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Registration with FINTRAC (Money Service Businesses)

  The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control. Steps Involved in the process of Registration: Step 1: Completion of  Pre-Registration Form Online   Step 2: Sign into MSB Registration System  Step 3: Complete and Submit MSB Registration Form Step 4: Approval or Disapproval Notice    Pre-Registration Form : The Registration Form must be duly filed with necessary details such as; Business structure  Name and Address Additional Information regarding Business Activities. Also, provide Contact details and ind...Read More

Status of Crypto-Currency in the United States

  Regulations: In the United States of America, the policymakers and the Regulating agencies have praised the Blockchain Technology and Cryptocurrency to play an imperative role in the future and emphasized the need to maintain a leading role in its development. The cryptocurrency has been regulated both by the Federal and the State governments. Even though there is significant monitoring by the regulatory agencies, there has been very little formal rulemaking due to the risk of over-regulating and passing legislation that would drive the investment overseas. The important regulatory agencies at the Federal level are: Securities and Exchange Commission (SEC) Commodities and Futures Trading Commission (CFTC)  Department of Treasury through the Internal Revenue Service(IRS) and Financial Cri...Read More

Cautious China

  The unprovoked rise of cryptocurrencies has pushed the Chinese Government to cautious policymaking in this regard, with the aim of striking a balance between encouraging innovation and preventing rampant conjecture. In China, the primary regulatory body monitoring and policing cryptocurrencies is the central bank, the People’s Bank of China (PBOC). The China Banking and Insurance Regulatory Commission (CBIRC) has stated that only the sovereign cryptocurrency shall be deemed as a legitimate digital currency issued by the PBOC that has a value as a fiat currency and can be used as a medium of exchange but the non sovereign cryptocurrency shall not be regarded as currency but a virtual commodity.  PBOC CIRCULARS In 2013 and 2017, the PBOC circulars emphasized that Bitcoin shall n...Read More

CRYPTO INDUSTRY IN EUROPE

  The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has listed four regulators for crypto assets in the European Union (EU): European Commission; which is responsible for planning, preparing, and proposing legislation, including any on cryptocurrency if it “decides to propose such legislation,” the Board clarified. The Commission also monitors the effectiveness of financial sector reforms and responds to emerging financial stability risks. European Banking Authority (EBA); whose functions include carrying out “regular horizon-scans in relation to innovative products and services,” including those related to crypto assets, “from the perspectives of monitoring the impact on the financial system, the suit...Read More

The Fall of Cryptocurrencies in India

India has held a long standing position of not being keen to work with virtual currencies. The central bank of India, RBI has categorically stated that banks will never provide services to individuals and businesses that are dealing with Bitcoin or settling in virtual currencies. Even though earlier in April, the RBI had set up a regulatory sandbox for fintechs that may include blockchain startups and tools but explicitly excludes any crypto-related projects such as cryptocurrency or crypto asset services; crypto trading, investing or settling; or initial coin offerings, as well as a few more traditional financial services. The central bank is looking for projects related to smart contracts, which retail payments, money transfer services, digital identity, mobile payments and financial inc...Read More

FCA REGISTRATION (UK)

  According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the Financial Conduct Authority (FCA). Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity must be authorized or registered by the FCA, unless they are exempt. Banks, credit unions and insurance companies are regulated by the FCA and the Bank of England’s Prudential Regulation Authority (PRA). Steps : Step 1: Application for Authorisation  Step 2: Payment of necessary fees Step 3: Assignment of Case Officer Step 4: Consideration of Firms to comply with the Regulatory system Step 5: Assessment of Application   Application for Authorisation : We have to submit the application (or, if you’re dual-regulate...Read More

REGISTRATION WITH FINRA AND SEC (USA)

  FINRA REGISTRATION ( Broker-Dealer Firm) To conduct securities transactions and business with the investing public in the United States, both firms and individuals must be registered with FINRA. Firms must apply and meet certain membership standards to become a FINRA-registered broker-dealer. In addition to filing the New Member Application (NMA) Form and applicable registration forms, you will also be required to provide supporting documentation that addresses how you will satisfy the Qualifications and Standards of Admission as well as other applicable statutory and regulatory requirements. FINRA will not begin reviewing your membership application until it is substantially complete, so it is important that you strictly adhere to specific deadlines during the process. Steps: Step ...Read More

CRYPTOCURRENCY REGULATIONS IN UK

    INTRODUCTION Cryptoassets is a comprehensive term and covers many different types of products. The most popular forms of crypto assets include tokens like ‘Bitcoin’ and ‘Litecoin’. We call these ‘exchange tokens’ but they are sometimes referred to as ‘cryptocurrencies’, ‘cryptocoins’, or ‘payment tokens’. Exchange tokens use a distributed ledger technology (DLT) platform and are not issued or backed by a central bank or other central authority so are not considered to be a currency or money.   Regulation of crypto assets   Exchange tokens (such as Bitcoin and ‘cryptocurrency’ equivalents) are not currently regulated in the UK. This means that the transfer, purchase, and sale of exchange tokens, including the operation of exchange token exchanges, all currently fall ...Read More

Regulation Of Crypto Currencies

    Cryptocurrencies are not considered a legal tender in Canada; as such legal tenders can only be in the form of banknotes and coins issued by the Bank of Canada as per the Currency Act, 1985. However, the Government of Canada permits the usage of cryptocurrencies in the form of digital currencies to buy goods and services on the internet and in stores that accept such digital currencies or to buy and sell digital currencies in open exchanges. TAXATION The Canadian tax laws and rules are applicable to the transactions of Digital Currency. The Canada Revenue Agency(CRA) characterizes cryptocurrency as a  commodity and not as a currency; hence, its usage to pay for goods and services is treated as a barter transaction. Payments: Digital currencies are subject to the Income Tax Ac...Read More

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