Eternity Law International — News — Regulatory changes on Saint Vincent and Grenadines

Regulatory changes on Saint Vincent and Grenadines

Published:
July 29, 2020

Regulatory changes on Saint Vincent and Grenadines are going to face global changes.

The jurisdiction operating in Saint Vincent and the Grenadines is one of those that everyone wants to mention when talking about forex trading. Moreover, even here, despite the rather impressive scale of the forex industry, global, most likely, changes will take place.

There are rumors that the Financial Services Authority, acting as the local regulator, wants to enforce new rules.

For now, brokers are self-regulated, as on the Marshall Islands. It is easy to guess that it attracts dishonest players and other fraudsters to this area.

They are the reason why the good reputation of the Grenadines and Saint Vincent can be destroyed.

Tal Ron, Chairman of Drihem & Co. and Genia Gurevitz, a company deals with legal issues, confirmed that the FSA is going to introduce new regulations and rules.

Upcoming changes

The FSA is going to introduce mandatory licensing for organizations that provide, or which are going to provide the public with financial services.

This implies that companies that do not have the appropriate license will not be able to continue their activities on the territory of the state.

It is not known yet when the planned changes will come into force, but it is assumed that this should be expected already this year.

Although the Grenadines and Saint Vincent are not an exclusive place for foreign exchange trading, the new regulations and rules will have a positive impact on the development of this area, because they will help reduce the flow of fraudsters and raise level of quality standards, which can attract more players.

“Finance Magnates” have already talked about new regulations being introduced in the Bahamas, which will include credit leveraging limits, a ban on binary options and an increase in commission fees when obtaining a trading license.

The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.

You could be interested

Secure a Trust License in the Comoros

Trust companies carry out the activities of managing and storing assets, performing their administration and distribution. Any owner of financial assets or real estate can take advantage of placing everything he owns under the management of a trust as one of the main tools for obtaining asset protection. To carry out such activities, it is...

TOP 5 Best Offshore Jurisdiction for Banking Licenses

When planning to set up offshore banking establishments dealing with crypto-currencies, managing capital of investors or functioning as a simple transactional institution, it is necessary to carefully study list of offshore countries being profitable for launching such a firm. Offshore licenses for banks are official certificates allowing these institutions to offer various services to customers...

Payment Institutions in Cyprus: why do you need to get it?

One of the most popular jurisdictions for providing your business lasts Cyprus. The Republic of Cyprus regulates the provision of payment services through the Laws on Payment Services and Access to Payment Systems, enacted in 2018 and 2019 (the “Law”). Through these Laws, the provisions of the European Union Directive 2015/2366, approved by the European...

Bahamas Authorised Crypto Companies

In contemporary times, this direction has reinforced its status as a worldwide centre for crypto firms. This directions’ proactive approach to legislation, coupled with its commercial-friendly sphere, has made it a top place for founders searching to raise the firm focused on cryptocurrency trading. The government’s dedication to boosting novelty and it’s clear, lucid policies...

Crypto license in Japan

Japan is considered like countrysides that is the most loyal to this type of business environment, such as crypto-currencies. Since 5 years, local authorities have amended payment-services legislation to determinate crypto-currencies as a mechanism of payment. Since then, anyone who owns them can consider their accumulated crypto as legal-assets. To work in this sphere, it...

EU Reaches Deal on Crypto Banking Capital Rules

The EU has agreed on new rules for virtual currencies in the banking sector, in response to the growing concern over unregulated cryptocoins and their impact on the conservative monetary ecosystem. Lawmakers have successfully advocated for reforms, which include modifications to the CRR/CRD IV. These amendments aim to impose stricter rules governing the operations of...

Related posts

Forex Licensing in Saint Vincent and Grenadines, and Comoros Islands: An Overlooked Decision

Potential investors mulling over the prospect of shifting their transactions to foreign lands may confront unanticipated regulations, as exemplified in the year 2023 on the Foreign Exchange Brokers SVG archipelago. The authorities dictated distinct authorizations within a lunar cycle for all enterprises partaking in fiscal undertakings within these overseas regions. Non-compliance or failure to adhere...

Ready-made company in St. Vincent

Saint Vincent is a picturesque Caribbean nation, is not only known for its stunning beaches and lush landscapes but also for its favorable foreign  business environment. For entrepreneurs and investors looking to establish a presence in this tropical paradise, buying a ready-made company can be a strategic move. In this article, we will explore the...

Swiss Asset Management: regulatory changes

Under its legal and regulative mechanism, FINMA imposed new regulatory changes for asset management and trust firms which, in line with them, are obliged to get licensed. The period for transition to new standards comes to an end in December 2022. To bring clarity, FINMA provided insight into the measures that have been undertaken against...

Company registration in Saint Vincent

Registration cost 1.350 Eur Company renewal cost 1. 200,00 Eur Directors number 1 Corporate tax 0.00 % Registered share capital 1 Mandatory reporting requirements No Local Office Requirements: No Requirement to appoint a company secretary: Optional Ready-made companies are always available for sale. Make a request. The registered capital of the company in Saint Vincent...

Forex regulation changes

Forex regulation changes. Forex regulation is becoming stricter, but this is expected to benefit the long-term investment safety of clients. The retail forex industry is developing rapidly. And the popularity of online currency and securities trading continues to grow. An overview of regulated forex brokers and the role of internal requirements evolves along with this...

Legislative changes in St. Vincent and the Grenadines

On December 27″, 2018, St. Vincent and the Grenadines amended its International Business Companies and International Trusts legislation to meet its commitments to the EU Code of Conduct Group (Business Taxation) (EU COCG) under its Tax Governance Initiative and at the same time to the OECD BEPS Inclusive Framework. In view of the uncertainty surrounding...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: