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Cyprus intends to tighten the rules for issue of "Golden passports"
..., granted in exchange for investments in the economy of the country. 29 deputies voted for the bill and 17 – against it. The above-mentioned law will come into force on 31 January 2020, up to that point, the authorities of Cyprus should develop rules for granting of Cypriot citizenship. The vote was preceded by wordy discussions, during which opponents of the bill noted that it will obstruct ...
Path: BlogCyber risks rules compliance. New rules in Hong Kong
Top Hong Kong trading companies informed their customers on upcoming changes of security and rules on **cyber risks**. These changes were released by the **Securities and Futures Commission (SFC)**. As of April 27th, 2018, **two-factor authentication will become obligatory for every company that provides trading services in Hong Kong**. Such brokers as Monex Boom, Z.com, Phillip Securities (H...
Path: BlogLabuan FSA Tightens Money Broking rules Amid Growing Industry
...designed to tighten regulations, promote better governance, and protect investors, especially with the increasing digitalisation of financial services. The update focuses on six key areas aimed at tackling emerging risks: * **Tougher Licensing rules**: Clearer criteria have been set to ensure only qualified companies can operate in the jurisdiction. * **Defining What Money Brokers Can Do*...
Path: BlogJapan to Tighten Crypto rules for Preventing Sanctions Evasion
Japan Implement Stricter Crypto rules in Order of Sanctions Evasion Prevention. - Legislation updates are initiated by the Russia-Ukraine war conflict. - In case crypto exchanges suspect unauthorized transactions, they are obliged to notify the FSA. The government of Japan is to tighten rules on cryptocurrency exchanges, as the country announced intentions to update its Foreign Exchange an...
Path: BlogNew anti-money laundering rules for crypto exchanges in Norway
**Norway Financial Supervision Authority (FSA) recently announced new requirements for virtual currency exchange providers and businesses that create, store and maintain cryptographic keys.** New money laundering rules shall come into force as of October 15, 2018, and will focus on reporting companies established in Norway, including branches of foreign companies. Also, the new requirements wi...
Path: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...erformed by qualified and experienced persons. Also, under the de minimis requirement, virtual fund managers should only allow professional investors to invest in any virtual asset portfolios. The newly-introduced regulation also outlines the rules on participation in Initial Offerings (ICOs). It explains that virtual asset managers have to ensure the fair allocation of tokens purchased and...
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: BlogASIC implements new rules for issuers of CFDs
**The Australian financial regulator has implemented new regulation for wholesale clients and excluded the ‘price and value test’ for issuers of CFDs.** The test is applied by CFD issuers when classifying customers as wholesale clients. Specifically, the ‘price and value’ test is set in s 761G(7)(a) of the Corporations Act 2001 (Cth) and allows to classify clients as wholesale where th...
Path: BlogIndian Declaration on Cryptocurrencies Proposes Jail Term for Violation of rules
**The bill with such proposal is to be tabled for voting in the nearest time.** While Indian government is still working on development of cryptocurrency legislation, which is expected to be set on vote in the ongoing session of the Indian parliament, this legislation included a proposal of complete ban on cryptocurrency use as a payment method and violation of such law may lead to criminal ch...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
**Thailand’s financial regulator is willing to amend local laws in order for those to include cryptocurrency.** Preecha Charoensahayanon, Police Major and secretary-general of the Anti-Money Laundering Office (AMLO), said: *"We believe that, while currently not an issue, cryptocurrency will be a tool of new money laundering. We may not find any clue, but that doesn’t mean the wrongdoin...
Path: BlogFCA is planning to restrict crypto derivatives
... Global regulators have long encountered difficulties with derivatives related to crypto assets because of the widespread use of leverage, which allows users to increase the size of their trades. On Monday, the FCA announced that it has completed rules limiting the sale of CFDs and CFD-like options to retail customers. The rules include mandated leverage restrictions of 2:1 on CFDs that referen...
Path: BlogSingapore's new retail trading regulation cuts FX Leverage to 20:1
...he Monetary Authority of Singapore issued new regulations that imply that retail investors now only have access to 20:1 leverage.** Nevertheless, as with the recent ESMA’s regulations, there are also some loopholes in Singapore’s retail trading rules. For example, having a special status of an accredited investor would still allow to access 50:1 leverage. However, obtaining the status of a pr...
Path: BlogFINMA provides guidelines on "stablecoin"
...oney Laundering (AML) standards. For the purposes of prevention of financial crime and money laundering every payment system is subject to the Anti-Money Laundering Act as a matter of course. FINMA suggests the golden rule of ‘same risks, same rules’ which implies that each and every specific feature and additional service provided by the project should be complemented by additional requir...
Path: BlogLegal salary in crypto. New Zealand experience
...recently adopted changes that allow to pay salaries in crypto. The aforesaid changes were implemented by New Zealand’s tax authority under the Income Tax Act with regard to section RD 3. The Inland Revenue Department (IRD) states that released rules applies to salaries and wages paid up in cryptocurrencies such as Bitcoin, Ethereum or other. An employee can receive salary in crypto assets as...
Path: BlogUK FCA issued clarifications of cryptocurrency regulations
... In these guidelines, the FCA determined main cryptocurrencies such as Bitcoin and Ether as “exchange tokens". The regulator highlighted that such digital currencies do not fall under the regulatory scope of the FCA, however, anti-money-laundering rules shall apply. The FCA stated that they have received ninety-two (92) responses in regards to the consultation paper from different firms, incl...
Path: BlogGerman crypto companies will require BaFin license as of next year
...suggesting that the authorities are hurting local innovation and pushing crypto companies to move to other EU states. **German regulators are seeking to increase control of cryptocurrencies and related assets by including EU anti-money-laundering rules into the national regulations.** Read our blog to keep abreast of all actual and interesting crypto news.
Path: BlogBusiness advantages of Belize offshore jurisdiction
... are not obliged to be present there on a regular basis. Operating language in Belize is English due to the fact that it is a former UK colony. You also do not need to file financial reports as you are not obliged to pay internal taxes. **Trading rules in Belize offshore jurisdiction are also very close to standard.** You do not have right to do business with domestic companies: this trading...
Path: BlogFCA will offer 30:1 margin leverage in government bonds
...recently published concluding statement with regards to caps 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 t...
Path: BlogGerman regulator is planning to implement ban on binary options
...inary options prohibition measures at the end of November 2018. And what is more interesting, the German regulator is not the only one introducing national measures. **United Kingdom’s Financial Conduct Authority (FCA) has recently adopted the rules that will be used in order to regulate the retail trading industry, relating to contracts for difference (CFDs).**According to the expectation, ...
Path: BlogCySEC proposes three levels of leverage for retail clients
With the upcoming end date of EU-wide product intervention measures on July 30, 2019, national regulators are seriously contemplating the implementation of their own rules. The Cyprus Securities and Exchange Commission (CySEC), previously, has refrained from announcing its opinion on this matter. However, just recently the regulator published an official statement proposing to establish lever...
Path: BlogUtility tokens to be! A new crypto legislation in Montana
...or other content provided by the issuer. Along with the above requirement, the initial buyers of the token cannot resale it until the consumptive purpose for which they bought the token becomes available. It should be pointed out that the federal rules surpass legislation at the state level laws, so the real-world impacts of the bill is at a risk of being restricted to crypto issuances within t...
Path: BlogEstonian government tightens up licensing requirements for cryptocurrency companies
**New changes to a local crypto legislation were introduced by Estonian Ministry of Finance.** According to the updated rules the 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 introdu...
Path: BlogCyprus passport - new regulations and more demanding requirements
...th old requirements, till July 15. **It is worth noting that in February 2019, the Council of Ministers of Cyprus approved the terms for the new procedure of granting citizenship of the Republic of Cyprus in exchange for investments.** The new rules that came into force as of May 15, among others, include the following requirements: • Schengen visa issued by EEU Country; • Temporar...
Path: BlogOTC derivatives regime to be updated in Hong Kong
...nal standards. Proposals from third parties that possibly may improve above-mentioned regulations are accepted until June 25, 2019. The Hong Kong regulators have also improved their compliance requirements in order to enforce money-laundering rules. Earlier last month, the Hong Kong Monetary Authority imposed a HK$12.5 million ($1.6 million) fine on a major investment company. Read our ...
Path: BlogPakistan is planning to regulate crypto business
...e measures announced by the government of Pakistan are created to limit the above-mentioned risks, while developing a certain legal framework, which will allow cryptocurrency businesses to operate in Pakistan. FATF is planning to publish complete rules for international cryptocurrency regulations by the end of summer 2019. Read our blog to keep abreast of all interesting and actual crypto n...
Path: BlogMauritius has announced new regulatory framework for security token offering
**The Mauritius Financial Services Commission (Commission) has recently clarified the new rules relevant to projects planning security token offerings (STOs).** In its guidance published Monday, the Commission declared that security tokens are considered to be digitally represented securities, as defined in the Securities Act of 2005, hence if STOs are conducted in or from Mauritius, it will b...
Path: BlogAustralia adopted a new product intervention law
... is a high chance of regulatory harmonization amongst the two. The basis for the above-mentioned amendments was the great number of complaints received by the regulator. Uncontrolled firms have approximately two years in order to comply with the new rules. As you already may understand, the purpose of the bill is to enable the ASIC to intervein when a distribution of related products may be ha...
Path: BlogAttention! False information about updated Estonian legislation for cryptocurrency companies flooded the internet
...tal fee shall be increased almost 10 times, to 3,330 euros. As it was revealed by OFFSHORELICENSE experts, at the time of publication of this article, EMF has yet to introduce any updates related to potential licensees. At present the application rules remain - the processing time of applications is 30 days and the government fee for the license is 330 euros. Besides this, the above-mentione...
Path: BlogSouth Korea to tax capital gains on crypto
...to 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. Meanwhile, other countries are also considering to implement similar taxation regime on cr...
Path: BlogRussia adopting three-tier cryptocurrency regulation
...inistry will see the light as early as on November 1st. Russia’s customized approach will facilitate crypto handling for companies, traders, investors and other participants of the digital sphere. As the three-tier regulation provides separate rules for each type of crypto assets, it will be easier to clarify the right law and remain compliant. Under the three-tier regulation, cryptocu...
Path: BlogFive Fundamental Changes in FinTech from FCA
...umed the responsibility for the conduct and relevant prudential regulation from the Financial Services Authority, in his best interest to discover in time anyone who poses a financial threat to Great Britain. Because of this FCA that it tightens its rules and emphasizes five main changes, which you will find below. **Fewer companies will get an authorisation from the FCA** At this moment, in...
Path: BlogCyprus 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: LicensingEstablishing an Offshore Business: An Overview
...curity. Global Expansion: Expand your business internationally by gaining access to foreign markets, banking, and expansion prospects. Offshorelicense ensures that your offshore company adheres to international rules, allowing you to run your business legally and successfully. A Comprehensive Guide to Establishing an Offshore Business Offshorelicense has...
Path: BlogDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
...set Regulation Law in 2022. VARA was established as part of this law, tasked with overseeing the burgeoning virtual assets sector, protecting investors, and ensuring that businesses comply with legal frameworks, including anti-money laundering (AML) rules and know-your-customer (KYC) requirements. While Dubai has embraced blockchain technology and crypto, it is also making clear that non-compli...
Path: BlogSeychelles FSA Introduces Updated Beneficial Ownership Guidelines
... Seychelles aims to attract legitimate business and investment while deterring illicit activities. These guidelines also underscore the FSA's commitment to international cooperation in financial regulation. By adopting robust beneficial ownership rules, Seychelles strengthens its reputation as a responsible financial center. The new regulations are expected to enhance the integrity of the finan...
Path: BlogControversy on 30% Crypto Tax in India
...rly as this April – upon the new financial year. Although the majority of the local crypto industry members are optimistic about this, hoping that this will legitimacy to cryptocurrencies, many are concerned with the nuances of the new taxation rules. First of all, the announced crypto tax rate is higher than any other asset class in the country – securities are taxed at a long-term capi...
Path: BlogIndia is up to Classifying Crypto-Exchanges as e-Commerce Platforms
...ctions on crypto promotions, a number of top exchanges have decided to abstain from running such ads. From our perspective, implementation of crypto-regulations is inevitable and shall be met with gladness, as regulations are not only setting the rules to the market and protect its customers, but also result in development of the regulated object. Withal, our editorial office is always delighte...
Path: BlogFrom now on, Cryptocurrency Transactions are under strict AML regulation in Israel
The country’s main goal is to stop the use of crypto assets in the illegal money transfer. In the latest Israeli media reports it is stated that cryptocurrency assets will now fail under strict anti-money laundering rules of Israel, which is another country’s step in their policy of tightening the grip around unlawful crypto activities under its jurisdiction. According to the article by ...
Path: BlogCuba is up to define Crypto Regulation Guidelines
...ints 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 Island.It as well explains that the government of Cuba is...
Path: BlogJapanese Financial Services Agency is discussing to impose stricter Crypto Laws
**The aim is to begin the use of new rules by mid-2022.** Financial Services Agency (FSA) of Japan has begun taking steps towards strengthening cryptocurrency regulation, aiming to provide better protection to the local investors. Due to local media outlet ‘Jiji Press’ report, debates on the new crypto laws are already initiated by Japanese authorities. It is planned to develop risky digi...
Path: BlogJapan and South Africa are to set new crypto regulations
...onth, the Basel Committee on Banking Supervision proposed that a 1,250% risk weight to be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies. “Regulators in South Africa 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,”...
Path: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
Canadian financial regulatory authorities are currently developing **new rules for cryptocurrency exchanges** within the country. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) announced a new framework for cryptocurrencies exchanges that would terminate short selling and margin trading of digital assets The development of the...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
...d how they should regulate the cryptocurrency industry, and the investor protection and preventing money laundering are particular concerns. The proposed legislation covers aspects like custody, know-your-customer requirements, anti-money laundering rules, and market manipulation, some of the key concerns for the crypto industry. Main objective with new regulatory framework is to create succes...
Path: BlogASIC’s strengthens consumer protections by reducing CFD leverage
...or a minor currency pair, gold or a major stock market index, 10:1 for CFDs referencing a commodity (other than gold) or a minor stock market index, 2:1 for CFDs referencing crypto-assets, 5:1 for CFDs referencing shares or other assets. ASIC’s rules will forbid bonuses and other incentives by prohibiting giving or offering certain inducements to retail clients, for example, offering trading ...
Path: BlogEU and US propose legislative changes regarding digital asset industries
Recently European Union (EU) and United States (US) brought legislative changes regarding cryptocurrency industry. New set of rules for crypto industry in EU known as the Markets in Crypto-Assets (MiCA) was introduced online. The draft was introduced by European Commission and the draft legislation purpose is to provide legal clarity around cryptocurrencies (including security tokens and stabl...
Path: BlogLegalization of Cryptocurrencies in Russia
...rs and nodes of the blockchain network. Also, new legal framework clarifies that digital currencies are recognized as a type of property and they cannot be used as a mode of payment. The law also touches the administrative liability for violation of rules involved in the crypto transactions. Decision to legalize cryptocurrencies follows the non-consensual government's attitude towards crypto cu...
Path: BlogForex Markets Related Regulations After Pandemic
...ission published an impact assessment on MiFID II in February 2020 as well as invited feedback from market participants on various aspects. The feedback phase closed on the 18th 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 a...
Path: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...lt, many traders ended up obtaining license from the SC of the Bahamas. Taking into account the progress of these events, the online trading has flourished over the past few years in the Bahamas and this has been only beneficial for the country. New rules are considered as more sensible than in Europe, but not as loose as most offshore jurisdictions which creates more friendly conditions for broke...
Path: BlogImpact of New Legal Framework on Estonian Crypto Market
...tuation 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 regulator encourages Estonia...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
... 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 the new rules will be implemented in the first quarter of 2020, following a five-year-long series of consultations on the matter. Such a move indicated the fi...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...n request. Singapore have been particularly receptive to FATF directives guidelines. Payment Services Act 2019 requires “digital payment token” services — which includes both crypto businesses and exchanges — to comply with FATF-ready AML rules. Additionally, to adapt FATF directive requirements, Singapore set its Travel rule threshold at around $1000 (SG $1,500). In 2017 Japan start...
Path: BlogPros and cons of Labuan company formation
...ly foreigners but also Malaysia residents. Moreover, you have privileges to lower your social package payments and deal directly with employees unlike native employers. Domestic business company in Malaysia is required to follow a lot of unnecessary rules and you, using Malaysia offshore company advantages, can plan your expenses, develop business and function in the most effective way. Offshor...
Path: BlogFinancial conduct authority of the UK has banned binary options for private investors
The FCA’s rules are permanent and are in force as of 2 April 2019. In July 2018, the **FCA enforced a temporary ban on trading binary options for the retail segment. As was expected, this restriction will now remain permanent in force.** This decision, adopted by the regulator, did not come as a big surprise to market participants. The FCA’s rules, in general, are the same as the Europe...
Path: BlogAustralia is planning to implement blockchain technology in order to automate transaction reporting
...on the contribution of Swinburne’s existing Blockchain Innovation Lab, the BSOE is planning to work with Capgemini to develop blockchain solutions from the point of Proof of Concept to collaborated production. Last spring, AUSTRAC presented new rules for cryptocurrency exchanges adhering the AML&CTF (counter money laundering and terrorism financing), which also included implementation of obli...
Path: BlogThe Shanghai Free-Trade Zone: Development Plans
...nt the same norms and standards. • Pudong Airport area, which is the part of the FTZ, is supposed to develop in other fields as well. For example, it has to develop passenger logistics, improve business transfers and also trading transportation rules. The same applies for the Yangshan Port. Its area will focus on logistic, sales and shipping policy developments. • For now, there are 62 o...
Path: BlogThe government of Delaware has recently adopted enhanced business screening procedure
Secretary of State has recently announced new rules that take effect on January 1 and will require that **new companies incorporated in Delaware should undergo a screening process and examined in relation to the list of persons that were banned from doing business in the USA**. The new KYC ("Know your customer") procedures were developed to ensure that a person applying registration with Delaw...
Path: BlogVirtual currency draft bill in Gibraltar
...cond half of 2018. How will Gibraltar treat **virtual currencies**? First, sale, distribution and promotion of any kinds of tokens and coins which use blockchain technology will be subjected to the regulation. Consequently, new acts will contain rules about investments, secondary market activities and probably investment funds holding digital assets. Narrowing this information, legal regula...
Path: BlogRepeal of the Bermuda tax reform as the general service tax got denied
... a “non-cooperative” tax jurisdiction. This means that **2018\19 plans are very challenging for the Bermuda government**. They will have to deal with potential economical threats, like the US lowering corporate taxes, as well as implementing new rules and bringing jurisdiction’s economy to a higher grade. Wondering where to relocate your business or how to start a new one? **Offsorelicens...
Path: BlogShanghai Free Trade Zone: the updates
...is to create a unique space in Shanghai where international and Chinese companies will be able to function according to the international standards. The Chinese government claims that the FTZ will be mostly governed by the European standards and rules. Therefore, the climate for foreign investments and innovational companies will become more attractive. Also, the great news is that tech compan...
Path: BlogVirtual Currencies’ Control in Singapore
...lation or they should be banned. An important statement was issued by the Deputy Prime Minister of **Singapore**. He claimed that in the matters of money-laundering and terrorism financing, virtual currencies are not distinguished separately. All rules of the AML/CFT policy apply the same way as for money and virtual currencies. Singapore took up an interesting position: this jurisdiction ac...
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: 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: BlogGo Tech! 15% Corporate Tax in China for Tech Companies
...es continues 24/7. Since 2014, China launched **tax privileges for the high-tech firms**. These benefits can be applied relevantly easy: the company only needs to file documents to the local authority. What about the upcoming year and the new tax rules? The Chinese government still supports technology, therefore the Ministry of Finance announced a new period for these benefits. The underlyin...
Path: BlogThe New Labuan Tax Regime: Towards the Advancement
...e international business. However, it still needs to improve action standards with the BEPS Action 5. It is the latest standard of the OECD that should be followed by members of the BEPS Inclusive Framework. Adapting tax legislation to the **new rules** is supposed to start at the earlier convenience since the regime is aligned with these standards and is recognized as a respected **internatio...
Path: BlogHow did Brexit Affect Gibraltar Jurisdiction?
...d. Motorist insurance is a very big part of economic cooperation of these countries. Authorized representatives of both countries confirmed that all legal and technical standards of the collaboration would be updated and changed according to the new rules. Formalization of Brexit will not affect Gibraltar’s access to the UK market and the only issue to decide will be the legislation and contract...
Path: BlogPost-Brexit UK markets access for Gibraltar
...l have some fee status for both countries. There should be mutual agreements concluded on such students rights. Second, according to the current reciprocal arrangement, sick people from Gibraltar can get elective treatment in the UK hospitals. These rules are valid and the citizens can use them freely to receive medical services. Cooperative work on environmental matters does not stop as well. ...
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: BlogGod Save the Queen. Paradise Papers Revelation
...to choose your counterparty very carefully to know where the investment goes. We have to remind once more, that having an offshore investment is not a misuse of funds or improper action or the law breach. The main idea is to follow government’s rules and invest wisely. **Offshorelicense Ltd can easily help you with investment consultations on reliable jurisdictions, companies and other matter...
Path: BlogFinancial Business Innovations in The Cayman Islands
...ds will now have a special technical solution to perform electronic deals and clear goods. This is a project of the Cayman Islands’ Customs Department and it is aimed at easing traders’ life and start reformation of the e-trading. New clearance rules are attractive for the new importers and facilitate trading for existing ones. Generally, new legislative initiatives in the Cayman Islands a...
Path: BlogWhy do they always choose Cyprus?
...ioned treaty and non-treaty taxations for business that need to be taken into account when starting business offshore. Cyprus has an exceptional treaty network, which allows companies use it in its advantage. It also includes Permanent Establishment rules and provisions that are attractive and beneficial for business. Talking about banking system, Cyprus jurisdiction also is on a high level. Of...
Path: BlogSecrets of starting a business in the UAE
.... This makes taxation policy of the UAE favorable for fresh business. There is a very important point to consider when forming your company in the United Arab Emirates. It consists of seven Emirates, which have different free trade areas, customs rules and investment climate. Different zones have different control authorities, trading requirements and documentation. You should perform a detaile...
Path: BlogMove business wisely. What to consider when choosing offshore jurisdiction?
...able. 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, investment laws and taxes. Due to this, many worldwide-known offshore jurisdictions became popular: Cyprus, Switzerland, the UAE and other. Con...
Path: BlogWhy should you invest in offshore business?
...aid of lawsuits or other financial troubles can easily invest in company offshore. This can keep your assets safe and also help increase your income. Confidentiality and secrecy laws are also crucial when investing offshore. Corporate and banking rules usually do not allow disclosing investor’s name or company which is he investing in. It means that high-level investors can be afraid of other...
Path: BlogHow to set up a business on Bahamas?
...ages of an offshore jurisdiction.* For example, tax climate for IBCs is close to perfect. International business is exempt of local taxes, including sales, dividends, corporation and capital gains tax. Also, international currency exchange rate and rules are very favorable for business. Bahamian government supports international currency incomes and this means that procedure of moving in foreign ...
Path: BlogWhy is Limited Liability Partnership a popular business structure?
...uits that may arise regarding their business activity. This is why you, as an entrepreneur, should think about setting up your Limited Liability Partnership. LLP as an organization is subject to corporate law and it needs to be established under the rules of the 200 Act. Let us describe how to incorporate LLP in legal way. First, you need to decide on main organizational matters. This includ...
Path: BlogHow to set up a Limited Partnership in Scotland?
...responsibilities, and are performing most operational actions. This diversity helps entrepreneurs choose the amount of their liabilities and decide on whether they want to operate the company themselves or not. It is important to mention taxation rules when you are registering a company in Scotland. Limited partnerships allow you minimize taxes with a simple scheme. Limited partner in a Scot...
Path: BlogSaint Vincent and the Grenadines’ budget: tax relief and amnesty
...t is now in the middle of the **new taxation reform**. It is promised that after all tax amounts and procedures are stabilized, the system will show itself as a very effective one. As a result, there will be less loopholes, tax evasion will go down, rules for taxes and debts will be clearer. Currently, **Saint Vincent is already a business-friendly jurisdiction** and, after the Tax Administration ...
Path: BlogThe British Virgin Island Authority declared a warning for CRS and FATCA
**The British Virgin Islands (BVI) legislation** obliges financial institutions to follow rules of the US Financial Account Tax Compliance Act (FATCA) and the OECD's Common Reporting Standard (CRS) in regards to sharing all relevant information with the international tax authorities. In February 2018, the British Virgin Islands International Tax Authority issued a reminder for companies who a...
Path: BlogWill Bahamas be removed from the EU tax blacklist?
On 13th of March the European Council released a decision where **Bahamas are listed among other jurisdictions with non-cooperative taxation rules**. The mentioned above list is a non-obligatory document, but, at the same time, an important guide which makes a huge impact for choosing contractors while doing business. This year, the US Virgin Islands, **Saint Kitts and Nevis were also listed ...
Path: BlogBahamas issued guidance related to financial crimes prevention
...s financial crimes – is a regulatory, reputational or monetary act or attempt against financial services institutions, corporations, governments, or individuals by internal or external agents to steal, defraud, manipulate or circumvent established rules. The second document also describes the governing framework in the Bahamas, combined with international standards and responsibilities that a...
Path: BlogGood times are over. Russian owned Cyprus companies will have to prove their real economic activities within the country.
... the Russian Federation, and in accordance with expert estimates, about 40% of Russian non-resident companies registered solely for the purpose of optimizing taxation are located in Cyprus. These amendments, first of all, are aimed to tighten the rules of taxation and information sharing, the essence of which is to combat the possibility of using Cyprus companies for tax evasion. Thus, owners o...
Path: BlogMalaysia is planning to regulate initial coin offerings as securities offerings
...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 practices in price discovery, trading rules and client asset protection.”* **The relevant companies, dealing in digital assets will be required to adhere to AML / CFT requirements, al...
Path: BlogCrutial amendments to the Polish tax legislation in 2019
...and their share of income in revenues shall not exceed thirty-three percent (33%). According to the governments clarification, the reduced rate of the tax will not be applicable to income gained from capital gains. The Bill also presents detailed rules of taxation of the income gained from virtual currencies. Incomes from trading in digital currencies will be regulated as incomes from capital i...
Path: BlogJapan's Financial Services Agency is ready to approve crypto exchange-traded funds (ETFs)
... in ETFs (exchange-traded funds) tracking cryptocurrencies. Liberal Democratic Party, **Japan’s main ruling party, is planning to submit a draft law by March 2019, that, among other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mentioned bill is created in order to increase the level of self-regulatory administration of crypto-indus...
Path: BlogAttention! New guidelines for crypto holders were announced by the UK Tax Agency
...e the individual is running a business which is carrying on a financial trade in crypto assets and will therefore have taxable trading profits. This is likely to be unusual, but in such cases Income Tax would take priority over the Capital Gains Tax rules. HMRC will publish separate information for businesses in due course.”* The coin-holders may combine different assets together in order to ...
Path: BlogFATF is planning to release International Crypto Regulation by next summer
...governmental watchdog, Financial Action Task Force (FATF), has seen 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 probabl...
Path: BlogSouth Korea is planning to amend current tax legislation in order to boost blockchain startups
**The government of South Korea announced its plans to amend current tax rules in the part that concerns innovative companies – including, but not limited to, blockchain and crypto startups.** During a meeting of ministers from government agencies, a decision was made to expand tax benefits for companies that focus their research and development (R&D) on modern technologies. This move was ma...
Path: BlogGaming Bill in Malta. One gaming law for all.
...e main objectives of the MGA will be: • Consulting and research for needs of the new consolidated law. • Development of the consumer-protection and safety provisions for the bill. • Development of standardized technical guidelines and rules for regulation subjects. • Conduct consultations on every step of the Gaming Bill development regarding its scope of work. The abovement...
Path: BlogFresh breath of air for innovative financial services in Labuan
...rade operations 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 a...
Path: BlogPolymath CEO Trevor Koverko on smart investing, secret societies, and security tokens
...f of crypto being open, decentralized, and anonymous like we believe in that, but we also have to compromise some of those things to really make an impact. If we want to go mainstream and we want to really help people at scale, we have to follow the rules and you have to do things compliantly and correctly.” In the US at least, STOs will in the most part be open to accredited investors what a...
Path: BlogSingapore clarified new requirements for digital advisors
Recently **the MAS (Monetary Authority of Singapore) has announced a lot of new rules and initiatives planned to develop the government fintech industry**, with its latest move purposed at making life easier for digital investment consultants that operate as financial advisers. The MAS has made great progress in facilitating the use of modern technologies in the financial services area. The a...
Path: BlogCyprus Securities and Exchange Commission is planning to establish an Innovative Hub
...ive or new industries, will have an ongoing access to CySEC and to the regulatory body’s insights. By this, the regulator, presumably, means these entities will have a clearer understanding of how they should go about adhering to the regulator’s rules. Demetra Kalogerou, Chair of the CySEC, said: *“The establishment of the Innovation Hub marks an important and exciting step for CySEC...
Path: BlogSetting up an Online Gaming Business
...ur work and launching online gaming platform you are expected to check whether you need a specific license for your type of business. In case it is needed you shall obtain a respective license. Every jurisdiction functions with different licensing rules and it is rather complicated to check out all the necessary requirements and procedures before going for it. For example, to set up an online ga...
Path: BlogJersey initiates anti-money laundering review
...Jersey Financial Services Commission created a special FAQ section for industry representatives who have questions about the submission process. Obviously, these entities will need more time to stabilize the monitoring process and to get used to new rules but the Commission does its best to ease this transition. The first phase is set to be completed on April 25th. The questionnaires should be ...
Path: BlogSpain's Prime Minister is planning to reform corporate tax and related taxes
Pedro Sánchez, Spain’s new prime minister, in his speech before parliament has promised to make **changes to the rules of corporate tax and establish a new minimum of an effective tax rate and increase public spending**. Mr. Sánchez stated that his government would seek to “redesign” corporate tax to ensure that **the effective rate of large corporations is close to the headline r...
Path: BlogNew beneficial owner policy in British Virgin Islands
**The British Virgin Islands are now discussing implementation of new rules for beneficial owners**. It 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 ar...
Path: BlogUsage of artificial intelligence for financial institutions in Singapore
...use of artificial intelligence will be the key points of this document. It will also extend to every step of AI usage and will be useful for companies with any of financial services specializations. What other countries have also decided to adopt rules of AI usage? The Hong Kong Securities and Futures Commission (SFC) is on its way of developing recommendations as well. In their opinion, custom...
Path: BlogChoosing Business Structure for a Singapore Company
...C is more 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 ...
Path: BlogOutsourcing accountants and bookkeepers for offshore business
...ays need to be in control. Sometimes they even cannot think about their main tasks being busy controlling everything else. This is when a lack of transparency strikes CEO’s. Professional accounting outsourcing companies have strict confidentiality rules as well as detailed information for entrepreneur. This means you are both able to rule the team easily and keep your company’s confidential in...
Path: BlogPrivate beneficial ownership register in Barbados
...off the said lists. **The government of Barbados continues to engage with the EU**, the OECD and their partners around the world, they do so with a firm determination that there must be consistency in setting requirement for, and application of, rules of transparency worldwide, emphasized Innis. Additionally, the International Business Minister contended that there is a need to strengthen ...
Path: BlogSwitzerland is going to amend anti-money laundering law
...l intermediaries** to verify information on beneficial owners and to perform regular check-ups and update of client data, the frequency and scope of reviews shall be based on the risk level of contracting party; and iii. The **introduction of new rules for associations** which are at risk of being misused for the financing of terrorism or money laundering. As of now, these associations also mus...
Path: BlogA unanimous decision regarding Vanuatu delisting from FATF Grey List
...r strengthen their AML/CFT regime.* **FATF has taken off Vanuatu from its Grey List, nevertheless, Vanuatu remains under requirement to maintain its implementation efforts and comply with FATF standards.** It is necessary for Vanuatu to obey FATF rules and any adverse changes to governmental AML&CTF policy would likely result in its returning to the FATF Grey List.
Path: BlogUSA Delaware Limited Liability Company Formation
...e managed by its members, it does not require members to be managers. The Delaware LLC statute allows parties to define their business relationship in the written agreement however they wish. This is called Freedom of Contract. Delaware Law provides rules only for those matters on which the parties have failed to agree. The contractual flexibility offered by the Delaware Act is unmatched by any ot...
Path: CompaniesUnited Kingdom Limited Liability Partnership Formation
...tail to a similar sized limited company and will have to submit accounts and an annual return to the Companies House each year. This publication requirement is far more demanding than the position for normal partnerships and some specific accounting rules may lead to different profits from those of a normal partnership. The legislation also requires that the profit share of the highest earning mem...
Path: CompaniesSwitzerland Limited Liability Company Formation
...cial situation and any capital increases. The General Shareholder´s Meeting must be held at least once a year. Accounting requirements All Swiss companies are required to keep accounts and to submit financial statements in accordance with the rules laid down in the Code of Obligations (Art. 957). Elected by the shareholders’ meeting, the auditors can either be an independent person or a c...
Path: CompaniesBritish Virgin Islands Forex License
...ense 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. The BVI are appeal...
Path: LicensingJapan Virtual Currency Exchange Provider’s License
...e last annual/financial return Apostilled Certificate of Good Standing For the company/business: Detailed business plan, that will include a prospect of profit and loss for three fiscal years from the startup Manuals: Internal control rules; Internal procedure rules; System of protective measures for service users; System of segregated management of money, Virtual currency deposited...
Path: LicensingBulgaria Crypto License
...aff and setting up an office, if required. To establish a cryptocurrency company in Bulgaria, the following documents are typically required: Company Charter (Articles of Association): Detailing the company’s structure and rules. Proof of Identity: Passports or IDs of shareholders and directors. Proof of Address: Address verification documents for shareholders and di...
Path: LicensingSlovakia Crypto License
...d for obtaining a crypto license in Slovakia. Overview In Slovakia, crypto-asset services are not directly regulated by the National Bank of Slovakia (NBS). Therefore, no NBS approval is required for crypto activities. However, strict rules apply under Act No. 279/2020 Coll., amending Act No. 297/2008, mandating that crypto service providers register with the Trade Licensing Office....
Path: LicensingKazakhstan Crypto License
...national Financial Center (AIFC) allows their issuance and circulation under the “Operating a Digital Asset Trading Facility” license. This license enables legal cryptocurrency activities within the AIFC, provided companies adhere to established rules, including customer identification and anti-money laundering measures. Licensed companies in Kazakhstan can legally offer services for buying...
Path: Licensing