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The 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: BlogSFC Forewarns Retail FX Brokers To Stay Away From Doing Business In China
Hong Kong brokers may target Mainland customers unlawfully. The Securities and Futures Commission (SFC) has recently published a statement warning brokers in relation to conducting business in mainland China. The SFC pointed out that the Chinese State Administration of Foreign Exchange (SAFE) not long ago has prohibited a Mainland's China entities to get traders to deposit funds with brokers ...
Path: BlogFCA will offer 30:1 margin leverage in government bonds
The Financial Conduct Authority (FCA) has 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...
Path: BlogCySEC introduces restrictions for CFD offering to retail investors
... way that allows to replicate and incorporate measures adopted by other NCAs when companies authorized by the CySEC market, distribute or sell CFDs in the territory of such Member State. Also, new national measures will replace the standard risk warning that reflects the percentage range of accounts that lose money with more persuasive risk warnings stating: “the vast majority of retail inve...
Path: BlogOutbreak of Crypto Frauds Amid Coronavirus Outbreak
...1 coronavirus scams since February, with a small number asking victims for bitcoin. It reports that non-crypto schemes have managed to scam around £800,000 so far. Crypto currency related scams have forced many countries to issue investment scam warnings of their own. The UK’s Financial Conduct Authority (FCA) has warned investors to avoid coronavirus-related cryptocurrency schemes that m...
Path: BlogImpact of New Legal Framework on Estonian Crypto Market
...ry into practice. EU Member States that are not complied with 5 AMLD will be held in breach of EU Law. In regards with new regulation, few of the Member States, etc. Spain, Portugal, Cyprus, Slovenia, have already been received notifications and warnings by the EU Commission. Clearly Estonia looking to avoid such experience, but this situation has raised serious consequences to local regulator...
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: BlogNew Legal Framework for Forex and CFD Brokers in Bahamas
...d to assign responsible person who will supervise the company and will ensure the company remains in compliance with the law. Additional reporting requirements will be implemented specifically regarding CFD transactions, as well as standardized risk warnings and formats, which is similar to requirements introduced by the European Securities and Markets Authority (ESMA). Taking example from ESMA, ...
Path: BlogNew Legal Framework for Forex Brokers in Saint Vincent and the Grenadines
...ss in SVG and damage the reputation of SVG, which has prompted the government to act. In recognition of the problem being caused by companies which engage in forex and related activities, the FSA has over the years publicly issued advisories and warnings via its website advising the public that any forex business undertaken by SVG company is unregulated by the FSA and that clients should be aw...
Path: BlogCySEC Requires to Follow Recently Introduced FATF’s Policies
...ons. Regulators all around the world were reporting an increase in financial crimes by manipulating people with fears of the COVID-19 outbreak. From the UK’s Financial Conduct Authority to the US’ Federal Bureau of Investigation, all have issued warnings against such a spike in financial crimes. World-wide pandemic is impacting on the ability of government and the private sector to impleme...
Path: BlogCFTC Warns More Than 20 Forex Brands
...f June, Gain Capital UK was ordered to pay a civil penalty of $250,000 over allegations it signed up US investors to its FX trading platform. It has also agreed to disgorge $241,671 and to ‘cease and desist’ from any futures breaches. Recent warning is another reaction towards Forex broker within the CFTC’s crackdown on binary options operatives after a series of cases uncovered massive ...
Path: BlogBrief description of the first day of Bitcoin usage in daily payment: technical problems and protests
... new opportunity,” says Ernandez. It was previously reported, that Tuesday 07th of September, 2021, El Salvador became the first country ever to use the Bitcoin crypto-currency as a legal tender, despite widespread skepticism and international warning about consumers potential risks. Recent opinion polls show that most of El Salvador's 6.5 million people are skeptical about the cryptocurr...
Path: BlogDubai’s VARA Fines 7 Crypto Companies and Issues Cease-and-Desist Orders
...world’s top destinations for crypto-related activities. However, with growth comes increased scrutiny, and this action by VARA suggests the government is committed to tightening oversight and enforcing the law. The crackdown may also serve as a warning to other companies operating in the sector without proper licensing, signaling that VARA will continue to monitor and regulate the market to m...
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