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Blockchain regulations are on the way to Malta

Many countries that support **international business** had started to implement **blockchain regulations** during the last months. **Malta** is next in the line according to the plans announced at the **Dubai Blockchain Conference**. Which industries will the new regulations cover? Not only blockchain but also **AI** (artificial intelligence) and **IoT** (internet of things). Technologies are...

Path: Blog
Recovering Trust in Digital Currency

...s in Japan. I really believe, that those, who catch the moment with digital currencies today, will definitely enjoy great profits tomorrow’. **Lack of regulatory framework impeding initiatives** While Japan is already well ahead with bitcoin regulations, other countries are still halfway in this direction. According to the report of Asia Securities Industry and Financial Markets Associatio...

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Bitcoin and other cryptocurrencies: time to regulate

...tching bitcoin and other cryptocurrencies closely. **State Laws** Cryptocurrencies started out as “stateless” entities, but the cynicism towards them eventually drew a realization that regulation is necessary. In introducing cryptocurrency regulations, California and New York, which are home to a large number of crypto businesses, are taking the lead. Other states are quickly catching up...

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Outsourcing accountants and bookkeepers for offshore business

...ors and will avoid them. ** 3. Complying with industry requirements** Even if you have a professional domestic accountant, offshore accounting experts know their narrow scope of expertise like the back of their hand. Even the most complex tax regulations are easy for them and these skills will grant your business improved regulatory compliance. ** 4. Cheaper access to new technologies** ...

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Switzerland is going to amend anti-money laundering law

...ney laundering and the financing of terrorism and its effectiveness. We truly believe in good quality of the Switzerland’s system for combating money laundering and terrorist financing and waiting for the full announcement and final version of the regulations.

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Starting offshore business in Vanuatu

... List of available banks include Westpac, Pacific Private Bank, ANZ and National Bank of Vanuatu. These facilities are considered very stable and reliable among offshore business founders. Next argument to form an offshore company in Vanuatu is tax regulations. It is important to mention that there is no capital gain tax, income tax and withholding tax. International companies are exempt from ...

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Hedge fund billionaire joined crypto market

... *"It's still up in the air if people want to do a number of thing on the blockchain. We're still figuring out what needs one and what doesn't. But It's clear they want to trade, and they want to play games."* She also expressed concerns about regulations in crypto sphere, as she is convinced that this is the only fact that can significantly affect the subsequent development in this area. ...

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GDPR: what You need to know

...ical leanings. However, users find it hard to understand what exactly they are consenting to give these tech companies when they agree on the confusing and elaborate terms and conditions. One perfect scenario that would justify the need for stricter regulations on consumer data collection is Facebook’s Cambridge Analytica scandal. Political data firm Cambridge Analytica allegedly acquired the da...

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Bitcoin and its possible impact on insurance

...to be considered when you’re connected to the Internet, being able to transact anonymously presents a very inviting option for many people. 2. **Easy international transactions** – Because bitcoin is not tied to any country or is subjected to regulations, global payments and other financial transactions are easier, and a lot more affordable than traditional international banking systems whe...

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New beneficial owner policy in British Virgin Islands

... 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. Abovementioned regulations are mostly related to non-contentious probate and estate administration. In addition, **new register is ava...

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Leading Russian banks intend to work with crypto

... stated Russian news site RBC on September 19. According to an unnamed source, cryptocurrency has a huge potential in Russian region and the demand over the past year has grown significantly, but the banks are unable to meet it due to the lack of regulations. Considering the above-mentioned, the representatives of the Russian banking organizations present at the meeting have communicated wit...

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Fresh breath of air for innovative financial services in Labuan

...tions can serve for such activities. Basically, they would need to prove sufficient level of capital; sufficient framework of internal policies and controls; computerized risk management and governance; and compliance with applicable laws, rules and regulations relevant to the IFS’s business operations. Summing up we can say that **Labuan become an interesting option for those who are willing...

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The new identification system for Australian directors

...nts. As an example, failure to comply with the condition to apply for a DIN within 28 days of appointment might lead to a penalty in amount of USD $200,000 for an individual; or 1 million of USD for a legal entity. If you are unsure about the new regulations and what effect they will have, it might be the right time to seek a professional advice. **Offshorelicense** has an outstanding expertise...

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New anti-money laundering rules for crypto exchanges in Norway

...porting to Australian Transaction Reports and Analysis Centre regarding suspicious transactions involving physical currency of $10,000 or more; • Storing the above-mentioned records for seven years. If you have some doubts concerning the new regulations and their effect on your business, it might be the right time to seek a professional advice. The earlier that professional help is sought ...

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Cyprus Forex License

Cyprus offers a very well established environment for a Forex broker firm. It is a well-known and is one of the top choices in the EU for acquiring of a financial license. It follows very strict rules and regulations as implemented by the financial services authority of Cyprus (CySEC – The Cyprus Securities and Exchange Commission).Incorporation & obtaining license: from 5 to 9 months ...

Path: Licensing
St. Vincent and Grenadines International Banking License

... Grenadines grants fair opportunities for setting up an International Bank as well as provides great business advantages – Banks are exempt from any taxes. Registration of International banks is governed by the International Banks Act of 2004 and regulations. Supervision body for International banks is the Financial Services Authority.Timeframe: between 4 and 8 months Minimum paid up c...

Path: Licensing
Choosing Business Structure for a Singapore Company

...suitable for large business being that company’s shares are usual available to the general public and the number of shareholders is at a minimum of 50 people. Given that these types of companies involve the general public, there are more rules and regulations that prevent operation and the misuse of public funds. • Public Company Limited by Guarantee: Contrary to a Public Limited Company an...

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Invasion of EU privacy laws

... since the majority of public was overwhelmed by the coming into force of GDPR. Like GDPR **the above-mentioned law will affect companies outside Europe**, with heavy financial sanctions for the infringers. Society converges on the fact that such regulations will have negative influence on business. First of all, it will affect startups engaged in an innovative sphere such as AI systems, that a...

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New GDPR rules in the EU. Personal data and mailing lists.

...de to their customers. Professional and helpful mails keep customers informed about and interested in services of companies. This is the main reason of subscription to the mails about the services we want to be kept updated about. After the new regulations release, **customers need to recurrently confirm their subscriptions to informative mails**. Therefore, if your company uses mailing list...

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Why should you invest in offshore business?

... absolutely legal. It is important to understand all pros and cons of investing offshore to form your company in the right way.* Main point of offshore investing is a favorable tax climate. Small countries are aware that low tax rates and favorable regulations for business will attract foreign capital. It is true and most offshore countries have significantly improved their economics after becomi...

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Move business wisely. What to consider when choosing offshore jurisdiction?

...ty protection. This charge differs from jurisdiction to jurisdiction and if you need to pay more than company earns – it is not reasonable. Legal part also plays a big role in company formation. Comfortable offshore climate often depends on local regulations. Most considered branches are: asset protection legislation, confidentiality conditions, international business functioning rules, investm...

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Post-Brexit UK markets access for Gibraltar

...This resolution was taken according to the countries mutual decision to work together during Brexit process. In addition, in the next two years, **Gibraltar and the UK pledged to work together on development and implementation of the newest legal regulations** of such business. This means that the mentioned above companies will have the most up-to-date legislation on information policy, transpa...

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Know-hows on Different Legislations and Blockchain Implementation Profitability in Your Business

...ll numerous discussions whether it is profitable to use Blockchain in your business, or not. Financial companies, retail and even government authorities are using new instruments in their work.* At the same time, there are different approaches to regulations of **Blockchain companies** in the world. Some countries accept new ways and some do not. We are not aiming to explain how the **Blockchai...

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“To trade or not to trade?” or How Chinese Exchanges Overcome the Bitcoin Ban?

...or crypto-enthusiasts. What is happening now and what are the perspectives? After the **Bitcoin exchanges ban**, the most valuable market players shut down and pushed China far back on the world’s Bitcoin community. Meanwhile, Japan implemented regulations that are much more favorable for traders and overtook the market with 44% part of the market share. Some analysts state that the Chinese b...

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Gibraltar Goes Fintech: Next Destination - Hong Kong

...ception to make some crucial agreements on the future deals. Gibraltar Fintech Offering is a plan that is to be implemented in the nearest future. On May 9, 2017, Gibraltar published a consultation paper, which consists of propositions about Fintech regulations. This is the first step to create special legal acts and start cooperation with other countries in this sector. Business in Gibraltar w...

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China Bans Popular FX Broker Services

We have already informed our audience regarding the newest **Chinese tax regulations**, legal limitations and other **business rules**. It is notably complicated to take into account every small detail while establishing company in China, therefore, we have prepared the latest news about **broker activities** in China. Chinese legal entities have rights to perform their activities on the web ...

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How Brokers in China Feel After the Website Blocks

... that the regulator is taking measures to restrict the access to some platforms, many of them still work normally. Regarding the fact that the government and financial authorities of China are very strict, sometimes entrepreneurs suffer from the new regulations and restrictions. Nevertheless, they already have the experience and are prepared for the unforeseen circumstances. According to the la...

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Novelties for the Blockchain Business and ICOs in Gibraltar

The New Year has already brought the new regulations and rules in the international business world. We decided to start from the new rules in **Gibraltar**. The main financial regulator of this country, Gibraltar Financial Services Commission, announced new obligation for the companies using distributed ledger technology for storing or transferring values that belong to others. Currently, **...

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Virtual Currencies’ Control in Singapore

... transactions is not an easy task. The **Monetary Authority of Singapore** chose quite a challenge by stating their obligation to control as the transactions are anonymous and there is no central clearing house established. However, as soon as these regulations will become common and effective, business safety in Singapore will grow even more. If you are planning to establish a company in Singa...

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Bermuda warns: virtual currency shall not pass

...atch out from any reckless actions. It is reasonable that before spending money on unidentified tokens it is good to analyze reliability of investment. However, we are looking forward to the day when Bermuda governmental authorities will release new regulations on **virtual currencies**. If you plan on starting ICO or investing in one, **Offshorelicense Ltd** is ready to consult you on pros and co...

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Switzerland puts a hand over supervising ICOs

...ze every case and apply appropriate and corresponding financial legislation for each case. A very important part of this announcement is that Europe began embracing cryptocurrencies and other new technologies. In the nearest future, we hope these regulations will become more detailed and profound, but for now, even this is a serious step for the conservative countries like Switzerland. Curre...

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Virtual currency draft bill in Gibraltar

...ably investment funds holding digital assets. Narrowing this information, legal regulation will consist of: 1. * -Information disclosure about purchasing tokens; 1. * -Measures of preventing money-laundering and financing of terrorism; 1. * -regulations for authorized sponsors who will bear the responsibility to assure compliance of token distribution with existing rules; 1. * -Rules for ...

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The British Virgin Island Authority declared a warning for CRS and FATCA

...ority reminded institutions, holding overdue reports not only for 2017 but also for 2016 about the consequences of being fined. Furthermore, the BVI financial regulator assures to be even more informative for institutions that are subjected to these regulations. Requirements for the CRS reports and more instructions for users of the British Virgin Islands Financial Account Reporting System will be...

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Vanuatu Accounting Services

...easons that support this claim are encouraging business development in the region.  For example: Vanuatu International Business Companies (IBCs) are exempt from paying any tax for the first twenty years. Light administrative regulations as compared to onshore jurisdictions. Offshore companies are permitted to keep their accounts, minutes and records in any location in th...

Path: Accounting
Netherlands Accounting Services

...rior logistics and technology infrastructure.Description A company is required to maintain accounting records to determine the financial position of the company at any time. As regards the location of the accounting, there are no special regulations. The accounting can be done in any country, but the records must be made available within a reasonable time upon request. A company may de...

Path: Accounting
Bahamas Payment Services Provider License

... 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, including electronic money products. The Central Bank has a dut...

Path: Licensing
New Zealand Asset Management License

...New Zealand as this option is not available for foreign legal entities. An applicant for the New Zealand Financial Service Provider’s license is required 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 wor...

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Czech Republic Limited Liability Company Formation (s.r.o)

... to fiscal year, and vice versa by simply notifying the Tax Authority. Other benefits There is no restriction on form of meeting for shareholders and directors and no restriction for place of meeting. Accounting requirements Legal regulations regarding accounting and audit in the Czech Republic are in compliance with the legislation of the European Community. All accounting reco...

Path: Companies
British Virgin Islands Forex License

...d Investment License which enables them to operate financial service business. As regards to the Securities Brokerage or Forex Authorisation expenses are comparatively low and the whole process is straightforward. Since 2010 there are implemented regulations and rules which applies to forex brokers and other investment business companies, thereby BVI FCS regulates all BVI broker licenses. Th...

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Vanuatu Dealer's in Securities License

... by natural or legal persons. Moreover, the clients can benefit from this license because it permits the holder to manage the portfolio of investments and to operate with securities (sell and buy) for the client or even on his behalf. The legal regulations of Vanuatu give a broad definition of Securities, hence allowing to operate with: shares in the share capital of a corporation; or ...

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Pacific Private Bank Account Opening

...s and offers tailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD & EUR accounts are not available. Debit cards are not available. Ban...

Path: Banks
Pacific Private Bank Account Opening

...s and offers tailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD & EUR accounts are not available. Debit cards are not available. Ban...

Path: Banks
Seychelles International Business Company (IBC) Formation

...ic of Seychelles is a nation. Therefore, it does not report any confidential records to organizations overseas. A Seychelles IBC is not related and does not fall under the EU Tax law in comparison with other companies that have to comply with the EU regulations (i.e. the UK and its territories overseas). Seychelles IBC is similar to the most popular international business company, the BVI IBC, ...

Path: Companies
United Kingdom Accounting Services

...tal markets; therefore, it is important to them to have greater transparency in corporate framework which includes reliable and informative reporting. Therefore, each year companies registered in the United Kingdom are obliged to comply with certain regulations and submit accounts to the local tax and registration authorities. Annual accounts, along with confirmation statement, have to be submi...

Path: Accounting