Addendum to the FATF (The Financial Action Task Force) Recommendations

At the end of last week, the FATF (The Financial Action Task Force), an intergovernmental organization that develops global standards for combating money laundering and terrorism financing, published an addendum to its Recommendations, 2012. Innovations are aimed at the regulation of activities related to virtual assets. The new edition of the Recommendations provides for the definition of the provisions “Virtual Assets” and “Virtual Asset Services Providers”. Thus, the Virtual Assets in the Recommendations meaning is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. FATF separates the...

Regulation of cryptocurrency exchanges in the USA

The United States of America is home to a huge number of technology companies and start-ups, and the living standarts of its citizens is one of the highest in the world. It is not surprising therefore that many projects in the field of virtual currencies are willing to sell their services to citizens of this country. In our case, we are interested in cryptocurrency exchanges organization and registration and the provision of such services to Americans. Cryptoexchanges in the US are regulated by the Banking Secrecy Act (Bank Secrecy Act - hereafter BSA) as institutions providing money services (Money Service...

Currency control in Ukraine

  Ukraine is one the countries with strict rules of currency control. They are mainly caused be political and economic crises of the last years. Nevertheless lack of knowledge of key issues of currency regulations may significantly affect business activities of foreign investors that have an intention to invest in Ukraine. What should foreign business know about currency control system?   Terms of currency settlements First of all there are established terms for fulfillment of currency settlements – 180 days. Residents that have exported goods or provided transport and insurance services in accordance with foreign economic agreement should receive currency payment within above mentioned...

Cryptocurrencies

You’ve probably heard a lot in recent years about digital modern currencies and the way how to pay with that. And, of course, it’s good to know – that using that payment and ledger systems are increasing a day by day. You also can be traded for goods or services with vendors who accept Bitcoin or other kinds as payment. And it’s so important for lots of companies and private individuals who providing any services to develop their type of accepting payments. That’s going to make the easier way for clients who would like to pay...

Electronic signature

How often did you face a problem of signing vast quantity of documents? Usually, you have to print the signature page, sign the deed, scan that and send it back to the lawyer who attached it to the final form of the document. As a result, that’s generally waste your time, isn’t it?  Imagine that life could be by long chalks easier. For instance, using e-sign services it’s a fast, secure way to send, sign and approve documents anytime from anywhere whether in the office or on the go. People have several different ways to...

Law changes in Ukraine designed to improve the investment climate

During this week, several bills and acts have been adopted, we are sure that these changes will suit the business and make Ukraine more attractive for foreign business. For a start, President of Ukraine signs a Bill 6210, previously adopted by Verkhovna Rada of Ukraine. The Law provides a personal income tax rate of 9% instead of 18% for income in the form of dividends on shares and / or investment certificates, corporate rights accrued by non-residents, business entities that are not payers of income tax. On April 13, 2017, the Resolution of the National Bank of Ukraine No. 33 was...