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Recent News

Which countries are expected to launch a new digital nomad visa in 2024?

Published:   20.02.2024 | news

The digital nomad visa is primarily intended for remote workers who want to combine work and travel, for example. New visa offers will come from 5 countries in 2024. So, at the beginning of 2024, South Africa announced a new visa program. The launch date has not yet been announced, but those wishing to obtain a visa will have to have an income of at least 55 thousand dollars a year. The authorities believe that this amount will guarantee a good contribution to the economy. The visa period is 3 years. Japan will also offer a digital nomad visa at the end of March, but with strict requirements. The applicant's annual income is at least $68,300, and the visa itself will be issued for 6 months and only applicants from the list of countries that have signed a tax information exchange agreement with Japan will be able to participate in the program. South Korea joins the list of countries and offers a 2-year visa to applicants with an income of $65,000 or more. The visa program in the Philippines is still under development and details have not been disclosed by the authorities. But it is already known that the visa will be issued for a year with the possibility of extension...

​Revolut will create a cryptocurrency exchange for experienced traders

Published:   19.02.2024 | news

The cryptocurrency exchange, aimed at experienced traders, is already in beta testing. Source:https://www.coindesk.com/business/2024/02/16/revolut-to-introduce-crypto-exchange-targeting-advanced-traders/ The trading platform works on deeper market analytics and lower fees than a digital bank app. The exact dates of testing and the start of the project are not disclosed. “We are launching a new cryptocurrency exchange built with advanced traders in mind. Deeper analytical tools and low commissions await you,” reads the letter received by one of the users invited to the test. According to CoinDesk, the letter also mentioned commissions ranging from 0% to 0.09% and the ability to trade using limit and market orders. Meanwhile, in December, Revolut suspended its cryptocurrency services to business customers in the UK due to new FCA...

China will work on changes to AML law

Published:   16.02.2024 | news

Chinese authorities are concerned about the growing risks associated with the criminal use of virtual assets. The China Anti-Money Laundering Research Center has proposed addressing regulatory gaps in the fight against money laundering using virtual assets. The draft amendments to the anti-money laundering law have been preliminary approved by the relevant committees under the State Council and will soon be submitted for approval to the National People's Congress of China. The bill has already been approved by the Supreme People's Procuratorate. At the moment, the text of the law has not been fully disclosed, as it must be fully...

Germany invests in China at record level

Published:   15.02.2024 | news

In 2023, German direct investment in China increased by 4.3% and reached a record high of $12.7 billion, according to official data from the German Central Bank, cited by Reuters. Source:https://www.reuters.com/markets/german-investment-china-rises-new-record-high-2024-02-14/ The share of investment in China in Germany's total overseas investment rose to 10.3% last year, the highest since 2014. At the same time, German direct investment in other Asian countries remained at the same level of about 8%. According to a report by the IW Institute, German companies have invested as much in China in the past three years as in the previous six years. The share of German companies leaving the Chinese market or considering doing so has doubled over the past four years to 9%, according to a study by the German Chamber of Commerce and Industry in China. Total German foreign direct investment fell to €116 billion last year from around €170 billion in 2021 as the European economy was close to...

Ukraine’s GDP grew by 3.5% in January

Published:   14.02.2024 | news

Thanks to the expansion of logistics capabilities and the growth of investment demand, Ukraine's GDP grew by 3.5% in January. In January, the main sectors of the economy demonstrated positive dynamics. Source:https://www.me.gov.ua/News/Detail?lang=uk-UA&id=76798e1d-bab3-4af5-a252-e45cf1645e53&title=USichniVvpZrisNa3-5-ZavdiakiRozshirenniuLogistichnikhMozhlivosteiTaZrostanniuInvestitsiinogoPopitu The work of the Ukrainian Maritime Corridor made it possible to achieve record export volumes since the beginning of the large-scale invasion of the Russian Federation and continue to increase economic activity, primarily by producers of agricultural and metallurgical products, metal ore mining enterprises and railway transport activities. Also, the lifting of the blocking of the Polish-Ukrainian border by Polish road carriers from the middle of the month had a positive effect on the activities of exporters and producers who are significantly dependent on imported raw materials," explained the First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliya Svyridenko. The construction industry is also growing due to investment demand against the background...

Barclays Bank UK PLC acquires Tesco Bank and establishes exclusive partnership

Published:   13.02.2024 | news

Barclays Bank UK PLC has announced the acquisition of Tesco Bank, the retail banking division of Tesco. This acquisition is complemented by an exclusive long-term partnership to offer credit cards, personal loans and deposits under the Tesco brand. Source:https://ffnews.com/newsarticle/fintech/barclays-bank-uk-plc-acquires-tesco-bank-and-establishes-exclusive-partnership/ The integration of Tesco's retail banking clients is in line with Barclays UK's strategy to expand its customer base and market presence. Pending regulatory approval, this transaction is expected to close in the second half of 2024. As a result, around 2,800 Tesco employees will move to Barclays, reinforcing the bank's commitment to excellence and innovation in customer service. The Barclays group chief executive highlighted the strategic nature of the partnership, saying: “This partnership allows us to significantly diversify our distribution channels for our unsecured lending and deposits business. Our experience with card partners in the US will drive the development of Tesco's Clubcard loyalty scheme, offering innovative financial solutions to meet customer...

The EU approved the rules for instant funds transfer

Published:   12.02.2024 | news

The new rules ensure that funds reach the bank accounts of retail customers and businesses across the EU within 10 seconds. The rules were tentatively agreed in November and aim to make transfers safer and faster for retail customers and businesses. Source:https://www.europarl.europa.eu/news/en/press-room/20240202IPR17318/ensuring-euro-money-transfers-arrive-within-ten-seconds Banks and other Payment Service Providers (PSPs) will have to ensure that credit transfers are available and processed instantly. The text, already agreed with EU member states, updates the current rules of the Single Euro Payments Area (Sepa). It is assumed that the instant credit transfer is performed regardless of the day or hour, and the money should reach the recipient's account within ten seconds. The payer should also be informed within ten seconds whether the transferred funds have become available to the recipient. EU member states whose national currency is not the euro will also have to apply the rules if accounts already offer regular transactions in euros, after a longer transition period. A special derogation from the 10-second payment requirement will be made for such after-hours...

Thailand cancels VAT on crypto asset trading

Published:   09.02.2024 | news

The Ministry of Finance of Thailand announced the abolition of VAT on trading of digital assets. Such a decision should help transform the country into an international crypto center and provide the necessary impetus for the development of the country’s digital economy in the future. Source:https://www.bangkokpost.com/business/investment/2737569 The VAT exemption for trading digital assets previously only applied to authorized digital asset exchanges. The exemption now applies to brokers and dealers regulated by the SEC. In addition, the Department of the Treasury and the SEC are in the process of amending the Securities Exchange Act of 2019 to allow digital investment tokens to be treated as...

The Spanish Ministry of Finance wants the right to confiscate the crypto assets of its residents

Published:   08.02.2024 | news

As part of new tax changes, the Spanish Ministry of Finance plans to expand its powers to confiscate cryptocurrencies and NFTs. Spanish newspaper El Economista reports that the ministry is preparing for a new tax reform that will provide powers to confiscate cryptocurrencies and digital assets in case of non-payment of taxes. Thus, if a debt arises for income tax or other taxes, the state will have the right to confiscate cryptocurrencies and NFTs to cover such debt. To do this, it will be necessary to amend Article 162 of the General Tax Law. The Ministry already has information about cryptocurrency assets of...

What changes will UK businesses expect from 4 March 2024?

Published:   07.02.2024 | news

In October 2023, the UK passed the Economic Crime and Corporate Transparency Act. The first changes will be implemented by Companies House from 4 March 2024. What you should pay attention to? From 4 March 2024, companies and partnerships will no longer be able to use a PO Box as their registered office address. Any organization currently using a PO Box address will have until March 4, 2024 to change it to an “eligible address.” All companies will also be required to provide Companies House with a registered email address. Not having a registered email address will be an offence. All registered companies, both new and existing, are required to operate legally. The legality of the company's purpose of existence will need to be confirmed by submitting an appropriate...