Knowledge

The Monetary Authority of Singapore stated on November 23, 2023 that the proposed regulations, informed by public feedback, outline business conduct and consumer access measures to mitigate potential harm. Singapore’s Payment Services Act, a regulatory framework governing payment services and the provision of crypto services to the public, became effective in January 2020. Subsequently, Singapore…

What did we miss? We recently published an article “Overview of regulatory requirements for cryptocurrency companies in the U.S.” where, among other things, we touched on the legal uncertainty and regulatory risks associated with providing cryptocurrency services to US citizens, as on Tuesday 21 November 2023, the global crypto community was shocked by epochal news…

By following these outlined steps and collaborating closely with UAB Manimama Exchange, the investor can seamlessly leverage cryptocurrency for the purchase of real estate while navigating the necessary legal and compliance processes. photo source

This is relevant even when we are talking about the main locomotive of the cryptocurrency market, which is BTC. Compared to this, smaller coins, which number in the hundreds on cryptocurrency exchanges, show even lower predictability. However, this does not repel, and often even attracts gold-seeking traders. It is such cryptocurrencies that are able to…

The meaning of IT Park in Uzbekistan In July 2019, the first IT Park was opened in Tashkent, Uzbekistan.  IT Park is a complex of facilities, buildings and structures designed to launch and bring to market prospective startup projects, an extraterritorial free economic zone for IT companies, including integration with research and educational institutions.  According…

All this also applies to the cryptocurrency sector – it is easy for prospective crypto startups to get loans or any kind of investments. However, as usual, there are “buts” everywhere. The US has a general rule: “If any company wants to provide any kind of financial services to US citizens (individuals and legal entities)…

Third-country nationals, i.e. those who are not EU or EEA citizens, can reside and work in Belgium for more than 90 days within a 180-day period after obtaining, inter alia, an automatic residence permit or long-term resident status in Belgium. This article highlights the important aspects of obtaining these statuses, providing clear information on the…

The advantages include the following: The residence permit, in addition to being an identity document, allows you to: Grounds for obtaining a permit The main grounds for obtaining a fixed-term residence permit are as follows: The procedure for obtaining a fixed-term residence permit First, a third-country national must apply for a D visa abroad at…

On June 13, 2023, the President of the National Bank of Georgia approved Order No. 94/04, which is a Rule of registration, cancellation of registration and regulation of the VASP at the National Bank of Georgia. So, from July 1, 2023, a new regulation came into force in Georgia, defining VASP and requiring registration with…

A key difference To begin with, let’s analyze the basic concepts. Spot trading is the easiest method of working in cryptocurrency markets. Because it literally means buying or selling a commodity (cryptocurrency) for an existing asset. In addition to simplicity, this method has a number of advantages – the main one – the purchased cryptocurrency…

Asset tokenisation is mainly used in blockchain technology, where assets are fragmented and represented as tokens on a digital ledger (mostly security tokens). This makes it easier for investors and traders to buy, sell and exchange assets, as well as providing transparency and improving the security of transactions. Peculiarities of asset tokenization in Germany On…

it became the first country in the world to accept bitcoin as legal tender on June 9, 2021, as stipulated in the Bitcoin Law. This historic decision has attracted global attention and investment, positioning the country as a center for digital innovation and financial technology. The government’s proactive approach to creating a regulatory framework for…

While countries are struggling to deal with crypto-assets issues, the small island nation of Seychelles finds itself in a singular position – it stands out for not having a comprehensive regulation of crypto-assets.This article gives you an overview of the specifics of crypto regulation in this jurisdiction. Current situation with regard to the cryptoregulation in…

As is well known, money laundering occurs in three stages: placement, layering, and integration. The nature of travel agencies allows them to be used in all three stages. That is why VASPs and other obligated entities should carefully think about the risk scoring of travel agencies; do not rush to assign them a low or…

The supervisory authority for securities in Canada – Canadian Securities Administrators (CSA) has provided specific guidelines regarding the trading and issuance of stablecoins. CSA provided further instructions to cryptocurrency trading platforms regarding its “interim approach” for dealing with the trading of crypto assets that are tied to a specific value (including those commonly known as…

And, in general, as a company in the field of developing solutions for blockchain, we have come to the conclusion that this jurisdiction is interesting not only from the point of view of regulation, but also from the point of view of taxation. The tax has appeared, we are ready to talk about it and…

Fundamental analysis, which is a mandatory and favorite factor for many by many as a factor for the growth or decline in asset value on financial markets, is not yet fully adapted for cryptocurrency. This is a fairly young class of assets and the fundamental basis for determining their market value has not been fully…

From the bustling financial centers to the flourishing technology sector, South Africa’s allure lies in its multifaceted advantages that beckon both local and international entrepreneurs. The Government of South Africa is diligently aligning its legal framework with contemporary technological advancements and actively pursuing competitiveness on a global scale, just like its counterparts across different continents….

The introduction of Hong Kong’s licensing system for cryptocurrency firms serving individual traders, especially while the United States maintains a more cautious regulatory stance, could be seen as a potential opportunity for the city, according to insiders from the industry. The prospect of establishing operations in Hong Kong has garnered increasing attention from digital asset…

Against a background of high levels of privacy and data protection, the Cayman Islands attract businessmen seeking to ensure the anonymity of their financial transactions. The rich financial infrastructure and experienced professionals make these islands an ideal choice for setting up and managing offshore companies. ADVANTAGES OF COMPANY FORMATION IN THE CAYMAN ISLANDS The main…

Gambling in India enjoys considerable popularity in both physical and online formats. This exciting activity not only attracts a lot of participants but has also played an important role in boosting the economic growth of the country. Gambling operators not only provide an opportunity for people to have fun but also play a major role…

The new legislation, known as the National Gambling Ordinance (LOK), is currently under review by the Advisory Council and is expected to introduce more rigorous rules in the gambling industry, focusing on anti-money laundering measures, fraud prevention, and player protection. Minister Silvania emphasized the importance of transparency and compliance, demanding operators to adhere to legislation…

With its favorable regulatory environment, political stability, and strategic location, Andorra offers numerous opportunities for businesses seeking to operate in the crypto industry. This article aims to provide businessmen interested in venturing into Andorra with a comprehensive overview of the cryptoregulatory landscape, ensuring a smooth and compliant entry into this growing market. Legal Framework Andorra…

It is designed to regulate activities related to virtual assets, including cryptocurrencies, to prevent their use for illicit activities. In this article, we look at the VASP regulatory framework in the BVI, including its scope, requirements and impact on the virtual asset industry in that jurisdiction. Definition of VASP and exemptions The Virtual Assets Service…

Therefore, there is no single legal definition of the nature of crypto-assets in the EU. This situation makes their owners vulnerable to risks, limits the development of the market, limits the possibilities of innovative digital services, alternative payment instruments, becomes a platform for market manipulation and a basis for financial crimes. But in the near…

Advantages of doing business in Brunei The challenges of doing business in Brunei  Taxation There are no following types of taxes in Brunei But there are types of taxes such as: Prospects for it and crypto business  Brunei has a small but growing IT industry, and there are opportunities for businesses looking to invest in…

Labuan is home to Labuan International Business and Financial Centre (hereinafter: – “IBFC“), a free economic zone. IBFC is one of the fastest-growing jurisdictions in the Asia-Pacific region, offering a unique business environment conducive to company growth and development. The top reasons why Entrepreneurs choose Labuan We have selected the top reasons why you should…

In addition, Grenada has attractive investment programmes such as the Citizenship Investment Programme, which allows investors to obtain Grenadian citizenship in exchange for investment in the country’s economy. This can provide investors with additional benefits such as freedom of movement, access to new markets and the opportunity to improve their international business profile. In addition,…

Monaco is an exceptionally attractive place to do business. The country is known for its simplified company registration procedures and transparency of the process. A limited liability company (SARL) is the most common organizational form of legal entity in Monaco. Benefits of Doing Business in Monaco One of the main advantages of Monaco is its…

Bahama’s sand dollar The Bahamas has been relatively progressive in its approach to cryptocurrency regulation, recognizing the potential benefits that it can bring to the country’s economy. In 2019, the Central Bank of the Bahamas announced that it would be launching a digital version of the Bahamian dollar, known as the Sand Dollar. The Sand…

REGULATORY FRAMEWORK As we know, cryptocurrency is not legal currency or legal tender in Thailand. But despite this, on May 14, 2018, the Emergency Digital Asset Business Decree B.E. 2561 (Digital Asset Decree; hereinafter referred to as «DAD») was passed, which aims to regulate initial coin offerings (hereinafter referred to as «ICOs») in Thailand and…

France is also a world leader in innovation, modern technology and research and development, which is also facilitated by state policy and a highly educated workforce. In addition to the positive dynamics of the development of modern technologies, France also legalized cryptocurrency. The state is also positive about cryptocurrencies, but only if they are regulated….

Technological advancements open a range of opportunities for game developer companies to meet the demand of the new generation of gamers, while they might be challenged trying to establish the legality of Web 3.0 projects. The United Arab Emirates has been supporting and welcoming IT companies and shows tremendous support to the web3 community and…

Bahrain`s economy doesn`t depend on oil unlike other countries of the Persian Gulf. So regulation of the cryptocurrency sector was a good solution to boost the economy. Thus, today Bahrain stands in the way of the development of the cryptocurrency market. Regulation The Central Bank of Bahrain (Central Bank of Bahrain; hereinafter – “CBB”) is…

However, the more well-known a trademark is, the more appealing it becomes not just to consumers but also to fraudulent manufacturers. According to this, the purpose of this article is to present the Ukrainian trademark regulation and current market conditions. The concept of a trademark and its types An unusual piece of intellectual property is…

However, Croatia is not only attractive in the context of tourism investments – it is an open market that offers many opportunities for entrepreneurs and investors. In recent years, the government has implemented many policies to create a favorable business environment in accordance with EU laws and regulations. Among the innovations is the regulation of…

Regulation of cryptocurrencies in Romania At the current stage, in Romania there is no separate legislative paper on cryptocurrencies which establishes rules and procedures for their treatment, acquisition and use. Romania, like many countries that have not adopted special rules at the national level, but uses the EU regulatory framework for cryptocurrencies. Main regulatory authorities…

Earlier, we wrote that Uzbek Citizens are now allowed to trade with crypto assets in licensed crypto exchanges. In July 2022, the National Agency on Perspective Projects of the Republic of Uzbekistan (hereinafter referred to as: – “NAPP”) which is the licensing authority in the field of circulation of crypto assets announced licensing procedures for…

With the aim to protect its savings against inflation, to prevail the ban on purchase and sale of foreign currency abroad and the government did not prohibit using crypto currencies, therefore making their use legal. To protect their employees from constant fluctuations in exchange rates, it also allowed employers to pay salaries in cryptocurrency. CONTEMPORARY…

With a small population of only 5.5 million people and high economic growth, the country positively treats foreign investment for its economic growth. Every person has the right to register as an entrepreneur or set up his own company in Slovakia. Doing business in Slovakia is also attractive in terms of the location of the…

The jurisdiction offers many advantages to potential investors and business owners. The Netherlands combines first-class infrastructure with a strategic location in continental Europe, which makes it more attractive to European, Asian and American companies that are looking to expand their presence. The government actively supports technological innovations, in particular, cryptocurrencies. This approach gives cryptocurrency companies…

Recently, the government has represented that it will have a more balanced approach to regulation of the cryptocurrency sphere, to ensure investor and user protection. In particular, the Amendment Bill announced in 2022, aims to introduce important changes to regulation of Virtual Assets under the auspices of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (hereinafter:-“AMLO”)….

These business perspectives might raise questions on the legality of virtual assets and the governments’ attitude towards them. So, let’s clarify, what is legal, what is not? What says the Regulation The government does not recognise cryptocurrencies as a legal tender, as the central bank has the exclusive authority to mint money or issue currency…

According to the Norwegian Government Financial Market report 2021, the virtual asset market has grown rapidly in Norway in recent years, and it has grown especially strongly over the past year. During the pandemic, Norwegian consumers have been increasingly looking for new savings and investment options. Cryptocurrency during this period attracted special attention, compared to…

The advantages of opening a business in Denmark: One of the most serious problems for foreigners wishing to do business in Denmark is to obtain a temporary residence permit. For foreign nationals from third countries there are certain conditions and restrictions, the main of which is to obtain a Danish residence permit. Citizens of the…

Finland decided to follow the example of other countries and adopted a separate legislative act at the national level with the aim of regulating issues related to the circulation of crypto assets. Legislative measures The active development of the regulation of virtual assets in the countries of the European Union began after the adoption of…

Cashless society According to Sweden’s central bank, the Sveriges Riksbank (hereinafter:-“SR”), the proportion of Swedes who use cash fell from 39 to 9% between 2010 and 2020. According to the 2021 Worldpay Global Payments Report, Swedes utilized cash for only 9% of all transactions in 2020. These statistics provide reasonable grounds for believing that cryptocurrencies…

In this regard, it is estimated that around 200,000 people in Serbia own cryptocurrencies. This unstoppable digitalisation of the capital market required appropriate regulation, namely the adoption of the Law on Digital Assets (hereinafter: – Law). Serbia is one of the few countries that have adopted such a law. It is the first law in…

Despite this dynamic, the Greek government has yet to implement particular regulatory measures, nor has it “modernized” one of the existing regimes applicable to market participants that use blockchain technology or cryptocurrencies. As a consequence, digital asset markets are completely unregulated. In essence, cryptocurrency transactions are the responsibility of the individual conducting them. The Hellenic…

Bulgaria’s under-appreciation makes it attractive in the context of doing business. So what advantages does Bulgaria offer to entrepreneurs? First of all it’s economic security, developed sphere of foreign trade, Bulgarian currency peg to Euro and therefore stability of the exchange rate, encouragement of investments for business development, access to European markets and many others….

Laws and definitions On September 1, 2020, the Law “On Financial Markets Based on Distributed Ledger Technologies” (hereinafter referred to as the Law) came into force in Albania, which regulates legal relations in the field of cryptocurrency circulation in Albania. The Albanian legislator has determined that its purpose is to regulate the issuance of digital…

Dubai Multi Commodities Centre (hereinafter: – “DMCC”) – is a prestigious Free Trade Zone (FEZ) in Dubai, one of the most popular and fastest growing free economic zones. The Free Zone was established in 2002 to expand commodity trade flows through Dubai and is a seven-time winner of the “World’s Best Free Zone” according to…

As we discussed earlier (article – Cryptoregulation in the ADGM free financial zone), ADGM remains to be a leading crypto-regulator in the UAE. This time, we will shed a light on regulatory approaches towards the crypto token offering in this special economic zone and discuss the classifications set out by the governing rules in the…

The Abu Dhabi Global Market Free Zone (hereinafter referred to as – “ADGM”) is a tax-free international financial services center located on Al Maria Island in the heart of the UAE capital Abu Dhabi. The Free Zone is administered by three independent bodies: the Registration Authority, the Financial Services Regulatory Authority (hereinafter referred to as…

Income Tax There are no taxes on personal income and capital taxes in the UAE. The UAE does not charge personal income tax, and this applies to both UAE citizens and expats. For foreign employees, the same rules apply here as for locals when it comes to income tax. Accordingly, there is no obligation to…

The federal government initiated Blockchain Strategy 2021, with a purpose of capitalizing blockchain technology to transform 50% of government transactions through blockchain technology. Favorable tax regime, Special financial free zones and governmental support for blockchain and DLT technologies are highly promising Virtual assets business in the country. The article will discuss the current state of…

In this article, we will briefly discuss the legality of doing business in the UAE and the procedure for taxing businesses and key regulatory updates that directly affect the business environment in the UAE. Commercial Companies There are several options for incorporationg of legal entities and business registration in the UAE: Foreign companies can also…

This system allows foreign citizens to live, work and do business in the UAE without the need of a national sponsor as it was before. People who obtained such a visa can set up their own business with 100 percent of ownership. Depending on the category of an applicant, the visa is issued for 5…

Since 2017, the Reserve Bank of India (hereinafter: “RBI“) has expressed significant worries regarding cryptocurrencies. RBI issued a circular in April 2018 (“Ring-Fencing Circular”) prohibiting any RBI-regulated entity from dealing in digital currencies or offering services that assist anyone in dealing with digital currencies. Money laundering, consumer protection, market integrity, cybersecurity, and volatility are among…

Foreign companies can conclude contracts in cooperation with citizens of Turkmenistan: In this article, we will try to provide the most in-depth analysis of the identified problem and answer the question: if your partner or contractor is from Turkmenistan, what is the best way for him to be formalized, what contract to conclude with him,…

Vietnam, which is still considered to be the developing country in the world economy, in fact leads Southeast Asia in terms of digital technologies and its young and digitally savvy population is eager to adopt innovative digital financial solutions, including cryptocurrencies. Moreover, about a million Vietnamese already use cryptocurrencies: this figure is expected to grow…

As we have already discussed recent regulatory updates by the Spanish government on taxation and registration matters for the purposes of anti money laundering in our earlier article, this time we will broadly examine the categories of tokens and the recent regulatory guides on how commercialization of tokens is treated for investment law purposes. LEGAL…

Current policies The following list of laws form a general regulatory framework for virtual assets sector within the Cayman Islands: As of 2020, the government introduced a novel regulatory framework for businesses in the virtual assets industry, called the Virtual Assets (Service Providers) Act (hereinafter:- “VASPA”). The act implements Financial Action Task Force (FATF) recommendations…

Which is to say, stakers receive rewards from cash in savings accounts, the same as getting dividends from stocks. Although from US federal law perspective, digital currencies are treated differently than fiat currencies and stocks for income tax purposes. Personal Income Tax With reference to the Internal Revenue Service (hereinafter: – “IRS”, convertible virtual assets…

REGULATORY STIMULANTS One of the Uruguayan lawmakers – Juan Sartori proposed a new bill to legalize crypto-assets and give them a legal tender status. Considering this legislative proposal, it is possible to have some insight on how the Uruguayan authorities plan to define and determine the legal characteristics of crypto assets and blockchain technologies. Additionally,…

But there are countries that do not yet have appropriate legislative measures in place, including Costa Rica. The country is known for its openness to fintech technologies, combined with political and economic stability, the tax regime – Costa Rica is considered one of the best jurisdictions for opening offshore business in Latin America.The purpose of…

Despite the fact that Africa has the smallest cryptocurrency economy compared to any other region of the world, it’s still showing the most dynamic growth. According to Chainalysis, Africa’s cryptocurrency market has grown over 1200% by value received in the last year. Talking about Nigeria, the last one has entered the top 20 countries in…

Amended KWG Amended German Banking Act (“KWG”) became effective as of January 2020 that covered the definition of crypto assets applicable to the financial market. Specifically, according to section 1 Paragraph 11 of KWG, crypto-assets are ‘digital representations of a value that is neither issued nor guaranteed by a central bank or public entity and…

Financial Markets Authority (hereinafter:- “AMF”) even initiated a blacklist of unauthorized companies and websites to increase awareness of consumers. The article analyzes the current state of the legislative regime initiated by the French government to address regulatory risks brought by cryptocurrencies. Legislative framework It is believed that for the cryptocurrency to meet the legal sense…

Legislative framework There is no law that regulates ICOs and token issuance. Virtual assets do not fall under the regulatory scope of monetary policy as they do not fulfill the role of money in the Netherlands. Anti-Money Laundering and Combating Terrorist Financing Act (hereinafter:- “AML Act” defines a virtual currency as ‘a digital representation of…

In 2019, the legislative body eliminated doubts by introducing statutory measures to address the taxation regime of profits made from digital currencies. The article analyses the amended legislative acts, specifically Personal Income Tax Act (hereinafter “PIT” Act); Tax on civil law transactions Act (hereinafter: “PCC Act”) and Tax on goods and services Act (hereinafter: –…

Cryptocurrencies are per se not securities, neither are they legal tender in Spain. Whereas recent regulatory amendments have required all virtual currency service providers to obtain a registration status to legitimately carry out their business activities in Spain. The article will discuss up to date regulatory measures and taxation regimes which directly affects the virtual…

Thus there is a growing need for governmental intervention and Italy is cautious about the disquieting rise of cryptocurrencies. The article analyzes how the government has chosen regulation over prohibition to set up its own legislative framework. Attempts to define crypto assets The government of Italy has been attempting to define cryptocurrencies and related digital…

The legislative body of Singapore passed the Payment Services Act on January 14, 2019 (hereinafter:- “PSA”), with the aim to adjoin crypto exchange providers and dealers under the supervision of the Monetary Authority of Singapore (hereinafter:-”MAS”), central bank and financial regulator. The Act established a flexible framework for payment service providers and certainty for consumer…

What are the key legal changes? Crypto asset trading In accordance with the order by The National Agency of Project Management, (hereinafter:- “NAPM”) which came into force from November 23, 2021, residents of Uzbekistan can now freely trade crypto assets with other residents of Uzbekistan in national currency (uzbek soums), while they can only sell…

The current PSD2 provides that a payment or electronic money institution that has applied for and obtained authorisation from its home Community country may operate as a “Community payment institution” (or “Community electronic money institution”) in other countries of the European Union: The cross-border operation of EU institutions is guaranteed by the so-called “passporting rules”…

Cryptocurrency transactions in Poland have been de facto legal in the country until November 2021, since there were no rules prohibiting the exchange and trade of cryptocurrencies. In accordance with the new amendments to the Act on combating money laundering and the financing of terrorismon combating money laundering (hereinafter referred to as the “AML/CFT Act”),…

The Cyprus government is taking steps to bring some clarity to the vague legal framework of the crypto-assets sector. The regulatory incentives, in line with favourable corporate income tax rate (12.5%) seem to attract more investment into virtual assets business. With this in mind, it is worth discussing if recent developments are enough to meet…

Korean Citizens are prohibited to engage in gambling activities and have hardly any options to gamble. Gambling facilities in the country are open to everyone, but Koreans. It is worth highlighting that gambling sector is not developed in the country, yet it is a tourist attraction tool of the government. Basics of gambling regulation Gambling…

Progressive attitude towards virtual currencies positioned Malta as the champion in crypto regulation for its plain legal framework and efforts to furnish legal certainty to the industry. Being an EU based jurisdiction might add another value to do business, in lieu of choosing an offshore country. Malta is appealing to an increasing number of fintech…

EU Regulators demand financial institutions to execute identity checks to verify their clients and to ascertain that they are not dealing with money laundering or terrorist financing. To implement EU Money Laundering Directive into it’s legislation, the government of Lithuania has amended its statutory regulations and by laws, specifically: Under LPMLTF, businesses are required to…

Regulators seem to recognize the importance of innovation and market integrity, as the Bank of Canada is considering the issuance of a central bank digital currency to support the resonance of the digital economy. So it is worthy to shed some light on existing regulatory measures in Canada to see what is happening in the…

Eligibility Individuals who are ready to invest at least £2,000,000 (€2,365,300) and meets following eligibility requirements can apply for a Tier 1 (Investor) visa in the UK: Documents to be provided The following documents are needed to file an application for a visa under par: The documents should be issued within 6 months of the…

The Curacao e-gaming licensing authority, on the other hand, is in charge of guaranteeing that its licensees work within the scope of the guidelines established by the Government of Netherlands Antilles and ensures that they follow the standards of client service. One universal license covers all the type of gambling activities, such as: Master license…

Probably the best card for rig building right now is the Nvidia A4000. It has a turbine cooling system, is very compact, and is covered by a 3-year official warranty. A single 8-pin power connector helps to simplify the selection of power supplies for them. Pros: Minuses: In Ukraine these video cards currently cost 50,000…

Gambling industry of Singapore is currently regulated by following authorities: The Remote Gambling Act (2014) (hereinafter referred as “RGA”) regulates online gambling activities; Section 8 of the RGA states that anyone who gambles through remote communication and uses a remote gambling service shall be guilty of an offence. The subject act extensively defines the gambling…

Jersey remains as a leading fintech, STO and ICO jurisdiction, and its position for being technology friendly can be underlined by the incorporation of global technology companies such as world’s first regulated Bitcoin investment fund, GABI Plc or the world’s largest technology fund – SoftBank in Jersey. Since 2019, Jersey Financial Services Commission (hereinafter referred…

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