Recent News

Since the beginning of 2023, a total of about 13% of all crypto funds in existence have closed. What the 21e6 Capital AG report says. Source:https://www.bloomberg.com/news/articles/2023-08-04/crypto-hedge-funds-are-being-hit-by-shutdowns-lagging-returns-in-2023 Crypto funds returned an average of 15.2% in the first half of 2023. But Bitcoin has grown by 83.3% over the same period. Investment companies with market-neutral strategies showed the worst results at 6.8%. During the crisis at the end of 2022, many crypto funds held assets longer than usual. However, they lost most of their gains from Bitcoin's rise in 2023. Some organizations closed down after losing assets stored on collapsed platforms. The FTX exchange was a favorite for hedge funds and professional crypto traders. Some firms are "still trying to find new partners" in the banking sector. Connecting to the closure of crypto-friendly Silvergate and Signature Bank. Along with "regulatory uncertainty, the fight for safe exchanges and custodians," this situation has created a host of obstacles for venture firms. "Investor confidence has improved slightly, but the inflow of funds and the launch of...

The Capital Market Authority of the Sultanate of Oman (CMA), which regulates and develops Oman's financial markets, has announced its plans to create a new regulatory framework for virtual assets (VA) and virtual asset service providers (VASPs). The CMA is developing a regulatory framework that will include a new regulation covering all VA activities, a licensing system for all VASP categories, and an oversight system to identify, assess and mitigate risks. The new regulatory framework is expected to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin...

The Bank of England and Ripple have completed a pilot project investigating the synchronous movement of two different currencies in two different simulated real-time gross settlement systems (RTGS) using the Interledger Protocol. The RTGS system is the backbone of payments in the UK, with hundreds of billions of pounds settled every day. BofE has been working on a replacement for several years, which should add new functionality to support the "synchronization" of cash flows in RTGS with cash and asset flows held in other systems. As part of a technical feasibility study, the central bank's fintech accelerator, together with Ripple, developed a PoC for a high-value cross-border payment scenario in which transactions in two different currencies are carried out simultaneously in two different simulated RTGS systems representing two different countries. The Ripple project was based on the open-source Interledger Protocol, which enables payments to be made through various registries and networks around the world. Ripple Connect is also used as an interface that allows you to integrate the institution's internal systems with the company's network. This means that you can...

Changes have been made to ensure that only wealthy investors and individuals who value the citizenship of Saint Kitts and Nevis are attracted to the Program. The changes include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF), and investors contributing to this option will transform St. Kitts and Nevis into a sustainable island nation. Fees start at $250,000 for a single applicant and increase as a spouse or dependents are added. For a family of two, the contribution increases to $300,000 and for a family of three or four, the minimum contribution is $350,000. The minimum amount to invest in real estate is $400,000. The property must be owned for seven years and can be resold once to another buyer who wants to apply for citizenship by investment. To obtain citizenship through the purchase of a private house, the value of such real estate must be at least...

On July 31, 2023, the European Sustainability Reporting Standards (ESRS) were approved. Source:https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_4043 The ESRS will be mandatory for companies that are required by the Accounting Directive to share certain sustainability information (these are listed public companies). The Accounting Directive, as amended by the CSRD in 2022, aims to ensure that companies in the EU report comparable and reliable sustainability information. Based on these two directives, ESRS is introduced. The ESRS is based on a strategy of "double materiality", that is, they oblige companies to report both their impact on people and the environment, and how social and environmental issues create financial risks and opportunities for the company. There are 12 areas of the ESRS covering the full range of sustainability...

From August 1, banks, other financial institutions, non-bank payment service providers, issuers of electronic money must send a notification to the supervisory body about the opening and closing of accounts/e-wallets of taxpayers on the day of opening/closing of the account/e-wallet. No later than September 1, they need to send a notification to the supervisory authorities about the opening/closing of all accounts/e-wallets opened/closed to taxpayers in the period from the beginning of martial law to August 1, 2023. If, after September 1, 2023, the above-mentioned institutions do not have confirmation of taking account/e-wallet for registration with the supervisory authority, it is considered that such institution has started spending operations on the account/e-wallet of the taxpayer before receiving a notification from the relevant supervisory authority about taking account/e-wallet wallet for registration with regulatory authorities. Expenditure transactions on the taxpayer’s account/electronic wallet before receiving a notification from the relevant supervisory authority about taking the account into account with the supervisory authorities - entails the imposition...

The Serbian Parliament adopted amendments to the laws on foreigners and their employment. Now you can apply for citizenship after three years of living in the country. According to the amendments, it is possible to obtain a (residence permit) and a work permit at the same time by issuing a “single permit” document at the Ministry of Internal Affairs of Serbia. What other changes: the work permit will be valid for three years (currently one year); the maximum period of validity of a residence permit has been increased from one year to three years; a foreigner will be able to obtain a permanent residence permit (permanent residence) in Serbia after three years of residence in the country (now after five years); visas to Serbia will be issued in electronic format; it will be possible to apply for citizenship after three years of living in Serbia (now after five years). In the first version of the bill, which appeared in March this year, the Ministry of Internal Affairs of Serbia wanted to allow foreigners to apply for citizenship after a year of residence on a residence permit and with official employment in a Serbian company. However, the...

Bitget has partnered with Cointracking to develop a cryptocurrency tax management solution. Source:https://ffnews.com/newsarticle/cryptocurrency/bitget-partner-up-with-cointracking-to-provide-crypto-tax-solution-to-its-users/ Cryptocurrency taxation is a process that often confuses users. Bitget aims to simplify the complex procedure by offering users a convenient and comprehensive solution for taxing cryptocurrencies. The Cointracking platform will allow Bitget users to efficiently manage their tax obligations, ensuring compliance and optimizing their overall tax experience. “We are excited to partner with Cointracking to provide our users with an increased level of convenience and simplicity,” said Gracie Chen, Managing Director of Bitget. “Tax compliance is a critical aspect of the cryptocurrency landscape, and our collaboration with Cointracking underscores our commitment to providing end-to-end solutions that simplify the cryptocurrency trading process for our users.” The partnership with Cointracking opens the door to user trading opportunities. The integration of innovative trading products, including copy trading, will allow users to copy the trades of...

Many Ukrainian entrepreneurs who were/are in group 3 of the single tax with a rate of 2% are concerned about the question of whether the amount of income received during the period of stay at 2% will be taken into account in the annual limit, and how the limit itself will be calculated. It is worth noting that the income received during the period of application of group 3 with a rate of 2% is not included in the amount of income determined by the PKU for the corresponding group of single tax payers. However, Bill No. 8401 reduces the limits in proportion to the period of stay/refusal from 2%. If the FOP in 2023 was a single tax payer of group 3 with a rate of 2%, then after returning from August 1, 2023 to the group/rate of the single tax in which it was before the transition to 2%, the income limit for the period August - December 2023 is for single tax payers: for 1 group – UAH 466,208.33; for the 2nd group – UAH 2,328,250; for the 3rd group - UAH 3,257,875. The amount of income received before August 1, 2023 for the period January-July 2023 is not included in the limits. If the FOP refused the 3rd group with the 2% rate before August 1, 2023,...