Recent News

Visa and Currencycleud have launched Visa Cross-Border Solutions, which provides cross-border money movement solutions for banks, fintech companies, currency brokers and other payment institutions. Source:https://www.electronicpaymentsinternational.com/news/visa-inc-and-currencycloud-launch-visa-cross-border-solution/?cf-view Visa Cross-Border Solutions combines proprietary cross-border and cash management capabilities with the solutions resulting from the acquisition of Currencycleud. Visa Cross-Border Solutions operates on a B2B4X model, meaning the company serves other businesses but focuses on improving the end-user experience. Visa Cross-Border Solutions offers a set of modular building blocks that can be easily integrated with a company's existing technology infrastructure. This is done through an application programming interface or API. These building blocks provide a range of capabilities including accepting payments in multiple currencies, foreign exchange (FX) with constant real-time rates, multi-currency wallets that store more than 30 currencies. This currency can be spent and sent to over 180 countries and territories. “Cross-border collaboration offers...

The FRA has issued several recommendations to EU and national authorities regarding access to rights for persons holding long-term EU resident status. Source:https://www.schengenvisainfo.com/news/agency-for-fundamental-rights-urges-eu-to-simplify-rules-for-obtaining-long-term-residency-status/ The agency believes that the EU should make long-term status more attractive to applicants, which can be done by simplifying application rules and issuing appropriate guidance. мTo apply for an EU long-term permit, migrants must prove continuous residence in an EU member state for five years and a stable income, which is a common problem for many applicants. Migrants often find it difficult to provide proof of residence and also find it difficult to meet the high language requirements for applicants. FRA experts recommend relaxing residency and language requirements for status and making language training more accessible to those seeking long-term residency status. At the same time, it is noted that the EU should provide easier access to status for child applicants and improve mobility within the EU among long-term residents. Moreover, the same report attempts to find solutions...

“We call for the early implementation of the Crypto Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We request the Global Forum on Tax Transparency and Information Exchange to establish an appropriate and coordinated time frame for the commencement of information exchange among relevant jurisdictions,” reads the consensus declaration signed by G20 leaders. Under the proposed framework, countries would automatically exchange information on cryptocurrency transactions between jurisdictions annually, including transactions on unregulated crypto exchanges and wallet providers. Crypto transactions are already subject to new disclosure standards in many countries. In May, the European Union approved updated CARF compliance rules establishing procedures for the automatic exchange of information between European governments for tax purposes. According to the new rules, the transfer of digital assets must be accompanied by the name of the beneficiary, the address of the beneficiary's distributed registry, and the beneficiary's account...

JPMorgan Chase & Co. is in the early stages of exploring a blockchain-based digital deposit token to speed up cross-border payments and settlements. Source:https://www.bloomberg.com/news/articles/2023-09-07/jpmorgan-jpm-explores-blockchain-deposit-token-for-payment-settlement The largest US bank by assets has developed much of the core infrastructure needed to launch the new form of payment, but will not create a token until the project is approved by US regulators. The bank can launch a product for use by corporate clients in less than a year after receiving permission, the agency's source said. Deposit tokens are transferable digital coins that represent a deposit claim against a commercial bank. They are essentially a digital version of the deposits that customers hold in their accounts. Because transactions using these coins are processed on the blockchain, settlements are instantaneous, and proponents of the new form of money suggest it could also make transactions cheaper. “Deposit tokens offer many potential benefits, but we also recognize that regulators will want to exercise care and diligence before any new product is developed and used,” a JPMorgan...

The Cabinet of Ministers of Ukraine adopted a resolution that defines the mechanism for a foreigner to obtain e-resident status online. Foreigners will not need to be present in person to open a business in Ukraine, it will be possible to manage their own affairs and open bank accounts remotely. "E-residency is our digital answer to globalization. Foreigners will have the right to register in Ukraine as natural persons-entrepreneurs, open bank accounts and conduct their business online," said Deputy Minister of Digital Transformation Oleksandr Bornyakov. He also talks about a convenient tax payment and reporting mechanism for e-residents. This will be done by the Ukrainian bank in which the e-resident has a current account. In this case, the bank acts as the tax agent of the foreigner. The resolution regulates: mechanism for obtaining and canceling e-resident status; the procedure for forming and maintaining the "E-resident" system together with the State Tax Service and banks; protection of personal data of electronic residents. Currently, the development and testing of the information system is ongoing. After completion, e-residency will be...

The Indonesian authorities have adopted amendments to the immigration law, removing obstacles to the launch of an investment immigration program in the country and creating the necessary regulatory framework for this. The conditions for obtaining residency will vary depending on the category of the applicant. Previously, Indonesian immigration law had virtually no provision for the issuance of long-term visas allowing a stay of 10 years. In addition to a long residency period, immigrant investors are entitled to a number of exclusive benefits, including the following: simplified crossing of Indonesian borders; expediting immigration procedures when entering the country by eliminating the need to apply for a temporary residence permit (Indonesia: Izin Tinggal Terbatas; ITAS) at the immigration office. According to the head of the Indonesian Immigration Authority, Silmi Karim, the target audience of the new program are large investors with an impeccable reputation. Therefore, the requirements for applicants will be more stringent than for ordinary...

The bill consolidates into one law the beneficial ownership rules contained in the Law on Commercial Companies, the Law on Limited Liability Companies and the Law on Limited Liability Partnerships. To address the commitment made by the Cayman Islands to the UK in 2019 to introduce public beneficial ownership information registries, the bill includes a provision that would allow the Cabinet to enact regulations to make certain beneficial ownership information publicly available. Before public access can move forward, Parliament must approve such rules at a future meeting of Parliament. This will not happen until discussions are finalized with the UK and other Overseas Territories as well as Crown dependencies regarding the necessary privacy safeguards, given the landmark decision of the European Court of Justice in November 2022. The decision canceled public access to registers of beneficial owners in the EU on the basis of their interference with privacy and data protection...

Global Fintech IFX Payments has received a Canadian Foreign Funds Services Business (FMSB) license and has continued its international expansion. Thanks to the FMSB license, the company plans to extend its ibanq virtual IBAN solution to Canadian businesses to enable them to optimize their operations and cross-border transactions. ibanq, one of the fintech company's core offerings, is a multi-currency virtual IBAN account integrated into the company's currency exchange and global payment network services. As a result of this integration, IFX Payments clients will be able to manage, store and distribute funds in 38 currencies from a single account. IFX Payments is a global fintech company whose goal is to create a complete digital payments experience for businesses that eliminates the need to manage complex treasury processes. As an Authorized Electronic Money Institution (EMI) regulated by the Financial Conduct Authority (FCA), IFX Payments also offers BaaS solutions through both modern APIs and web...

In Switzerland, consultations have begun on a bill to tighten anti-money laundering legislation in order to strengthen the "integrity and competitiveness" of the country as an investment center. The main features of the proposed bill are: The introduction of a federal registry, in which companies and other legal entities will be required to enter the names of their beneficial owners. The private registry will be maintained by the federal police and regularly reviewed by the federal finance department. Anti-money laundering rules will apply to advisory activities, especially legal advice. Measures to prevent "violation or circumvention" of sanctions under embargo legislation. The cash payment threshold for precious metals trading will be lowered from 100,000 Swiss francs ($114,000) to 15,000 francs. Many Swiss lawmakers have been reluctant in the past to impose tougher restrictions on lawyers' privileges because they are lawyers themselves, the US official said. A meaningful register of beneficial owners will force lawyers to be more open about suspicious activity, the official said. The campaign group Transparency International said the bill was...