Recent News

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...

A pilot project has been launched where merchants will be able to use the USDC stablecoin on the Solana network. Acquirers WorldPay and Nuvei became Visa's partners in the project. Visa has already transferred millions of USDC stablecoins between its partners via the Solana and Ethereum blockchain networks for settlement of fiat payments authorized through VisaNet. "Using stablecoins like USDC and global blockchain networks like Solana and Ethereum, we help speed up cross-border payments and provide our customers with a modern way to easily send or receive funds from Visa's treasury," said Kai, head of Visa's cryptocurrency division. Sheffield. Visa has partnered with stablecoin issuers since 2021 and is now looking at settlement options that allow it to send onchain funds to acquirers such as Worldpay and Nuvei to speed up settlement times for their merchants. Using its own USDC Circle account, Visa can now manage settlement payments in USDC for Worldpay and Nuvei, who in turn can route these payments in USDC to their end merchants. At the same time, support was added for Solana as a high-performance blockchain that its partners can choose to send or receive...

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...

The purpose of creating the UBO Register in Spain is to ensure an effective and efficient fight against money laundering and the financing of criminal activities by providing access to information about beneficial ownership, as well as the formation of mutual channels of information about UBOs at the European level. All companies will be required to provide the following information about the ultimate beneficial owners: Name and surname; date of birth; type and number of the identity document; the country of issuance of the identity document; place of residence; citizenship; email address; the criteria that qualify this person as the ultimate beneficial owner. The UBO register is a public register, and therefore the information contained in it can be accessed: state bodies; to notaries; other relevant organizations; to any third party. Prior identification of the applicant and proof of legitimate interest is required to obtain the information. Such legitimate interest is allowed for: mass media; organizations engaged in the prevention of money laundering and terrorist financing; ...

On August 8, 2023, the Government of Bermuda announced that it was launching a public consultation on the introduction of corporate income tax for companies that are part of multinational enterprise groups (with annual income of €750 million or more. Source:https://www.gov.bm/articles/bermuda-considers-introducing-corporate-income-tax To give stakeholders an opportunity to comment on the proposed tax regime, the Government of Bermuda is opening the first of a series of consultation periods. The first consultation will end on September 8th. Bermuda is considering introducing a corporate income tax that will be considered in calculating the effective tax rate for businesses in Bermuda, in line with the Organization for Economic Co-operation and Development (OECD) global minimum tax rules. These rules require companies within the scope to pay a minimum tax of 15% in each jurisdiction in which they operate. Taxes payable under Bermuda's proposed corporate income tax regime would be the same as those payable in other jurisdictions under the global minimum tax system. Any new corporate income tax will also include certain tax incentives that support Bermuda's economic goals...