money laundering, including employing staff member with the necessary experience in the field. **Albania is the thi...
Path: BlogForex Markets Related Regulations After Pandemic
... of May 2020. However, the Commission does not expect to propose any new rules before the 4th quarter of 2020. As such, Commission do not expect any additional regulation in the medium term but rather enhanced supervision and guidance in the form of guidelines, Circulars within the existing regulatory framework. In August last year, the Australian Securities and Investment s Commission (ASIC) r...
Path: BlogLegalization of Cryptocurrencies in Russia
... central bank will oversee any issuance of new digital currencies in the country, and will further decide on the features. In an effort to foster regulatory clarity in the Russian cryptos pace, the nation’s central bank has recently introduced new guidelines to govern market participants and shareholders. The regulator will decide on a framework of selling of the digital currencies to qualified ...
Path: BlogNew Gambling regulator in Curacao is coming?
...ers will have to comply with all of the gambling laws of the countries that they are operating in, which comes in a direct contrast with the current situation, where many operators have been able to act as gambling operators without following strict guidelines on safe betting. Giving the formal interpretation of above-mentioned provision, the conclusion can be made that if the operator accepts pl...
Path: BlogJapan and South Africa are to set new crypto regulations
...ca will first move to establish know-your-customer rules for crypto exchanges and create systems for the surveillance of the asset class in order to prevent money being laundered out of the country,” Naidoo said. “Thereafter, investor-protection guidelines and rules for managing capital risk in the banking sector should come into effect.” **Evolution of Cryptocurrencies** South Africa...
Path: Blog“Sand Dollar” pilot testing in the Bahamas
...ments attracts the tourists. In current testing, the digital currency will be promoted as a solution for consumer protection. The government is intended to develop new regulatory frameworks that will help to organize daily transactions. Once the guidelines are developed, the “Sand Dollar” will be available for general use. Also, the Central Bank is convinced that the digital form of the fi...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...tem will allow cryptocurrencies. In the same interview, Yuguda stated that the SEC had been in talks with the Central Bank of Nigeria (CBN) as they are preparing the launch of the forthcoming CBDC, e-Naira. Last month, the CBN drafted a series of guidelines addressing domestic banks about the Nigerian central bank digital currency project. The document is aimed to detail the design and the oper...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
...agement. 3. Prepare and Submit Incorporation Documents The necessary documents for Seychelles company registration include the Memorandum and Articles of Association. These documents outline the company's structure, objectives, and operational guidelines. Once prepared, they are submitted to the Seychelles FSA. 4. Pay Registration Fees The registration process involves paying a one-tim...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...int Vincent and the Grenadines as the main place of business of the company Appointment of a Money Laundering Compliance Officer Appointment of a Money Laundering Reporting Officer AML/CFT and KYC policies and procedures in line with law and FATF guidelines Risk assessment documentation for the activity Fit & proper check of all team members Detailed business plan Appointment of an external...
Path: BlogLabuan FSA Tightens Money Broking Rules Amid Growing Industry
As the money broking business continues to grow in Labuan IBFC, the Labuan Financial Services Authority (Labuan FSA) has stepped up with a revised set of guidelines to ensure the industry keeps pace with modern financial challenges. The new guidelines are designed to tighten regulations, promote better governance, and protect investors, especially with the increasing digitalisation of financial s...
Path: BlogKazakhstan Crypto License
...ow-your-customer (KYC) procedures. Furthermore, Kazakhstan’s efficient licensing process and strategic location make it an attractive choice for crypto enterprises. The government's commitment to fostering a digital economy and clear regulatory guidelines provide a stable and secure environment for crypto operations. This supportive atmosphere, combined with Kazakhstan's growing technological...
Path: LicensingJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
... capital of the region. This determination, coupled with regulators forward-looking stance, is sure to give the country an advantage over the competition as several other countries are also working on enforcing the Financial Action Task Force (FATF) guidelines to regulate cryptocurrencies. Regulatory measures like the FIEA and PSA may help Japan stand out as a safe haven for crypto. In order to...
Path: Blog6 reasons why best Forex brokers are regulated
...o investors’ assets. **Credibility** A regulatory status adds credibility to a forex broker. If the broker was able to stand the test, meet all necessary criteria and obtain a license from the authority, it means that such broker adheres to guidelines and guarantees implementation of the requirements. Hence, a regulated dealer is viewed by potential customer as reliable and decent. **...
Path: BlogMove business wisely. What to consider when choosing offshore jurisdiction?
... also assist you with a transfer pricing advice. Transfer pricing rules include companies that function cross-border, within different jurisdictions. For full understanding of this process in the EU, you should be acquainted with “Transfer Pricing guidelines for Multinational Enterprises and Tax Administration”. Legal asset protection is important but it is not panacea. Reliable banking fac...
Path: BlogHow cryptocurrency will be taxed in the UK?
The United Kingdom’s tax, payments and customs authority has clarified its view on how cryptocurrency will be taxed. New guidelines published by Her Majesty’s Revenue and Customs (HMRC) explain the approach to crypto taxation for businesses and individuals. It must be noted that the authority has a clear position in relation to the cryptocurrency status – it is not considered as a curr...
Path: BlogNovelties for the Blockchain Business and ICOs in Gibraltar
...s for prospective licensees who will become DLT providers. For example, such business should be conducted honestly, using the adequate resources and high business standards. Professionalism and client care are also a must. An important part of these guidelines is also requirement to have the secure systems and constantly work on the prevention of financial crime and fraud. **Offshorelicense Ltd...
Path: BlogSwitzerland puts a hand over supervising ICOs
February 16th became an important day for **European crypto-community**. **Switzerland** showed itself as a progressive jurisdiction and published guidelines regarding the **ICO regulation**. It was developed by The Swiss Financial Market Supervisory Authority (FINMA). Many Swiss startups has now decided to announce ICO as acceptable since it is easier than attracting investors as it was 5 - ...
Path: BlogGaming Bill in Malta. One gaming law for all.
...chembri made an announcement that was of utmost importance for companies and individuals who participate in the **gaming industry of Malta**. Nowadays the regulatory situation of this industry is as follows: different laws, contradictory documents, guidelines and directives. What will change? The Parliament promises to adopt the **Gaming Bill** – a newly developed document that will replace eve...
Path: BlogJersey initiates anti-money laundering review
...d to commence the process of related data and information preparation. Each of these entities is now invited to take part in collection and submission of such information. The Commission released a questionnaire for these entities as well as special guidelines, that will help reporting subjects fully understand their tasks. Also, a special internet-portal, **myJFSC, functions as an online assis...
Path: BlogUsage of artificial intelligence for financial institutions in Singapore
**The Monetary Authority of Singapore** (MAS), has lately been working on newest guidelines in relation to the **artificial intelligence** (AI) that is used by financial institutions. AI is still a developing technology and is yet to be regulated around the world. Singaporean government considers that there is a need to develop recommendations and guidelines to prevent misuse of artificial intel...
Path: BlogSwiss regulator launches proceedings against ICO issuer
...n attention of the public to the risks that ICOs may pose for investors. Also, the regulator once again confirmed that it is committed to ensure that innovators can launch their ICO projects lawfully. As you may know **FINMA has already published guidelines for ICO projects in February 2018**. Stay tuned with **Offshorelicense** to be informed of all legal news in relation to fintech, legalt...
Path: BlogHow blockchain will combat bias in news reporting
...thereum blockchain and have the goal of creating news outlets that are driven by journalistic integrity rather than revenues. With no central control over publication, 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 s...
Path: BlogBahamas issued guidance related to financial crimes prevention
...on Financing”** – is proposed at supervised financial institutions and was drafted to raise level of understanding of the risks and vulnerabilities in regards to terrorism and financial crimes spreading. In accordance with the above-mentioned guidelines financial crimes – is a regulatory, reputational or monetary act or attempt against financial services institutions, corporations, govern...
Path: BlogMauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset
... digital assets, the Mauritius’ Financial Services Commission (MFSC) will announce two new licensable activities, specifically: 1. **Custodian of Digital Assets License**; 2. **Digital Asset Marketplace License**. The MFSC will adopt the guidelines for investment in cryptocurrencies as digital assets. Appropriate cyber security measures, cyber resilience policies and capacities in plac...
Path: BlogFATF is planning to release International Crypto Regulation by next summer
...the report stated. The news was revealed after the FATF plenary meeting with officials from 204 countries to talk over crypto regulations and other related issues. FATF’s president, Marshall Billingslea, indicated June as the month when the guidelines and enforcement expectations will be published. He said: *“By June, we will issue additional instructions on the standards and how we ...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...* 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 determining fit and properness of issuers and exchange operators, disclosure standards and best p...
Path: BlogHow to store your crypto with the less tax consequences
Cryptocurrency is a quite innovative project, therefore it still requires clarifications and guidelines especially with regards to taxation. This question becomes even more relevant in a view of ongoing tax season around the globe. **The beginning of tax season is pushing cryptocurrency holders to figure out how to declare their coins.** In Singapore, for example, cryptocurrencies are determin...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
...s to the AMLO.** Local representatives explain that such information is very important for tracking of laundered money through the internet. Worth to note that Thailand is a member of the Financial Action Task Force (FATF) which recently announce guidelines for cryptocurrency and how platforms monitor and report suspicious transactions. Read our blog to keep abreast of all actual and interes...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
**The UK Financial Conduct Authority (FCA) has recently published the final version of guidelines specifying crypto asset activities that fall under FCA regulation.** Major part of these recently released guidelines was previously already propositioned in a consultation paper CP19, released in January. As it may be expected, the final guidelines do not significantly change the regulatory grou...
Path: BlogCompliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards
It is September of 2019 but crypto exchanges are still looking for a solution as they need to implement a new set of compliance guidelines issued by the Financial Action Task Force (FATF). Digital asset service providers are required to come up with the solution before January 2020. Earlier this year, the FATF announced a Recommendation 16 which introduced the so-called “travel rule” requ...
Path: BlogCuracao Gambling License
...nting standards and need to be reviewed by a qualified auditor; Transfer price calculations for goods and services rendered in inter-company relations should not deviate substantially from generally accepted methods, like the OECD transfer pricing guidelines. General information Company structure At least two shareholders (can also be a legal person, no nationality restriction or resid...
Path: LicensingSwitzerland Crypto License
...o live without risk, without fear that his business will be regarded as illegal tomorrow. Most of the activities related to cryptobusiness are regulated by the Federal Financial Markets Supervisory Authority (FINMA) through regular publication of guidelines in one or another area of cryptobusiness. Thus, based on the recommendations of FINMA, almost all activities in the field of cryptobusin...
Path: LicensingHong Kong Audit Services
... issued by HKICPA, which has a policy to achieve convergence of the Hong Kong auditing and quality control standards to the international auditing and quality control standards. Where applicable, the auditors should also comply with certain auditing guidelines applicable to specific circumstance. Audits of financial statements of non-Hong Kong companies may be performed in accordance with inter...
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