News | Page 125

The entities operating in the FinTech domain are progressively setting up in the Czechia – an EU state with a strong economy and blockchain-friendly environment. Here crypto assets are regarded as an economic good or commodity rather than a standard unit of value of a currency. Although it is not a formal means of payment,…

Since the FinTech sector is getting more popular, many people are curious to what extent cryptocoins and related products are legal and usable. The brief answer is yes, buying and selling them is legal, however, Canada does not consider them legal tender. As this status often leads to misunderstandings, let’s take a look at the…

The most widely applied licenses for the UK firms engaged in the FinTech sector are the two non-banking PSP authorizations: PI License and EMI license. They both give authorizations to engage in the delivery of the main monetary services that allow servicing a wide range of businesses. Thus, businesspersons may hesitate between the EMI and the…

Jurisdictions in Eastern and Central Europe are quickly enhancing the sector of FinTech, thus possessing themselves as a bright marketplace for the virtual assets’ exchange companies. Almost a decade ago, in 2014, the Polish government rejected the recognition of Bitcoin as a currency but stated that contracts on the grounds of its index were completely…

The Republic of Cyprus, an island in the eastern Mediterranean Sea south of the Anatolian Peninsula, is the best post-Brexit jurisdiction for EMI licensing. Financial firms, established there can take advantage of an effective legal framework in line with EU legislation, a straightforward process, and highly favorable taxation. Also, EMIs can carry out their services…

Merchant accounts are needed to perform commercial activities – it gives entrepreneurs possibilities to receive payments, incl. cryptotransactions. Merchant account connecting is  competence of providers, who, among other things, act as operation processors, administer them and ensure the security of deals. Merchant account opening First stage is payment system and account registration. Trading accounts act…

Hungarian jurisdiction represents a significant part of the EU’s management (business) field, and all EMIs are encompassed by the remit of the applicable EU law (particularly, EU Directives 2009/110/EC and 2015/2366). Any platforms that carry out issuance or usage of e-funds can only be established as an EMI. In line with the law, each οrganization…

The state of Hungary has rejected an EU decree that would have required a 15% minimum tax rate on international firms, claiming that the tax would damage Europe’s competitiveness and jeopardise workers. So, now the corporate income tax rate in Hungary remains the same and amounts to 9%. Major firms would be responsible for paying…

In the UK, it is legally permitted to form a company in the sector of finances and acquire an appropriate authorization from the FCA, which authorizes you to establish an e-money business in lesser than one year around the globe, open IBAN accounts, become a member in SWIFT and SEPA, and offer cards. The holder…

In 2021, a startup was launched in Europe, in which investments exceeded ten billion dollars. To date, there are already three such projects in Europe. Experts say that frenzy of FinTech sphere has already swept entire continent and will manifest itself in more than one such large-scale project. Fintech business in Europe is an opportunity…

The Cοmmonwealth of Dominica, also famous as “Nature Isle of the Caribbean” is a highly respectable jurisdiction when it comes to establishing an offshore banking institution. The country has gained a solid reputation for maintaining customer confidentiality, as it has strict legislation, and as a result, it is an attractive center for many foreign clients…

For persons and legal entities looking to capture the share of Hong Kong’s exchanges, the SFC is the setter of a regulatory framework, having issued the Ordinance regulating derivative financial contracts (SFO). It refers to all market activities and details each of them. Hong Kong asset management license allows the delivery of a service of…