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

Digital Payments Regulations in Southeast Asia

Within the swiftly evolving domain of electronic fees, Southeast Asia is currently experiencing a profound metamorphosis inside the way in which financial guidelines are molding the terrain for EMI in East Asia vicinity. The rapid migration of small and medium-sized organizations (SMEs) from the conventional brick-and-mortar commercial enterprise version to the digital sphere has no...

Crypto gaming license

As the acceptance and popularity of crypto transactions continue to rise around the globe, any online gambling website that wants to stay afloat should be able to provide its users with the option to place and withdraw funds in crypto rather than only legal tenders like USD and EUR. A crypto gaming license must be...

ICO assistance

Our company has significant experience in professional legal support of projects based on blockchain technologies and ICOs. During the existence of the company, our specialists have provided legal services to more than 30 companies whose activities are related to ICO projects, mining, exchanges and cryptocurrency exchangers. In addition, we helped create legally stable structures for...

Attorney for the family matters

Family lawyer. Considering such a topic as family law, we can say that this is a rather complex branch in jurisprudence. For almost every person, the family and its traditions occupy the main place in life. True, there are often situations when good relations break down, and family members have to solve such problems as,...

Financial brokerage firms in Lithuania

Investment enterprises are legal entities on an ongoing basis being engaged in the provision of any specific or complex investment services to third parties and/or carry out investment transactions. Financial brokerage firms in Lithuania rely on an excellently developed infrastructure of a modern type in their activities, and also enjoy the privilege of minimal operating...

Cryptocurrency exchange company in Cyprus

Cypriot state authorities have been constantly bettering Blockchain legislation, making the country a first-choice hub for investors, Defi startups, and cryptocurrency exchange companies in Cyprus. The circulation of non-fiat currencies and e-funds is under the remit of the central banking institution, and the trading politics are set up by the SEC.  Overview of Cypriot legal...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

New York

1178 Broadway, 3rd Floor #3353 New York, NY 10001

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7