Recent News

Requirements for crypto companies operating on the Lithuanian market will be strengthened, and from 2025, mandatory licensing for activities related to digital assets will be implemented. Source:https://www.bloomberg.com/news/articles/2024-04-03/a-european-fintech-hub-prepares-to-get-tough-on-crypto-companies?utm_source=telegram&embedded-checkout=true About 580 crypto companies are currently registered in Lithuania. However, the Central Bank believes that not all of them meet the necessary criteria for obtaining a license. The licensing process will be completed by June 2025. Firms that have not passed it will be forced to "leave the ecosystem". 7 of the largest global crypto exchanges are already operating in Lithuania. Some crypto firms have received licenses in other EU countries, so they may not need a license in Lithuania. Lithuania's desire to become a financial and technological hub has provoked an influx of unregulated crypto firms into the country. This could cause problems amid the introduction of MiCA, a pan-European crypto regulation aimed at fighting money laundering and protecting investors, which will come into force in January 2025. The Central...

Thus, the filing of declarations for 2023 should occur 2 months earlier. Now you need to have time to file your income tax return before September 30, 2024. In addition, the decree, which was approved in January, also regulates the deadlines for submitting transfer pricing reports. The measures taken oblige taxpayers to prepare TP reports with an electronic signature and indicating the time on the new dates for filing the tax return. All taxpayers should take this information into account when preparing their returns to avoid...

The rating assessed the attractiveness of doing business among 82 countries. Inflation, cost of living, tax policy, economic growth, and budget are taken into account. Source:https://www.cnbc.com/2024/04/02/singapore-denmark-us-are-the-best-places-to-do-business-eiu.html Singapore topped the list. “It remains the best place in the world to do business, as it has been for the past 16 years,” said EIU manager Prianti Roy. Singapore was followed by Denmark and the United States in the top three, respectively. According to forecasts from the report, there will be the best conditions for doing business in the near future. Thus, the top ten included: Singapore, Denmark, USA, Germany, Switzerland, Canada, Sweden, New Zealand, Hong Kong, Finland. The authors of the rating consider these countries safe for...

Compared to the data obtained for 2021, the number has doubled. Source: https://ec.europa.eu/eurostat/en/web/products-eurostat-news/w/ddn-20240327-1 The number of EU residents emigrating to other countries remained stable, with approximately one million each in 2021 and 2022. In terms of resident population, Malta had the highest immigration rate in 2022 (66 immigrants per 1,000 inhabitants), followed by Luxembourg (48) and Estonia (37). This includes both immigrants from other EU countries and foreigners from third countries. In contrast, Slovakia has the lowest immigration rate, with 1 immigrant per 1,000 inhabitants, followed by Bulgaria and France, each with 6 immigrants per 1,000 inhabitants. This information is taken from data on migration and migrant populations published by...

VISA continues to expand its value-added business services with the introduction of three new AI-based risk and fraud prevention solutions. Source:https://ffnews.com/newsarticle/visas-growing-services-business-infused-with-new-ai-powered-products/ The new products, part of the comprehensive Visa Protect suite, are designed to reduce fraud in instant account-to-account and card-not-present (CNP) payments and transactions both on and off the Visa network. Visa Protect is part of Visa's broad suite of value-added services, which has grown to nearly 200 products and spans the five most in-demand categories: Acceptance, Advisory, Issuance, Open Banking and Protection. Security and fraud prevention are fundamental to Visa. Last year, Visa helped block $40 billion in fraudulent activity, nearly double the level the year before. Visa Deep Authorization (VDA): Designed to address the challenges issuers face from increasingly sophisticated digital fraud, VDA is a new transaction risk assessment solution designed to better manage CNP payments. Addition of Visa Enhanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa's extensive AI-powered fraud...

At the moment, the document is for informational purposes only. The new phase of mutual evaluations will focus on the effectiveness of the implementation of AML/CFT measures. Subject to FATF recommendations, all countries must define the term “virtual assets” as “property,” “income,” “funds,” “funds or other assets,” or other “relevant value.” A license is required for cryptocurrency activities. Anyone who breaks the law is not allowed to own or operate a VASP. Countries should impose criminal, civil or administrative penalties for non-compliance with AML/CFT requirements. As oversight and monitoring are implemented, the level of AML/CFT compliance should increase. The FATF expects this to lead to a reduction in money laundering and terrorist financing activity, in particular through the use of...

The IRS will take action against 125,000 high-income taxpayers who did not file taxes from 2017 to 2021. Starting this week, the IRS will be sending tax compliance letters to more than 125,000 taxpayers. Notices will be sent to approximately 25,000 taxpayers with income over $1 million. Taxpayers with incomes between $400,000 and $1 million will also receive notices. The plan is to send between 20,000 and 40,000 emails every week. Thus, the agency plans to receive a certain amount, but it is not yet...

The EU Parliament adopted a decision that can have a qualitative impact on cryptocurrency operations in the Union. The new legislation is expected to strengthen anti-money laundering measures and introduce restrictions on anonymous transactions, including in the field of cryptocurrencies and cash settlement. According to the law, anonymous cryptocurrency transactions through custodial wallets without any amount threshold will be prohibited. In addition, the restrictions will affect cash payments in the amount of more than 10,000 euros and anonymous cash payments in the amount of more than 3,000 euros. The crypto community reacts to the adoption of this law in different ways. A considerable number of experts are sure that these measures will help fight against the abuse of the financial system and the financing of terrorism. But at the same time, they are worried. because there is a high probability of possible restriction of privacy and economic activity of citizens. One of the members of the European Parliament believes that the ability to carry out anonymous transactions is the right of every person. The new legislation can be fully implemented within three years after...

Within the framework of the pilot project, the State Tax Service of Ukraine will inform the payers of the single contribution about the existence of a tax debt. The project was created in order to increase the level of awareness of taxpayers and to voluntarily pay the tax. It is reported that this initiative will last up to three months. Debtors will receive information about the amount of debt and the territorial bodies of the State Tax Service, which take into account the debt. For 2023, 25 billion hryvnias were...