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The BRICS countries discuss the launch of the new cryptocurrency and unified payment system
...Brazil this November was strengthening economic growth. As reported by Russian news outlet RBC, five growing economies including Brazil, Russia, India, China, and South Africa, were discussing the launch of the “BRICS cryptocurrency” and unified payment system. The idea of creating a new cryptocurrency and a single payment transaction system between the five countries was supported by the B...
Path: BlogChinese Giants: Which payment system to Choose?
When **moving your business overseas**, it is very important to consider local rules, technical requirements and work facilities. For business in China, these features also include choosing a **payment system** suitable exactly for you. AliPay, WeChatPay and UnionPay are the biggest and the most popular payment solutions for the Chinese companies. Their technical features and scope of work a...
Path: BlogStarting your own business in Saint Vincent and the Grenadines
...ails you will be able to open the account. In addition to opening a business account in SVG you will be able to use another services as well. Investment trading is available for offshore companies as well as transfer services, setting up a corporate payment system, using trust solutions and other possibilities. Our next step is tax policy of SVG jurisdiction. Basically, this country supports t...
Path: BlogSetting up an Online Gaming Business
...uda [](http://offshorelicense.com/licensing/costa-rica-gambling-license){._blank} **5. Choosing a reliable payment system provider** Security of your payments inside the game matters both for business and for its customers. Trusted payment system provide...
Path: BlogFINMA provides guidelines on "stablecoin"
...e below are the guidelines determined by FINMA: In Switzerland, a ‘stablecoin’ project would come within the financial market infrastructure regulation and, drawing upon the Financial Market Infrastructure Act (FMIA), would have to obtain the payment system license issued by FINMA. It is noteworthy that opportunities and risks from the management of the underlying assets must be borne by...
Path: BlogSWIFT facilitates instant cross-border payments
...count, achieved the speed of 41 seconds. Harry Newman, Head of Banking, at SWIFT, views the new service as a technology proving that international payments can be as quick as domestic payments. He reveals that SWIFT welcomes all domestic real time payment systems to join the program and build the future. The community is excited about the launch of the SWIFT global instant payment service as...
Path: BlogBermuda became the first government to accept digital currency payments
...with US dollars since these are fully collateralized US dollar stablecoins. This summer Bermuda issued a full license to a fintech company Circle. Under the Bermuda Digital Asset Act, the payments technology company gained permission to operate a payment system based on USD Coins. In consortium with the creator of USD-dollar backed stablecoins Coinbase, Circle will work on enhancing the inclusi...
Path: BlogLocal cryptocurrency could soon be used in Japanese regions
...ticket counters in the Ise-Shima area and settle at facilities such as Shima Village or Shima Kanko Hotel in Shima City. Two entities conducting an experiment have been working on joint crypto projects for two years. In 2017, they were testing a payment system based on blockchain technology. In 2018, the companies were trying out the QR code technology and person-to-person transfers. This year...
Path: BlogThe Central Bank of the Bahamas expressed digital currency plans
...ow electronic dispersing of aid and avoid complications associated with cash shipments. Moreover, crypto transactions are more efficient and less costly comparing to a hard currency. The authorities of the Bahamas are aimed to develop a reliable payment system so the citizens and businesses wouldn’t have issues even in the event of a natural disaster. Indeed, when the difficulties with a har...
Path: BlogPros and cons of Central Bank Digital Currency in the view of the IMF
...f them. Among the advantages of adoption of Central Bank Digital Currency is the enhancement of financial inclusion because there’re is no need for consumers to have a bank account to hold CBDC. This digital solution presents a potential for a payment system because it could run more efficient since the cost of managing would be lower than the cost of managing cash. A Central Bank Digita...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...ablecoins. This is remarkable increase comparing to 0.5% or less for long-term US Treasury bonds and 0% return from gold. At the moment decentralized finances as a sector is attractive - the total value in these contracts enacting these kinds of payment systems and loans now exceeds $11bn, up from $691m just nine months ago. Considering that money is invested in decentralized finances, it is u...
Path: BlogJapan to Tighten Crypto Rules for Preventing Sanctions Evasion
...n and flag them in applicable cases, only when an order is suspected of being related to sanctioned businesses or private persons. Due to the financial sanctions that were taken against Russia, the country is now forced to search for alternative payment systems and methods in regard of accessing international trade market. We at Offshorelicense Ltd are closely looking out for the changes in...
Path: BlogGeorgia Payment Service Provider Authorization (PSP)
Payment Service Provider authorization issued by the National Bank of Georgia allows a legal entity to manage payment systems within the territory of Georgia and to provide services stipulated in the Law of Georgia on payment systems and payment services.Timeframe: Within 3-5 months Minimum paid up capital: Case-by-case Overview In order for a company to apply for a Pa...
Path: LicensingBahamas Payment Services Provider License
...ution 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 the payment systems Act, 2012 and the Payment Instruments (Oversight) Regulations 2017, as well as for regulation and supervision of payment instruments, ...
Path: LicensingLithuania Payment Institutions License
...(28 states) plus EEA countries having only one Lithuanian license. Only Lithuanian licensed PI’s and EMI’s are allowed to join SEPA directly and can process EUR payments in SEPA (Single Euro Payments Area) directly through the CENTROlink payment system managed by the Bank of Lithuania. Lithuanian law allows for non-banks (for example payment institutions) to generate individual IBAN fo...
Path: LicensingMauritius Accounting Services
...ents in accordance with International Financial Reporting Standards to be compliant with the local financial authorities. Also, some companies in this jurisdiction are obligated to submit quarterly returns of income as quarterly Advanced payment system statements every 3 months as well as to fill in the tax returns with the FSC. Services Offshorelicense provides...
Path: Accounting