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Japan virtual currency Exchange Provider’s License
As of April 1, 2017, the amended Payment Services Act came into effect and as of that moment operators of virtual currency exchange business are required to be registered with the Japanese Financial Services Agency.Timeframe: Company formation - within 8 weeks License application - within 6 months Minimum capital requirement: 10 000 000 JPY (approx. EUR 75 000) + Registrat...
Path: LicensingBermuda warns: virtual currency shall not pass
... and anonymous. As a result, governmental authorities think of ICO as of a threat for a stable, classic economy. Nevertheless, The Bermuda Monetary Authority, does not plan to ban cryptocurrencies in the nearest future. They suppose that bringing virtual currency and operations to appropriate regulation is challenging. This is the reason why the Authority warns investors to watch out from any r...
Path: Blogvirtual currency draft bill in Gibraltar
**Distributed ledger technology** (DLT), widely known as the **blockchain**, is a stumbling block for many jurisdictions. It is hard to ignore it now due to the fact that dozens of businesses in their activities use virtual technologies and, as a result, virtual currencies. **Gibraltar** is the jurisdiction that, along with the others, starts adding DLT to its scope of regulation. The Gibralt...
Path: BlogEstonia Crypto License
Estonia is a key hub for crypto businesses due to its progressive regulatory framework. The Estonian Financial Intelligence Unit (FIU) requires crypto exchanges and wallet providers to obtain a virtual currency Service Provider license, ensuring compliance with KYC, AML, and cybersecurity standards. This structure provides stability and confidence for investors and businesses. Estonia’s effi...
Path: LicensingGibraltar Crypto License
As of January 2018, a new regulatory framework for Distributed Ledger Technology (DLT) is becoming operational. Companies, that operate in or from Gibraltar within the field of virtual currency exchange are required to apply for DLT License under HM Government of Gibraltar.Timeframe: around 6 months Minimum paid up capital: No specific minimum share capital requirement is mandated fo...
Path: LicensingBrand-new product - Crypto Exchange & Wallet License in Lithuania
...altic capital – Estonia – Lithuanian regulations are much more flexible in terms of the setup and come at a lower price since there is no specific requirement for onsite personnel. Currently, Lithuania offers two types of crypto licenses for virtual currency operations: **Providers of a service of exchanging a virtual (crypto) currency against a fiat currency** Official activity lice...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
... would be much clearer once the first full license is issued. While the situation in Hong Kong is still not clear Offshorelicense team could offer alternative solutions and would gladly assist you with obtaining a Crypto License in Switzerland or virtual currency Provider License in Estonia. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...ion, legal clarity around cryptocurrencies and base for regulatory consistency across jurisdictions. Following world-wide trends, more activities are expected, therefore our team would gladly help you to obtain a Crypto License in Switzerland or virtual currency Provider License in Estonia. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogLocal Swiss Authority Planning to Accept Taxes in Cryptocurrency
...nt for the development of blockchain-based projects, which are taking advantage of business-friendly and low-taxation regulations in the country. If you have planned to provide various operations with cryptocurrency including offering customers a virtual currency, our team would gladly help you to obtain a Crypto License in Switzerland or virtual currency Provider License in Estonia. Read ou...
Path: BlogGovernment of India working on law to ban crypto trading
...spot for the crypto industry. Considering India’s government intentions to measure and ban cryptocurrency trading in India, our team would like to offer similar jurisdictions and set up a company focused on providing services of the exchange of virtual currency in Estonia or Switzerland. Read our blog to keep abreast of all actual and interesting technology news.
Path: BlogVirtual Currencies’ Control in Singapore
...ulations. Investors will be more protected than any time before. Registration of your ICO and obtaining an intermediary or exchange operator license is now also a must. You are still looking for a secure jurisdiction for a company that deals with virtual currency? Consider Singapore as a promising place to base your business. And **Offshorelicense Ltd** will assist you through every step of org...
Path: BlogImpact of New Legal Framework on Estonian Crypto Market
...al citizens, empowering them to easily set up and run a location-independent business in a trusted EU environment. Therefore, Estonia is being regarded a suitable jurisdiction for setting up a company focused on providing services of the exchange of virtual currency. Licenses that were issued up until the beginning of 2019 have founded to be the simplest license to comply with, and have operated m...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
... is considered as a foundation for new legislative changes in Estonian cryptocurrency licensed businesses. In May 2019, the Estonian officials passed legislation tightening licensing requirements, and in January 2020, it went further, asserting that virtual currency service providers will be treated the same as financial institutions under the Estonian Money Laundering and Terrorist Financing Prev...
Path: BlogSouth Korea enforcing crypto rules
...fied the legal framework for cryptocurrency. **The National Assembly of South Korea has passed a bill establishing a legal foundation for virtual currencies.** This is a big step toward the legitimacy of cryptocurrency in South Korea. So far virtual currency exchanges were classified as information providers so they didn’t fall under the jurisdiction of the financial regulator. The new b...
Path: BlogHow to store your crypto with the less tax consequences
...at you have to pay capital gains tax – and hence, as it stated above, any profit shell be taxed as income. The results of not reporting cryptocurrency tax gains and losses remain a question – but governments worldwide have made it known that virtual currency tax compliance is in its sights. While governments are trying to intimidate individuals with the consequences of tax evasion, very...
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: BlogCryptocurrency: what are your options?
...national transactions, and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. **Top Cryptocurrencies** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show...
Path: BlogLolli: how legit is the customer loyalty program that rewards users in bitcoin
... online wallets or hot wallets (as they are also commonly known) are more prone to hacking. **Retailers** Consumers have been shopping online with Bitcoin for at least a few years now. The trouble, however, is that storing and transacting with virtual currency has mostly been the domain of technical folk. Add to that the persistent problem of cryptocurrency theft and you can see why adoption...
Path: BlogBitcoin and cryptocurrency litigation
...rnational transactions,and feasibility as an investment instrument. Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment. ***Top Cryptocurrencies*** Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and sh...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
...trols. 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 first step towards policing the South African virtual currency scene which has so far seen little in the way of crypto regulation. South Africa’s regulators argue that the growth of the digit...
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