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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: BlogJapan and South Africa are to set new crypto regulations
**Two of worlds global economic giants, Japan and South Africa, are to set new crypto regulations in the scope of recent activities and scandals within the cryptocurrency market.** **Japan works on both regulatory and diplomatic levels to introduce Crypto regulations.** In terms of introducing crypto regulations, Financial Services Agency (FSA), Japan’s financial watchdog, has recently e...
Path: BlogEconomic Substance regulations in UAE
**Starting from 2019, all UAE entities conducting “relevant activities” (explained further) will be obliged to meet certain legal requirements. These are “economic substance regulations” requiring the UAE companies to demonstrate actual economic activities** - the type and level of activity they undertake. Further, businesses carrying out “relevant activities” will have to produce the...
Path: BlogForex Markets Related regulations After Pandemic
...ms struggled with the higher levels of trading activity, pandemic related scams were brought to the light, and security systems were tested as hackers tried to take advantage of many employees working from home.**These changes have strongly impacted regulations, but the question is whether the authorities across the world will adjust to these changes. FCA (Financial Conduct Authority) has annou...
Path: BlogSwitzerland Crypto License
In Switzerland cryptocurrencies and exchanges are legal, and the country has adopted a remarkably progressive stance towards cryptocurrency regulations.Incorporation: around 3 months + delivery time for the courier Minimum paid up capital: 100,000 CHF Overview Clearly, Switzerland is not the cheapest of jurisdictions in which to establish a new business, but it does have ma...
Path: LicensingCyprus passport - new regulations and more demanding requirements
Recent years have seen a growing interest in investor citizenship (“golden passport”) and investor residence (“golden visa”) programs, which aim to attract investment by granting investors citizenship or residence rights of the involved country. Cyprus, among other countries, has raised concerns about certain inherent risks of such programs, in particular as regarding security, money laun...
Path: BlogEstonia Crypto License
...confidence for investors and businesses. Estonia’s efficient application process and digital infrastructure attract crypto enterprises. The e-residency program allows global entrepreneurs to manage EU-based companies online. Clear and adaptable regulations keep pace with market changes, enhancing Estonia's appeal as a leading jurisdiction for crypto operations.Timeframe: 6 - 8 months ...
Path: LicensingUK 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: BlogSeychelles Securities Dealer License
Dealers in Securities license allows the company to trade in securities as a principal or as an agent. Seychelles Financial Services Authority is the body that regulates the licensing in Seychelles under the Securities Act 2007 and its regulations. Therefore, the relevant Authority is able to issue the Dealers in Securities license either Unrestricted, Restricted and Exempt Overseas.Timeframe: wi...
Path: LicensingSlovakia Crypto License
...ge, and custody of cryptocurrencies. Ongoing compliance with regulatory requirements, including regular reporting and adherence to AML/KYC standards, is essential to maintain the license. Engaging professional advisors familiar with Slovak financial regulations can help streamline the process and ensure full compliance.Timeframe: 1 - 2 months Minimum paid up capital: No specific minim...
Path: LicensingSouth 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: LicensingCyprus Crypto License
In Cyprus, obtaining a crypto license involves registering a company and adhering to the regulations set by the Cyprus Securities and Exchange Commission (CySEC). The application process requires submitting a detailed business plan, AML/KYC policies, risk management procedures, and information about the company's directors and shareholders. CySEC evaluates the application to ensure that the busin...
Path: LicensingNew Zealand Crypto License
...ty (FMA) regulates crypto activities, ensuring compliance with the Financial Markets Conduct Act 2013. Crypto exchanges must obtain an FMA license, meeting strict requirements for investor protection and market integrity, including AML, CTF, and KYC regulations. New Zealand's proactive crypto regulation shows its commitment to innovation and consumer protection. The clear licensing process attr...
Path: LicensingNorway Crypto License
...work aimed at balancing innovation with investor protection. The Financial Supervisory Authority of Norway (Finanstilsynet) oversees crypto-related activities, emphasizing compliance with stringent anti-money laundering (AML) and consumer protection regulations. To operate legally, crypto exchanges and service providers must navigate these regulations, ensuring robust security measures and transpa...
Path: LicensingLocal Swiss Authority Planning to Accept Taxes in Cryptocurrency
...e small upcoming businesses as well as the ease at which the valley adapts to modern business models has attracted entrepreneurs and skilled workers from all around the world. Blockchain startups and businesses don’t have to deal with demanding regulations against cryptocurrencies as the Swiss government is open to supporting innovations in this field. Switzerland has a decentralized system t...
Path: BlogCFTC Warns More Than 20 Forex Brands
...recently has been active in its clearing of the forex industry with charges being brought against a few of brokers and trading apps. In the end of the August, the commission hit OANDA Corporation with a $500,000 fine for failing to adhere to certain regulations, including that it failed to meet minimum capital requirements. The charges were that OANDA failed to meet the minimum financial requireme...
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
...s introduced earlier this year- from 10 January 2020, existing businesses (operating before 10 January 2020) carrying on cryptoasset activity in the UK were required to be compliant and registered with the FCA as part of the amended Money Laundering regulations (5MLD) and is now mandatory for all cryptoasset firms. Companies which are not registered with the FCA, on 10 January 2021 will have to ce...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
...instruments that are classified as securities must be secured in a document. Therefore, blockchain technology could help to guarantee liquidity by providing a digital replacement for paper certificates. Proposed legislation also brings clarity on regulations of digital securities. Particulary, a summary of the draft bill states that new regulations differentiates between the keeping of a centra...
Path: BlogNew 6 AMLD Compliance Conditions for EMIs
... updated list of high-risk third countries. Money laundering has become a huge problem worldwide. Money service businesses have become the new vehicle for criminal groups to laundry cash and move it across the borders and inside countries. Thus, AML regulations are tightening towards Money service businesses, making sure that they do everything to prevent criminal activities With the new measur...
Path: BlogLegalization of Cryptocurrencies in Russia
...ieve that this will not change the existing crypto industry in the country as the bill only gives a legal definition to the digital currencies. One of the bills advocates and one of the members of the State Duma, Anatoly Aksakov, stated that the new regulations will allow local companies to issue stablecoins. New law also highlighted that the Russian central bank will oversee any issuance of n...
Path: BlogNew Legal Framework for Forex Brokers in Saint Vincent and the Grenadines
...t the business of forex Trading and Brokerage and other related activities in SVG, therefore, in SVG might be some big changes coming in terms of regulation. In recent months, rumors have been growing that the FSA will be implementing new set of regulations. At this point SVG jurisdiction is similar to the situation in the Marshall Islands, and brokers are not regulated in these countries. Lac...
Path: BlogStarting 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 ...
Path: BlogPotential PayPal Entry into Cryptocurrency Market
...ion requirements for users in order to buy major cryptocurrencies and users will not be allowed to transfer crypto from other accounts because of FATF regulation. Also, PayPal as a regulated institution–will be required to comply with KYC and FATF regulations, as well as being auditable by their accountant. Entrance of a company as huge as PayPal into the cryptocurrency market could benefit ...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
**Bahamas is one of the most popular destinations for foreign exchange and CFD brokers**, with the nation’s regulator - the Securities Commission (SC) of The Bahamas, is about to introduce a set of new regulations which stipulates leverage restrictions. Proposed regulation has been highlighted by the Government of The Bahamas on the 27th of May 2020. The SC will be implementing leverage rest...
Path: BlogAlbania is preparing a legal framework for virtual assets
In 2017, the Albanian Central Bank issued a warning to citizens that digital currencies like Bitcoin were not under the direct supervision of the domestic banking sector regulations and that such assets carried high levels of risk. **Currently in Albania are no law providing for the regulation, prohibition or penalty in connection with virtual assets and related services.** But to change that...
Path: BlogImpact of New Legal Framework on Estonian Crypto Market
...experience, but this situation has raised serious consequences to local regulators. Therefore, it is clear that Estonia, with the great amount of Virtual Currency Provider licenses that were issued till the beginning of 2020, will amend their crypto regulations and ground rules regarding this matter. New Estonian framework introduced through the 5AMLD specially highlights AML field. Local regul...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...the highest of any country at the moment. South Africa’s cryptocurrency market has reached a point where it can no longer be ignored. At the end of the last year the South African Reserve Bank (SARB) reported that they are going to impose new regulations for the use of digital currencies in a bid to deter crypto users from evading currency controls. At the time SARB’s officials said that ...
Path: BlogEU and US propose legislative changes regarding digital asset industries
...lation purposes are to provide standardization, but the most important part of the rules is the European Commission’s objective to passport these standards across the borders of the EU. MiFID draft itself acknowledges the disparate state of crypto regulations in the EU. Few EU Member States have already implemented this regime to cover some crypto asset service providers or parts of their act...
Path: BlogWhy 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...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
...ew legislations were scheduled to come into effect in April, but due to a COVID-19 pandemic delay the final enforcement date has been officially pushed to May 1st, 2020. **Although there are no laws to regulate crypto in Japan, amending existing regulations is the only way at this time for digital assets to have any kind of legal status in the Asian nation.**These will bring significant change...
Path: BlogWhat is the reason behind the suspension of ePayments operations?
...en suspended due to weaknesses in the company’s anti-money laundering procedures. It was reported that the FCA (Financial Conduct Authority) detected a loophole in the ePayments system that may be used by criminals to their advantage bypassing the regulations. Following a regulatory review of the company’s anti-money laundering system, the financial regulator forced the electronic money in...
Path: BlogSouth Korea to tax capital gains on crypto
...nd anti-money laundering (AML) requirements and is moving towards the regulated crypto industry. It worth noting that the National Assembly greenlighted legislation that recognizes crypto as digital assets and giving them a legal status. Current regulations require crypto platforms operating in the country to follow AML and KYC rules the same way as the other financial institutions. Meanwh...
Path: BlogNigeria’s Crypto regulation as a solution for financial services
...tude toward cryptocurrencies. Although legal framework will not stipulate ‘securities’ as a ‘money’, fact that SEC identifies cryptocurrencies as a securities, is huge step forward. These changes have been promoted because more and more regulations have been applied to the cryptocurrency industry in other countries and changes has attracted more investors to other jurisdiction. It is ...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
...already. **Hacks Led to Strict Rules** After the massive attack on the Japanese leading crypto exchange, Coincheck, which resulted in theft of over $500 million worth of digital currencies, took place in 2019, major overhaul of Japanese crypto regulations took place. In order to strengthen security of exchange and protect investors from such attacks, the Financial Service Agency strictly ma...
Path: BlogNew requirements for Lithuania and UK EMIs
Electronic Money Institutions (EMIs) will be facing uncertainty over regulations due to post-Brexit and Sixth Anti Money Laundering Directive (6 AMLD) which provides obligations that need to be transposed by European Union Member States by the December 20th, 2020. Due to the worldwide covid-19 pandemic Brexit was postponed for few months, however currently Brexit has been brought back and is ...
Path: BlogGerman Political Parties raise discussion on implementing Regulation for Crypto Blockchain Industry
...tation came under the spotlight after Wirecard, a major payments company, collapsed last year. Such controversy significantly affected the election campaign of Olaf Scholz, the German Finance Minister. On our humble, yet professional, opinion, such regulations will only benefit the European crypto-market, as the more secure they become - the more developed they may be, which will have positive ef...
Path: BlogSt. 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: LicensingSingapore Crypto License
In Singapore, obtaining a crypto license requires compliance with the regulations set by the Monetary Authority of Singapore (MAS) under the Payment Services Act. Companies intending to offer cryptocurrency services must register and apply for either a standard payment institution license or a major payment institution license, depending on the scale of their operations. The application process i...
Path: LicensingCyprus 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: LicensingDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
...ds/public/670/825/342/6708253426258736238472.png) Authorities in Dubai, represented by the Virtual Assets Regulatory Authority (VARA), have fined seven cryptocurrency companies for operating without proper licenses and violating local marketing regulations. The fines range from 50,000 to 100,000 dirhams ($13,600 to $27,200), and the companies were issued cease-and-desist orders, requiring the...
Path: BlogLabuan FSA Tightens Money Broking Rules Amid Growing Industry
...ess 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 services. The update focu...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
... is involved in a pilot program to test digital currency as legal tender. This guide provides a comprehensive overview of how to obtain a crypto license in SVG, detailing the necessary steps, requirements, and benefits. Overview of Cryptocurrency regulations in SVG Regulatory Environment Saint Vincent and the Grenadines does not have specific legislation exclusively governing cryptocurrency...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
... advisable to consult with a professional service provider to navigate the requirements smoothly. Are Seychelles registered companies permitted to do business in Kenya? Seychelles registered companies can do business in Kenya, subject to local regulations and compliance requirements. It's essential to understand Kenya's business laws and, if necessary, register the company with Kenyan author...
Path: BlogHow to Get a Crypto License in 2024
...rypto trading license is similar to an exchange license but specifically targets entities engaged in trading cryptocurrencies on behalf of clients. This type of license ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations. Crypto Banking License A crypto banking license enables a financial institution to offer banking services such as deposits, loans, and ...
Path: BlogSeychelles FSA Introduces Updated Beneficial Ownership Guidelines
...dures for verifying the identity of beneficial owners, maintaining accurate records, and reporting suspicious activities. The FSA emphasizes the importance of these measures in promoting a secure and trustworthy business environment. By aligning its regulations with international standards, Seychelles aims to attract legitimate business and investment while deterring illicit activities. These g...
Path: BlogIndia is up to Classifying Crypto-Exchanges as e-Commerce Platforms
...ult in Indian crypto-exchanges to fall under the GST regime that will prompt them to levy a one percent tax collected at the source. However, the collected taxes might be set off later according to the investor’s tax liability. In case the new regulations will be finally accepted, all the crypto-exchanges operating in India will be obliged to register themselves according to the GST regime. ...
Path: BlogASIC’s strengthens consumer protections by reducing CFD leverage
...ents, saying it was still concerned about investor protection. This came after the Australian parliament granted ASIC product intervention powers, similar to those exercised by the European Securities and Markets Authority (ESMA) in 2018. The new regulations also stipulate negative account protection by ensuring that clients are not able to lose more than their trading stake, avoiding a repeat ...
Path: BlogFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
...n order to make the innovative digital financial tools secure for transactions. Shlomit Wegman, the Director of Israeli Regulator, trusts that the new rules will massively improve security of legal cryptocurrency users. “The application of the regulations constitutes real progress for the Israeli economy, the Fintech industry, and for improving financial competition to provide the public bet...
Path: BlogDubai is set to regulate investment tokens
...I think it is important to have structure and regulation to ensure that people have security and reassurance. I believe the move will see a new wave of people joining the space." Our editorial office continues to keep an eye on the cryptocurrency regulations all across the globe and welcomes any new regulations implied by the governments. Furthermore, our team of professionals has started worki...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...E of the Cypriot Prevention and Suppression of Money Laundering Law 2007. In addition to that, on the 13th of September, CySEC issued a Policy Statement on the Registration and Operations of Crypto-Asset Service Providers. **According to CySEC regulations, the following is considered to be Crypto-Assets:** Digital representations of value which are: • Neither issued nor guaranteed by...
Path: BlogBrand-new product - Crypto Exchange & Wallet License in Lithuania
...p://www.offshorelicense.com/licensing/crypto-exchange-and-wallet-license-lithuania) Recently, Lithuania started offering a friendly and well-regulated legal environment for crypto exchange and crypto wallet services provider companies, with clear regulations. This has become available in Lithuania in year 2020. It is important to note that the company and license setup can be both made remotely...
Path: BlogSouth Korea is planning to establish Crypto-Focused Bureau
...gulatory framework. According to the Director of the SEC, Lamido Yuguda, the bureau wants to come up with proper ruling to protect customers’ interests in the best possible way. “We are looking at this market closely to see how we can bring out regulations that will help investors protect their investment in blockchain,” Yuguda told Reuters. However, he did not provide a deadline for domest...
Path: BlogCuba is up to define Crypto Regulation Guidelines
**Miguel Diaz-Canel, the President of Cuba, has left hints on the possibility of crypto-regulations in various speeches during last couple of months.** Banco Central de Cuba (BCC – The Central Bank of Cuba) – has left a 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 Is...
Path: BlogSouth Korea enforcing crypto rules
**Although South Korea is one of the main crypto exchange markets with exchanges holding about $1.9 billion worth of virtual currencies, there were no relevant regulations to this day.** After years of deliberations, the country has finally specified the legal framework for cryptocurrency. **The National Assembly of South Korea has passed a bill establishing a legal foundation for virtual cur...
Path: BlogNew Gambling regulator in Curacao is coming?
...ld weed out disreputable operators, who have been using Government of Curacao licensing to operate with less scrutiny. Recent news about the reform facing the Curacao online gambling sector clearly reflects the global trend towards tightening the regulations of the gambling industry in general and the online sector in particular. Given the general trend towards a safer and more regulated gambli...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
Hong Kong’s Securities and Futures Commission (SFC) will stipulate the regulations of all cryptocurrency trading companies operating in Hong Kong’s jurisdiction. The following activities is an extension of the crypto regulations introduced by the SFC in November last year. Hong Kong is considered as the base of many major cryptocurrency exchanges, but until November 2019, they were not reg...
Path: BlogThe evolution of Forex in the 21st century
...es are just beginning to transform the foreign exchange market. Blockchain will have a huge impact on Forex by revolutionizing the efficiency and security of the market. What’s next? Apparently, Forex market will be contingent on the policy regulations and technology developments. Today, several countries have banned Forex trading closing the path to trading opportunities. For example...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
... threshold at around $1000 (SG $1,500). In 2017 Japan started acknowledging Bitcoin and its crypto derivatives as property within Japan’s Payment Services Act. In addition, Payment Services Act calls for local crypto business to comply with AML regulations and register with a competent local finance entity. Although Estonia is not a member of FATF, updated guidance is considered as a found...
Path: Blog6 reasons why best Forex brokers are regulated
...us broker, fraud or scam it is important to understand that the broker does conceal something. Potential customers choose those businesses which are transparent and do not hinder the access 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 al...
Path: BlogPost-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...
Path: BlogNew 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 ...
Path: BlogThe 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...
Path: BlogFresh 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...
Path: BlogLeading 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...
Path: BlogBitcoin 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...
Path: BlogHow cryptocurrency will be taxed in the UK?
...t for service or business activity. Crypto companies based in the United Kingdom and companies paying wages in cryptocurrency, for their part, will pay income tax along with national insurance contributions. Without any doubt, cryptocurrency regulations will be reviewed and updated time to time. Therefore, read our blog to keep abreast of all actual and interesting technology news.
Path: BlogSwitzerland 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.
Path: BlogOutsourcing 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** ...
Path: BlogChoosing 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...
Path: BlogNew 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. Above mentioned regulations are mostly related to non-contentious probate and estate administration. In addition, **new register is av...
Path: BlogThe 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...
Path: BlogChinese court: bitcoin is a property with "economic value" and must be protected by law
... regarding contract issues in business, real estate, and finance. Stay with **Offshorelicense** to be informed on all of the latest legal news in the sphere of crypto, LegalTech and other related topics. If you have some doubts concerning the new regulations and their effect on you, it might be the right time to seek a professional help. The earlier that professional advice is sought the more s...
Path: BlogVirtual 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 ...
Path: BlogSwitzerland 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...
Path: BlogBermuda 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...
Path: BlogVirtual 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...
Path: BlogNovelties 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, **...
Path: BlogHow 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...
Path: BlogChina 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 ...
Path: BlogGibraltar 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...
Path: Blog“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...
Path: BlogKnow-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...
Path: BlogMove 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...
Path: BlogAn upcoming new trade agreement between Australia and Indonesia
...d between 2010 and July 2013. Negotiations were then renewed in March 2016, following a three-year gap. Both parties of negotiation agreed to conclude negotiations on the broader Regional Comprehensive Economic Partnership. The above-mentioned regulations were highly appreciated by the Australian Chamber of Commerce and Industry. CEO James Pearson said: *"We hope that the announcement, a...
Path: BlogHedge 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. ...
Path: BlogTwo of Malta's blockchain acts came into force
... Services Act** establishes the framework for registration of auditors and administrators of DLT Platforms and the requirements for certification of the technological agreements. • **The Virtual Financial Assets Act** provides the framework for regulations in the sphere of initial virtual financial asset offerings and virtual financial assets, as well as establishes provisions for the obligat...
Path: BlogNew financial crime combating plan was released in UK
...lans on cryptocurrency businesses. They intent to take action to ensure cryptocurrencies are not used for money laundering and other illegal activities. The Financial Conduct Authority (FCA), the country’s financial regulator, will supervise the regulations, meaning it will introduce and maintain a sufficient AML regime for cryptocurrency companies. Further, an Asset Recovery Action Plan wi...
Path: BlogCySEC has expanded its authority
... to thoroughly ‘clean up’ the brokerage industry in Cyprus.* 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 ...
Path: BlogCompliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards
...ired to do. The idea behind it is to prevent money laundering and financial crimes the number of which is rapidly growing in crypto domain. Although the FATF’s recommendations are of advisory nature and do not have legally binding force, these regulations still possess power in relation to the financial systems. The FATF includes 36 economies – among them are the largest ones which have a ...
Path: BlogFCA will offer 30:1 margin leverage in government bonds
... on leverage, marketing restrictions, and mandatory risk warnings of contracts for difference (CFDs) and CFD-like options sold to retail clients. The British regulator announced that its rules will be permanent. It is worth noting, that aforesaid regulations, that will be introduced next month, will be as substantial and important as the rules that ESMA introduced in August 2018. The FCA only m...
Path: BlogFive reasons why you should incorporate Delaware LLC
...important in the world of enterprises. It is worth mentioning that nearly half of the US publicly traded companies are incorporated in Delaware. Incorporating in Delaware holds many advantages, here are the most notable ones: 1. INTERNATIONAL regulations The Delaware General Corporation Law, even on international scale, is thought to be one of the most progressive corporate legislation d...
Path: BlogSFC Forewarns Retail FX Brokers To Stay Away From Doing Business In China
...es are maintaining or marketing forex margin trading or similar services to Mainland clients or assisting other persons to provide or market them to Mainland customers should immediately review the legality of their activities under Mainland law and regulations. Any non-compliant activities should be discontinued immediately and be notified to the SFC. The SFC’s statement was remarkably similar...
Path: BlogSingapore's new retail trading regulation cuts FX Leverage to 20:1
Singapore’s retail traders will no longer have access to 50:1 leverage. If previously traders only had to meet margin requirements of 2 percent, new retail trading regulations that came into effect this week cut FX leverage by more than half. **The Monetary Authority of Singapore issued new regulations that imply that retail investors now only have access to 20:1 leverage.** Nevertheless, as ...
Path: BlogUtility tokens to be! A new crypto legislation in Montana
...aws relating to cryptocurrency”** was sponsored by Shane Morigeau and already passed its first and second reading in February. As a result of the approval earlier this month, the bill will take effect on July 1, 2019. In accordance with the new regulations, any project that is planning issue of token must file a request with the States securities commission and shall not indicate any token as...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...ssets industry. Many experts raise concerns about the anonymity issue and suppose that proposed crypto laws would reveal cryptocurrency owners’ identities. At this point, Russia is about to introduce one of the most comprehensive cryptocurrency regulations in the world. Together with the evolution of the blockchain and cryptocurrency sphere, the country continues to develop new crypto-related...
Path: BlogChina to become the first country to issue state-owned cryptocurrency
...technologies were viewed with skepticism in this country. This is evidenced by the cryptocurrency ban which is still in effect. It worth noting that despite the digital currency is still formally banned in China, the government passed new crypto regulations which will come into effect on January 2020. The regulations introduce new standards for the function of cryptography. However, such po...
Path: BlogGerman crypto companies will require BaFin license as of next year
Starting from next year, **new regulation in Germany will require cryptocurrency companies to obtain a license issued by the Federal Financial Supervisory Authority (BaFin)**. Crypto derivatives will not fall under these regulations, but remain subject to the ESMA’s current restriction and any future proposals by the BaFin regarding the sale of these instruments to retail investors. Based on...
Path: BlogBahamas Securities Commission pushes for new legislation for token sales
...ally pushing for a new framework for token projects.** **The aforesaid project’s purpose - to turn this popular tourist destination into a blockchain startup hub.** The Regulator has recently provided a draft of the new bill that will provide regulations of token offerings that are not considered as securities. The new bill describes details of the procedure for registering such offerings a...
Path: BlogEstonian government tightens up licensing requirements for cryptocurrency companies
...he processing time of applications changed from 30 to 90 days along with a mandatory registration of a company or its branch in Estonia. Among other crucial changes the cost of the license was increased almost 10 times, to 3,330 euros. Due to new regulations introduced by the government, **it has become much more difficult to get a cryptocurrency license in Estonia**. Estonian Minister of Finan...
Path: BlogCyprus banks overdid it with risk prevention tactics
...panies, most of which are not ‘shell companies’. As noted by Michael Christos, it is an absolute must to terminate shell companies. But Cyprus has now gone to the extreme of being far too devoted to the implementation of anti-money laundering regulations. The risk prevention strategy of Cyprus banks basically is also influencing companies which are operating a legal business. As a result...
Path: BlogOTC derivatives regime to be updated in Hong Kong
**The Securities and Futures Commission (SFC) in collaboration with the Hong Kong Monetary Authority (HMA) have issued a joint consultation proposal in regards to regulations of over-the-counter (OTC) derivatives market in Hong Kong.** The consultation paper is purposed to strengthen the regulation of the OTC market. In particular, the paper consists of various recommendations related to sup...
Path: BlogPakistan is planning to regulate crypto business
**The government of Pakistan has recently created regulations for crypto business.** The federal government has settled on the new Electronic Money Institutions (EMIs) regulations to follow recommendations of the Financial Action Task Force, in an attempt to regulate previously uncontrolled sector and to combat illicit uses of modern technologies. The State Bank of Pakistan in its statement po...
Path: BlogCrypto exchange industry is not as compliant as it appears to us
...re Coinsquare, Coinbase, Gemini and the Circle-owned Poloniex. It is worth noting that numerous exchanges own separate legal entities that deal with deposits, money transmission or payment processing in separate jurisdictions where the applicable regulations are weak or still inapplicable for crypto. The experts said the following: *“The parent company may operate the exchange but the ...
Path: BlogThe government of Delaware has recently adopted enhanced business screening procedure
...s reputation as the corporate capital of the world should not be undermined by those who would use our state as a place to create their unscrupulous business entities. Combined with the diligent efforts of our business services community, these new regulations will help cut off their access to a legal home in Delaware.”* In conformity with the new regulations, a Delaware registered agent wil...
Path: BlogBusinesses will be required to meet criteria of physical presence in Belize
**The House of Representatives of Belize has recently passed three bills to organize offshore regulations in order to be compliant with European Standards.** The bills scheduled at the session included amendments to the International Business Companies Amendment Act, the Income and Business tax Amendment Act, and the Stamp Duties Amendment Act. During the last few years Belize had tense relati...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
... relevant companies, dealing in digital assets will be required to adhere to AML / CFT requirements, along with cybersecurity and other related measures.** In accordance with the statement of the Securities Commission and Bank Negara Malaysia new regulations are aimed to bring digital assets “within the remit of securities laws to promote fair and orderly trading and ensure investor protectio...
Path: BlogMandate registration is coming! South Africa wants to regulate crypto
...uct 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 for the crypto sector, as it presumes that any omission may harm its reputation. Currently the bank is considering possible work options t...
Path: BlogOffshore jurisdictions introduce strict requirements for tax residents
...eria remain unclear, the corresponding Jersey draft of regulation implies the need for an “adequate” and “sufficient” number of employees physically present on the island, an “adequate” amount of expenses and physical assets, the Bermuda regulations have similar wording, where sufficiency will be determined by the local regulator. Analyzing the above we might confidently say that all f...
Path: BlogFATF is planning to release International Crypto Regulation by next summer
... growing tension from global governments to unify regulation of the cryptocurrency industry. As stated in the Reuters report Friday, **the FATF said it will publish international rules for cryptocurrency regulation by next summer**. The possible regulations will put into effect licensing schemes for crypto exchanges and probably for digital wallet providers. Businesses offering financial servi...
Path: BlogHow to store your crypto with the less tax consequences
... and in what amount. As long as the outcomes of cryptocurrency tax evasion are yet unknown, numerous government authorities have rushed to highlight that this digital asset is one they are focusing on closely. Most jurisdictions have different regulations in a view of a place where cryptocurrency taxes are liable to be paid. As a rule, **cryptocurrency is handled as an asset acquired for cap...
Path: BlogAustralia Crypto License
...Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC). Overview As of March 2024, Australia does not yet have a defined process or timeline for cryptocurrency licensing, as regulations are still being developed. A draft framework was proposed in late 2023, with final decisions and licensing details expected by late 2024 o...
Path: LicensingNetherlands 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: AccountingBulgaria Crypto License
...to all legal obligations.Timeframe: around 3 - 6 months Minimum paid up capital: In Bulgaria, there is no specific requirement for a minimum share capital to start a cryptocurrency business. Companies must comply with general commercial regulations, which may include maintaining a minimum capital depending on the legal structure chosen for the business, such as a limited liability com...
Path: LicensingVanuatu 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: AccountingCryptocurrency Exchange License in El Salvador
...inary income. However, any other taxes and government fees can be paid with cryptocurrency. In addition, the process of obtaining a crypto license in El Salvador is not too difficult, and the government supports investors by providing loyal business regulations. El Salvador Cryptocurrency Exchange License is authorized to: trade or exchange digital assets for clients ...
Path: LicensingGibraltar Crypto License
...s to demonstrate financial stability and sufficient capital to cover their business operations and potential risks Overview Gibraltar offers an attractive environment for cryptocurrency companies, featuring low tax rates and favorable regulations. Cryptocurrencies are legally recognized as a means of payment, and activities such as exchanges, token issuance, and ICOs are permitted a...
Path: LicensingMauritius Global Business License (GBL), PIS
...ran Africa.Timeframe: 4-6 months from the date application is lodged with the Financial Service Commission of Mauritius Minimum stated capital requirement: There should be paid up capital in amount of approx. 2 000 000 MUR (there are no regulations set, the authorities would provide conditions / requirements in the post licensing letter). This means that the capital amount is decided ...
Path: LicensingBahamas 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: LicensingNew 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...
Path: LicensingFiji Foreign Exchange Dealer License
...aiming to operate in Fiji. This license requires adherence to RBF’s regulatory standards and compliance protocols. Once licensed, entities can legally engage in Forex trading within Fiji, ensuring all activities align with the nation’s financial regulations.Company structure • Minimum of two shareholders, who can be natural persons or legal entities. • At least two directors (one mus...
Path: LicensingUK Crypto License
...of one shareholder is required to establish a crypto business in the UK. The shareholder can be an individual or a corporate entity. At least one director is necessary, and this director must be a resident of the UK to ensure compliance with local regulations.. Confidentiality Beneficial owners' details – disclosed to the Authorities Shareholders' details – part of publ...
Path: LicensingBritish 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...
Path: LicensingPacific Private Bank Account Opening
...fers tailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Network Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD accounts are not available. Prepaid Debit cards are available. Bank e...
Path: BanksPacific Private Bank Account Opening
...ailored investment solutions. By providing personalized banking services the bank is able to accommodate the individual objectives of every customer.Payment processing options MasterCard Network Restrictions Due to bank regulations, acceptance and issue of USD payments is prohibited. USD accounts are not available. Prepaid Debit cards are available. Bank e...
Path: BanksSeychelles 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: CompaniesCzech 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: CompaniesUnited 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