Curating Global Crypto Regulations

85 minute read

🗺 global-regulation

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🗺 self-regulation

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  • Registry

    Open-source library of relevant token project data serves as a “single source of truth.”Disclosures provided by projects and validated by the system of validating token-holders.Platform ensures updates are disseminated publicly to a wide audience in a timely fashion.Self-regulatory mechanism ensures reporting requirements are met & only compliant projects admitted.Registry value may increase as the quality of the underlying data and registry size increases.How the Registry Works The crypto markets are more opaque and complicated to navigate than traditional asset classes. Data inf rastructure is poor, standardized disclosures are non-existent, and incentives can be misaligned. There are no standardized formats or channels for token projects to share essential information with their communities and stakeholders. Enforcing transparency standards amongst token projects presents a global coordination problem with significant bootstrapping challenges. Absent the authority of a government-sanctioned regulator, does crypto have the necessary tools to self-regulate?


    Messari, the leading provider of contextualized data and research tools for the cryptoasset industry, launched its open-source disclosures registry today. They are joined by a diverse, reputable group of 12 initial partner projects committed to transparency and self-regulation. Messari’s registry aims to become a single source of truth for basic cryptoasset information. Participating projects are voluntarily disclosing basic information regarding their token design, supply details, technology audits, official communication channels, and relevant team members, investors, and advisors. These profiles can then be f reely accessed industry-wide, providing a reliable, standardized resource to industry participants that is nonexistent today. Such basic data standards can facilitate diligence processes for crypto service providers like exchanges and wallets, retail and professional investors, and regulators alike.

  • Messari (@MessariCrypto)

    ANNOUNCING our first cohort of launch partners who are committed to transparency and self-regulation! Excited to drive common standards for investor protection in crypto and launch industry self-governance that can cross borders.

  • ‎Epicenter - Ryan Selkis: Messari – Bringing Transparency and Self-Regulation to the Blockchain Industry
  • Virtual Commodity Association

    Fostering consumer protection and market integrity for virtual commodity marketplaces

🗺 where-to-locate

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🗺 g20

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Financial Action Task Force (FATF)

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Global Digital Finance

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🗺 Israel

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🗺 India

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🗺 New Zealand

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🗺 australia

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🗺 Africa

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International Monetary Fund (IMF)

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  • Pēteris Zilgalvis (@PZilgalvis)

    Fintech : The Experience So Far” ⁦@IMFNews⁩ ‘Generally, Europe has been leading the way in enacting fintech regulations and regulatory innovations…… Last year the European Commission unveiled a fintech action plan.’ IMF #FinTech Roundtable #data https://t….

🌏 Asia

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  • Asian investors have plenty of cash, a hearty appetite for investm…

    If you’re being courted by Asian investors, you’ll need to adjust the VCs’ expectations. That can be a challenging task when the parties have different perspectives on appropriate management styles and levels of control.

  • Hong Kong Bitcoin Taxation

    Taxation of Bitcoin, Cryptocurrencies and Tokens in Hong Kong

  • The Extremes of Cryptocurrency Regulation in Asia-Pacific

    Cryptocurrency regulation across the Asia-Pacific region varies immensely. Here’s what your crypto business needs to know to meet your compliance objectives.

  • Jason Choi (@mrjasonchoi)

    When I ventured into crypto investing full time, I looked for: 1) Small team, more ownership than I was ready for 2) Deep relationships in Asia 3) Fundamentals focused 4) Mentors with 10-20 yrs of exp managing large teams & Ms - Bs in capital If these are your priorit…

🌏 Philippine

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  • Philippine SEC to Publish Draft Crypto Exchange Regulations Next Week

    The Philippine Securities and Exchange Commission (SEC) has exploring regulating cryptocurrency as trading platforms, according to SEC Commissioner Ephyro Luis Amatong. Commissioner Amatong also indicated that the current Australian and Swiss legislative apparatus pertaining ..

🌏 Thailand

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🌏 Korea

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🌏 Japan

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🌏 China

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🌍 Europe

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  • When You Have Data, They Will Come

    Note: This is part two of a four-part series where security expert Jon Callas breaks down the fatal flaws of a recent proposal to add a secret user — the government — to our encrypted conversations. Part one can be found here.A recent essay by technical leaders of Britain…

  • Adding a Ghost User to Our Encrypted Communications Is No ‘Crocodi…

    Note: This is part three of a four-part series where security expert Jon Callas breaks down the fatal flaws of a recent proposal to add a secret user — the government — to our encrypted conversations. Part two can be found here.The latest intelligence community proposal f…

  • The Recent Ploy to Break Encryption Is An Old Idea Proven Wrong

    This is the fourth and final in a series of essays about a proposal by officials at Britain’s GCHQ about requiring encrypted communications platforms to be designed to secretly add an extra participant — the government — to a conversation. In the previous essay, I expla…

  • The ‘Ghost User’ Ploy to Break Encryption Won’t Work

    Note: This is part one of a four-part series where security expert Jon Callas breaks down the fatal flaws of a recent proposal to add a secret user — the government — to our encrypted conversations.Twenty-five years ago, the FBI decided it needed a surveillance system bui…

  • Handbook on European data protection law : 2018 edition.

    The rapid development of information technology has exacerbated the need for robust personal data protection, the right to which is safeguarded by both European Union (EU) and Council of Europe (CoE) instruments. Safeguarding this important right entails new and signifi cant …

  • Michèle Finck (@finck_m)

    Over the past weeks, the Parliament has issued two reports on #blockchain. I’ll summarize the key points below.

  • Italy’s Senate Moves to Set Legal Foundation for Blockchain Timestamps

    The Italian government could soon amend a law to allow legalized blockchain verification of documents.

  • Bitcoin-Central, first exchange licensed to operate with a bank. December 06, 2012, 04:08:53 PM

    At Paymium we spent lots of time and energy talking about Bitcoin to our regulating bodies, the Banque de France, the ACP (French equivalent of the American SEC), TRACFIN (AML French supervising body) etc. We engaged all these resources with one goal in mind : get these people to know Bitcoin, advocate our beloved crypto-currency and listen to them, help them think until they finally reach the same conclusion as we did : there’s nothing wrong with people being free.

    There’s nothing wrong with people freely exchanging value, we don’t hurt anybody, we’re not forcing anyone to use Bitcoin, we simply want to see our dream and the future of money become a reality.

  • New EU Directive Sets Stricter Transparency Rules for Digital Currencies

    The EU Fifth Anti-Money Laundering Directive has come into force, setting new rules for European financial watchdogs to monitor cryptocurrencies FinCEN’s interpretation, as Coin Center notes, only brings persons who have “independent control” over another person’s crypto assets under the purview of the BSA, excluding those that merely enable exchange or transmission — for example, open source software developers, multiple-signature service providers, and decentralized exchange facilitators.

  • What is MiFID - The Markets in Financial Instruments Directive ?

    There are several key aspects of MiFID that are meant to aid the regulation of the financial industry. One of these is the requirement of client categorization. Due to MiFID, firms are required to place their clients into categories in order to determine the level of protection that is needed with their types of accounts and investments. MiFID also requires that firms abide by both pre-trade and post-trade transparency. Pre-trade transparency means that those who operate order-matching systems must make information regarding the five best pricing levels (on both buy and sell side) available to all. Similarly, those who run quote-driven markets must make the best bids and offers publicly available. Post-trade transparency is a similar concept, but differs slightly. By requiring post-trade transparency, MiFID requires that firms release information regarding the price, time, and volume of all trades pertaining to listed shares, even if they are not executed in an open market scenario. There are certain circumstances where deferred publication may be granted, but that varies from case to case and must be dealt with on an individual level.

  • Markets in Financial Instruments Directive (MiFID)

    MiFID is a European Union law that standardizes regulation for investment services across all member states of the European Economic Area.

  • AMSE | Aix-Marseille School of Economics - Speech by Denis Beau First Deputy Governor Marseille, 11 December 2018

    Speech by Denis Beau First Deputy Governor “Trends in financial intermediation and implications for the regulation and supervision of the European financial sector”

  • International legal business solutions - Global Legal Insights

    Provides essential insights into the current legal issues, readers with expert analysis of legal, economic and policy developments with the world’s leading lawyers.

  • European Parliment STUDY Requested by the TAX3 committee Legal context and implications for financial crime, money laundering and tax evasion Cryptocurrencies and blockchain

    More and more regulators are worrying about criminals who are increasingly using cryptocurrencies for illegitimate activities like money laundering, terrorist financing and tax evasion. The problem is significant: even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide. This paper prepared by Policy Department A elaborates on this phenomenon from a legal perspective, focusing on the use of cryptocurrencies for financial crime, money laundering and tax evasion. It contains policy recommendations for future EU standards.

  • EBA reports on crypto-assets - Planet Compliance

    The European Banking Authority (EBA) published today the results of its assessment of the applicability…

  • The legal status of Security Tokens in Europe - European Chamber o…

    This article describes the legal context in seven European countries regarding Security Token Offerings. Such offerings differ from Initial Coin Offerings (ICO’s). An Initial Coin Offering (ICO) is the cryptocurrency equivalent to an Initial Public Offering (offering shares…

  • Portugal’s tax authority says crypto trading and payments are ta…

    Cryptocurrency trading and payments in Portugal are tax-free, the European country’s tax authority has clarified. Local business newspaper Jornal de Negócios reported the news earlier this week, saying that the authority has said that both cryptocurrency trading in real cu…


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Guide to GDPR compliance recommended by TechGDPR, a Berlin-based GDPR consultancy. Available in many languages, for free in exchange for…

  • Handbook on European data protection law : 2018 edition.

    The rapid development of information technology has exacerbated the need for robust personal data protection, the right to which is safeguarded by both European Union (EU) and Council of Europe (CoE) instruments. Safeguarding this important right entails new and signifi cant …

  • Thread by @finck_m: “The French data protection authority has issu…

    Thread by @finck_m: “The French data protection authority has issued the first formal guidance on the relationship between and the in the . n points. Here is the full text:… 1. The @CNIL make […]” #blockchain #GDPR #EU #developers Guide to GDPR compliance recommended by TechGDPR, a Berlin-based GDPR consultancy. Available in many languages, for free in exchange for… a bunch of personal data :D

  • Handbook on European data protection law : 2018 edition.

    The rapid development of information technology has exacerbated the need for robust personal data protection, the right to which is safeguarded by both European Union (EU) and Council of Europe (CoE) instruments. Safeguarding this important right entails new and signifi cant …

🌍 Switzerland

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🇨🇭 BIS

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Established in 1930, the BIS is owned by 62 central banks, representing countries from around the world that together account for about 95% of world GDP. Its head office is in Basel, Switzerland and it has two representative offices: in Hong Kong SAR and in Mexico City.


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🌍 United Kingdom

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  • Cryptoassets Taskforce: Final Report

    In recent years, the government, the FCA and the Bank of England have undertaken work to understand the implications of cryptoassets and other applications of DLT in financial services more widely. 1.2 The government has: • published a call for information on digital currencies and a summary of the responses. Outcomes included announcing the government’s intention to apply anti-money laundering regulation to cryptoasset exchanges in the UK (2014-15). 1 • published a report by the Government Office for Science, ‘Distributed Ledger Technology: Beyond Blockchain’, which set out how this technology could transform the delivery of public services and boost productivity (2016). 2 • launched the Digital Strategy, which set out the government’s ambition to make the UK the best place in the world to start and grow a digital business, including by trialling new technologies such as DLT (2017). 3 • supported the development of DLT by investing over £10 million through Innovate UK and the research councils to support a diverse range of DLT projects; building proofs of concept to trial the use of DLT in the public sector; joining the EU Blockchain Partnership to help develop cross-border Blockchain projects in the public sector; creating a £20 million GovTech Catalyst Fund to explore technology-based solutions for public sector challenges, potentially including the use of DLT; and considering how DLT might be deployed to support new forms of financial services infrastructure through its Shared Platforms work with Deloitte.4

  • UK Tax Agency Publishes Detailed Guidance for Crypto Holders

    Her Majesty’s Revenue and Customs (HMRC), the government agency responsible for collecting taxes and overseeing other aspects of the nation’s coffers, explained that Wednesday’s report specifically focuses on how individuals possessing crypto assets might be taxed, but does not outline the tax scheme for tokens held by businesses or for business purposes. Guidance on that will be published at a later date.

  • FCA Guidance on Crypto Assets​
  • Re: GDF Response to the Guidance on Cryptoassets Consultation Paper
  • UK Tax Agency Publishes Detailed Guidance for Crypto Holders

    U.K. tax body HMRC has provided an in-depth explanation of how cryptocurrency users should pay taxes on their holdings. House of Commons Treasury Committee Crypto-assets

  • Comment to Her Majesty’s Treasury on Transposition of the Fifth …

    We urge HM Treasury to refrain from an over-broadening of its AMF/CFT regulation, as such an expansion would violate UK citizens’ free speech and privacy …

  • Transposition of the Fifth Money Laundering Directive: April 2019 consultation
  • UK regulator looking to hire series of cryptocurrency specialists …

    The UK’s Financial Conduct Authority (FCA) is getting serious about cryptocurrencies. According to a job posting, it is looking to hire a Crypto Intelligence Associate to join its Intelligence Services Team. It is also seeking a “Crypto-asset Specialist Supervisor” as p…

  • Crypto Companies in U.K. Must Bank Abroad » Bitcoin Magazine

    According to research from CryptoUK, nearly three-quarters of crypto companies in the United Kingdom are forced to open foreign bank accounts.

  • Prohibiting the sale to retail clients of investment products that reference cryptoassets

    Prohibiting the sale to retail clients of investment products that reference cryptoassets We recognise that our proposals may encourage some retail consumers to ‘invest’ directly in unregulated tokens. We do not consider these forms of tokens to be appropriate investments for retail consumers, and will continue to warn consumers about them through our ScamSmart pages. The potential risk of retail consumers investing directly in unregulated tokens does not alter our proposals to ban those products within our regulatory remit which we assess as harmful to investors. We must act in line with our objectives and protect consumers from harmful regulated activities and investments within our perimeter.

  • Cryptoassets Taskforce: fnal report
  • Guidance on Cryptoassets: UK Financial Conduct Authority Issues Consultation Paper

    On January 23, 2019, the UK Financial Conduct Authority (“FCA”) issued its widely anticipated “Guidance on Cryptoassets” consultation paper CP19/3… on the other hand, “exchange tokens” (such as Bitcoin, Ether or Litecoin) and “utility tokens” (which grant holders access to a current or prospective product or service but do not grant holders rights to profit or ownership) would be unlikely to constitute a “specified investment”

  • Consultation CP19/3* January 2019 Guidance on Cryptoassets

    How do I know if my token is a Specified Investment? Given the complexity of many tokens, it is not always easy to determine whether a token is a Specified Investment, specifically those types of Specified Investment that are securities, like shares or debt instruments. There are a few factors that are indicative of a security. These factors may include, but are not limited to: • the contractual rights and obligations the token-holder has by virtue of holding or owning that cryptoasset • any contractual entitlement to profit-share (like dividends), revenues, or other payment or benefit of any kind • any contractual entitlement to ownership in, or control of, the token issuer or other relevant person (like voting rights) • the language used in relevant documentation, like token ‘whitepapers’, that suggests the tokens are intended to function as an investment, although it should be noted that the substance of the token will determine whether an instrument is a Specified Investment, and not necessarily the labels used–For example, if a whitepaper declares a token to be a utility token, but the contractual rights that it confers would make it a Specified Investment, we would consider it to be a security token. • whether the token is transferable and tradeable on cryptoasset exchanges or any other type of exchange or market • a direct flow of payment from the issuer or other relevant party to token holders may be one of the indicators that the token is a security, although an indirect flow of payment (for instance through profits or payments derived exclusively from the secondary market) would not necessarily indicate the contrary.

  • Payment Services and Electronic Money – Our Approach

    Payment Services and Electronic Money –Our Approach The FCA’s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011

  • An update on the regulation of Cryptoassets – Lawyers, Solicitor…

    Hannah Raphael discusses the UK’s policy and regulatory approach to cryptoassets. 2018 was a bad year for cryptocurrency. Bitcoin fell from its heady highs of $20,000 per coin at the …

  • UK regulator looks to ban crypto-derivatives - ZDNet

    The FCA says it is clear that crypto-derivatives and exchange traded notes are unsuitable investments for retail consumers.

  • Crypto Advocacy Center Says Proposed UK AML Regulations Violate Pr…

    Nonprofit crypto advocacy center Coin Center has urged Her Majesty’s Treasury not to over-broaden the scope of the U.K.’s anti-money laundering regulations

  • EFF and Open Rights Group Defend the Right to Publish Open Source …

    EFF and Open Rights Group today submitted formal comments to the British Treasury, urging restraint in applying anti-money-laundering regulations to the publication of open-source software.The UK government sought public feedback on proposals to update its financial regulatio.

  • Guidance on Cryptoassets Feedback and Final Guidance to CP 19/3
  • U.K. Cryptoassets Taskforce Publishes Final Report on Cryptocurren…

    The Cryptoassets Taskforce consisting of the HM Treasury, Financial Conduct Authority (FCA), and the Bank of England recently released a Cryptoassets Final Report on October 29, 2018. According to the U.K. Government, the report provides a high-level overview of the U.K.’s …

  • Crypto Tax And ICO Regulations In The United Kingdom

    Welcome to Crypto Daily News, this news piece “Crypto Tax And ICO Regulations In The United Kingdom” is breaking news from the Crypto sector.

  • The Future of UK Crypto Regulation - The FCA’s Cryptoasset Taskf…

    The crypto world is not coming to an end. The market downturn will influence heavily though the future of Cryptoasset regulation globally and in particular in the UK.

  • Crypto Regulations for UK Could Take Two Years, Says Legal Expert

    An expert from major British law firm RPC stated that the introduction of a crypto regulatory framework in the U.K. could take two years.

🌍 Netherlands

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  • Dutch ministers push for cryptocurrency regulation to fight money …

    Dutch ministers want to regulate cryptocurrencies as part of a wider effort to tackle money laundering in the country.

  • Cryptoassets and Blockchain Regulations in the Netherlands - Coinl…

    the state of crypto regulation the Netherlands in 2019

  • Dutch Financial Authorities Plan Licensing Scheme for Crypto Excha…

    Financial authorities in the Netherlands plan a licensing scheme for crypto exchanges and wallet providers to lower the risk of financial crimes.

  • How will new regulation affect the crypto market?

    There are, however, some reservations about the proposed law. The rules for companies dealing with cryptocurrencies have now become as strict as those applying to banks. Even if someone wants to buy only 10 euro worth of Bitcoin, an exchange must ask for identification. This seems excessive, especially if the person is already identified through the Dutch bank account they are using to pay. If the law is strictly interpreted — which is often the case shortly after a law’s introduction — then it could possibly overshoot its goal. It makes sense that companies dealing with large amounts of cryptocurrency must be thoroughly investigated. But if every individual with a small crypto wallet has to be identified as a high-risk customer, this will lead to the creation of large databases of personal data that bring about other, disproportional risks. In addition, a strict interpretation of the law might potentially slow down further innovation in the Dutch crypto market. Fortunately, Dutch regulators are willing to start conversations with cryptocurrency companies, as demonstrated by the sandbox environment provided for blockchain companies by the DNB and AFM. This demonstrates a willingness to start a dialogue with cryptocurrency companies in the hopes of achieving a risk-based approach to the new regulations.

  • Dutch Proposed Crypto License Could Crush Startups

    The Netherlands wants to start regulating cryptocurrency companies to prevent the virtual currency being used for criminal purposes. Dutch Proposed Crypto License Could Crush Startups The proposed crypto license would require crypto companies to store large amounts of customer data.

  • Visits the Dutch Parliament in Pursuit of Smart Regu…

    Amsterdam, on April 2nd, Christiaan Van Steenbergen, the CEO of attended a discussion focused on moving Netherlands to the…

🌍 Gibraltar

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🌍 Malta Regulation

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🌍 Germany

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🌍 France

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🌍 Estonia

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  • How to obtain Crypto Licenses in Estonia
  • Politsei- ja Piirivalveamet - Estonian Legislation
    • Financial Intelligence Unit’s advisory guidelines

      According to the provisions of subsection 14 (5) of the Money Laundering and Terrorist Financing Prevention Act, in their economic or professional activities an obligated person shall pay special attention to business relations and transactions if the place of residence or seat of the customer or the person participating in transaction or the person using the professional service or the seat of the provider of the payment service of the beneficiary is in a third country or in a territory where sufficient measures for preventing money laundering and terrorist financing have not been taken, or if the country or territory is not engaged in international cooperation for prevention of money laundering and terrorist financing, or if it is a low tax rate territory. If such transactions lack an obvious economical or visible legal purpose, then the background and purpose of such transactions must be investigated as far as possible and the investigation results must be recorded in writing, so that even with a slightest doubt a notice will be sent to the Financial Intelligence Unit (FIU).

  • FAQ - Incorporate in Estonia

    Usually our clients choose to establish a private limited liability company (in Estonian “osaühing” or “OÜ”). OÜ is the most widely used form - the easiest to set up and the cheapest to maintain. Depending on your business requirements, we can incorporate also other forms …

  • European Central Bank Criticizes Estonian National Cryptocurrency …

    The president of the European Central Bank has criticized the Estonian government’s plan to launch a national cryptocurrency. The statements have implied that the European Union (EU) states will not be permitted to launch state-issued cryptocurrencies that compete with the …

  • E-Residency of Estonia

    e-Residency of Estonia (also called virtual residency or E-residency) is a program launched by Estonia on 1 December 2014. The program allows non-Estonians access to Estonian services such as company formation, banking, payment processing, and taxation. The program gives the ..

  • What is e-Residency - How to Start an EU Company Online

    E-Residency, powered by the Republic of Estonia, enables entrepreneurs to start a trusted location-independent EU company online.

  • How to Start a Company in Estonia & EU - e-Residency

    E-residents can form, start & incorporate an EU-based company 100% online, from anywhere, to go to market and access customers in the EU Single Market.

  • Application for e-Residency

    e-Residency offers to every world citizen a government-issued digital identity and the opportunity to run a trusted company online, unleashing the world’s entrepreneurial potential. The Republic of Estonia is the first country to offer e-Residency — a transnational digita…

  • What’s The e-Residency Program Of Estonia How you can benefit from the e-Residency as an entrepreneur.

    “Estonia is one of the lower cost licensing jurisdictions. You should expect to pay 10,000 to 20,000 euros for a cryptocurrency exchange license from Estonia.”

  • The Beginner’s Guide to Opening a Crypto Business in Estonia

    A fresh study has revealed that, as of April 2019, Estonia houses some 700 foreign businesses related to blockchain and cryptocurrencies…

  • Estonia Issues Over 900 Licenses to Cryptocurrency Businesses
  • Czech Bank Launches Cryptocurrency-Friendly Services - Bitcoin News

    A commercial bank in the Czech Republic is now offering online services that combine traditional financial features with those for cryptocurrency users. A Czech bank is now offering a package of online services that combines traditional financial operations with features orie…

  • Estonia Grants Licenses for Wallet and Exchange Services to Coinmetro

    It isn’t just Malta that is attracting crypto business these days, other small and fast moving countries on the European continent are joining the action. The latest example comes from Estonia, which recently granted licenses for offering wallet and exchange services to the…

  • The Daily: Poloniex Drops 8 Coins, New Exchange Licensed in Estonia

    Cryptocurrency trading platform Poloniex has delisted 8 coins with low liquidity, while another US-based exchange, Gemini, is adding litecoin to its offerings. Also in The Daily, Ironx has been licensed to offer exchange services from Estonia, and Bitmain’s Antpool will spo..

  • Estonia Grants License to Crypto Trading Software Provider Ibinex

    Ibinex, a company that specializes in white-label solutions for cryptocurrency exchanges, has obtained a license to operate in Estonia. Besides exchange services, it also plans to offer both hot and cold wallets within the regulatory framework of the tech-savvy, crypto-friend…

  • The Daily: US Museum to Accept Bitcoin, Estonia Grants License to B2BX Exchange

    In today’s edition of The Daily we report about the latest American museum to open up to cryptocurrency payments as well as new lawsuits over SIM hijacking. Additionally, the government of Estonia has granted a license to B2BX exchange which will allow to it to attract trad…

🌴 Carribean

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🌴 cayman-islands

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🌌 Canadia Regulation

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  • Decrypting “Crypto”

    Remarks by Timothy Lane Deputy Governor of the Bank of Canada Haskayne School of Business University of Calgary Calgary, Alberta October 1, 2018 Decrypting “Crypto”

    Some of you here today may have purchased bitcoins or one of the other cryptocurrencies or products that have launched in recent years. I’m not here to give you investment advice about them. Rather, I want to share with you our current thinking about these virtual products.

  • The development of laws on electronic documents and e-commerce transactions / Alysia Davies

    “Electronic commerce has had a dramatic impact on the way in which business is done. Increasingly, business communications are being conducted online, as businesses adapt their operations to an electronic environment. In a new business environment where electronic transactions have become the norm, the use of paper to document business transactions is becoming less important. In fact, one of the benefits of conducting business by using digitized information is that it obviates the need to transmit and store paper. Although businesses are adapting to the electronic environment, legal rules continue to stipulate that certain transactions or documents be in writing. Many see such legal requirements as an impediment to transacting business electronically. It is argued that, with a few exceptions, there is little or no benefit in requiring that electronic transactions be put in written form and signed manually. Indeed, it is now widely recognized that legal requirements calling for written documents and manual signatures must somehow accommodate the world of electronic communications. This view has been the driving force behind efforts by international bodies and individual countries to develop rules which would give the same level of legal recognition to electronic transactions as is accorded to paper documents that perform the same function. This paper will review the development of legislation governing the use of electronic alternatives to paper-based forms of communication by the United Nations and in the United States, Australia, the European Union and Canada”–p.1.


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🇺🇸 USA Regulation

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🇺🇸 IRS \ Taxes

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🇺🇸 Financial Crimes Enforcement Network (FinCEN)

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  • FinCEN Takes First Enforcement Action Against P2P Cryptocurrency E…

    FinCEN has assessed a civil money penalty for a California resident accused of violating money transmission laws.

  • FinCEN Says Some Dapps Are Subject to US Money Transmitter Rules

    Decentralized applications (dapps) may sometimes qualify as money transmitters under U.S. law, FinCEN said.

  • New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti…

    The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering,

  • FinCEN Penalizes Peer-to-Peer Virtual Currency Exchanger for Violations of Anti-Money Laundering Laws

    WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Mr. Powers failed to register as a money services business (MSB), had no written policies or procedures for ensuring compliance with the BSA, and failed to report suspicious transactions and currency transactions.

  • Op Ed: Understanding the Latest FinCEN Guidance for Cryptocurrencies

    Peer-to-Peer: Services like LocalBitcoins or OTC trading, are still MSBs if the buyer or seller is advertising the services and/or making a profit from either crypto-to-crypto or fiat-to-crypto exchanges. CVC Wallets: A new four-factor test is created to determine if a wallet provider needs to register as an MSB: (a) who owns the value; (b) where the value is stored; (c) whether the owner interacts directly with the payment system where the CVC runs; and (d) whether the person acting as the intermediary has total independent control over the value.

  • Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies

    The Financial Crimes Enforcement Network (FinCEN) is issuing this interpretive guidance to remind persons subject to the Bank Secrecy Act (BSA) how FinCEN regulations relating to money services businesses (MSBs) apply to certain business models1 involving money transmission denominated in value that substitutes for currency, specifically, convertible virtual currencies (CVCs).2 This guidance does not establish any new regulatory expectations or requirements. Rather, it consolidates current FinCEN regulations, and related administrative rulings and guidance issued since 2011, and then applies these rules and interpretations to other common business models involving CVC engaging in the same underlying patterns of activity.

  • Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies - May 2019

    Lastly, a person who is engaged in more than one type of business model at the same time may be subject to more than one type of regulatory obligation or exemption. For example, a developer or seller of either a software application or a new CVC platform may be exempt from BSA obligations associated with creating or selling the application or CVC platform, but may still have BSA obligations as a money transmitter if the seller or developer also uses the new application to engage as a business in accepting and transmitting currency, funds, or value that substitutes for currency, or uses the new platform to engage as a business in accepting and transmitting the new CVC. Likewise, an exemption may apply to a person performing a certain role in the development or sale of a software application, while a different person using the same application to accept and transmit currency, funds, or value that substitutes for currency would be still subject to BSA obligations.

    FinCEN’s regulations define the term “money transmitter” to include a “person that provides money transmission services,” or “any other person engaged in the transfer of funds.”7 A “transmittor,” on the other hand, is “[t]he sender of the first transmittal order in a transmittal of funds. The term transmittor includes an originator, except where the transmittor’s financial institution is a financial institution or foreign financial agency other than a bank or foreign bank.”8

    In other words, a transmittor initiates a transaction that the money transmitter actually executes.

🇺🇸 Federal Reserve

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  • Fed Does Not Have Jurisdiction or Regulatory Authority Over Crypto…

    Jerome Powell, the current Chairman of the Federal Reserve, has stated cryptocurrencies come up a lot at G7 and other international forums, but the Fed doesn’t have any authority over it….

  • Robert P. Murphy (@BobMurphyEcon)

    Sorry to burst your bubble, folks, but the Fed has never been independent. The president and Senate pick the Board of Governors. C’mon.

  • Heidi N. Moore (@moorehn)

    Okay, for everyone who is confused: Here is a quick-and-dirty explainer thread on the overnight lending market that the Federal Reserve just bailed out.

  • Fed Economist on the Prospect of the USD Losing Global Reserve Status: ‘Who Cares?’ - Ep.140 Unchained

    David Andolfatto, senior vice president at the Federal Reserve Bank of St. Louis, gives his thoughts on Facebook’s Libra, including why regulatory issues will make it hard to compete with the US dollar, and why Bitcoin wouldn’t have such issues. He also says, “who cares?” about the US dollar losing global reserve status, pointing out that many prosperous countries have currencies that don’t function as global reserves. He tells us how he would design a central bank digital currency, and why, even if central banks enabled citizens to open accounts with them, thus bypassing commercial banks, it wouldn’t drive banks out of business. We also cover how that could affect fractional reserve banking and credit creation, the People’s Bank of China’s soon-to-be-issued digital yuan, and why blockchains haven’t yet substantially helped the unbanked, as they were originally touted to do.

🇺🇸 Commodities Futures Trading Commission (CFTC)

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  • ‎‎What Bitcoin Did Podcast, Ep Brian Quintenz on How the CFTC Regulates Cryptocurrencies - Jun 25, 2019
  • Federal Court Finds that Virtual Currencies Are Commodities

    James McDonald, CFTC Director of Enforcement, commenting on the ruling, stated: “This is an important ruling that confirms the authority of the CFTC to investigate and combat fraud in the virtual currency markets. This ruling, like the one in McDonnell from Judge Weinstein in the Eastern District of New York, recognizes the broad definition of commodity under the CEA, and also that the CFTC has the power to prosecute fraud with respect to commodities including virtual currencies. We will continue to police these markets in close coordination with our sister agencies.”

  • Remarks of Commissioner Brian Quintenz before the Eurofi High Level Seminar 2018

    In the midst of the technological renaissance we are living through, what then is the proper role of the regulator? I believe it starts with leadership, clarity, cooperation, and open-mindedness. I think it is incumbent upon regulators to create a workable and appropriate regulatory framework that facilitates market-enhancing innovation. This means adopting regulation that is fair, technology-neutral, and does not stifle positive innovations. It means actively engaging with the financial technology (FinTech) community and other regulators to provide the regulatory certainty necessary to support innovation that promotes competition, vibrancy, and growth in our financial markets. It also means developing thoughtful, balanced regulation that allows nascent markets to develop while also protecting investors and preserving market integrity.

    In order to further these objectives, the CFTC is engaging with industry to learn more about FinTech, through the LabCFTC initiative and the Technology Advisory Committee (TAC). Chairman Giancarlo and the agency launched LabCFTC in the spring of 2017. Through early engagement during the development process, LabCFTC hopes to offer clarity and guidance about the CFTC’s regulatory framework. Since its launch less than a year ago, LabCFTC has met with over 150 market participants.

  • Federal Court Orders Trading Firm and CEO to Pay More than $2.5 Million for Fraudulent Bitcoin Ponzi Scheme

    Washington, DC – A New York federal court has ordered New York corporation Gelfman Blueprint, Inc. (GBI) and its Chief Executive Officer Nicholas Gelfman of Brooklyn, New York, to pay in total over $2.5 million in civil monetary penalties and restitution in what was the first anti-fraud enforcement action involving Bitcoin filed by the Commodity Futures Trading Commission (CFTC) (see CFTC Complaint and Press Release 7614-17).

  • This government agency wants to partner with fintech firms. But a …

    Rules are slowing down U.S. innovation in fintech, leaving the country to fall behind others, the head of the Commodity Futures Trading Commission warns.

  • CFTC Chairman Talks Blockchain, Cooperation Needed As CFTC is ”F…

    The US Commodity Futures Trading Commission’s chairman, Cristopher Giancarlo, has recently made some waves following blockchain-related comments made at a Congressional public hearing this week. The hearing was dubbed ”Examining the Upcoming Agenda for the CFTC”, and wa…

  • Jake Chervinsky (@jchervinsky)

    0/ A quick summary of today’s ruling in the My Big Coin case. In short, a federal court says all digital currencies are commodities & the CFTC has jurisdiction to prosecute fraud & manipulation in crypto. In my view, the ruling is deeply flawed. Thread.

🇺🇸 Bank Secrecy Act

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  • Does The BSA’s ‘5th Pillar’ Apply To Crypto Businesses? - BitAML

    The BSA’s so-called “5th pillar” has created a lot of confusion over how it applies to crypto, if at all. This post explains what it means for crypto businesses.

  • Caitlin Long 🔑 (@CaitlinLong_)

    The #crypto industry was hit hard by after-effects of #operationchokepoint, which was #FDIC’s strategy to choke off bank services to legal businesses. This is why #Wyoming’s proposed special-purpose bank bill is critical–option to avoid FDIC! #blockchain


    Regulators, law enforcement, and the general public have come to expect that cryptocurrencytransactions will leave a public record on a blockchain, and that most cryptocurrency exchangeswill take place using centralized businesses that are regulated and surveilled through the BankSecrecy Act. The emergence of electronic cash and decentralized exchange software challengesthese expectations. Transactions need not leave any public record and exchanges can beaccomplished peer to peer without using a regulated third party in between. Faced withdiminished visibility into cryptocurrency transactions, policymakers may propose newapproaches to financial surveillance. Regulating cryptocurrency software developers andindividual users of that software under the Bank Secrecy Act would be unconstitutional underthe Fourth Amendment because it would be a warrantless search and seizure of informationprivate to cryptocurrency users. Furthermore, any law or regulation attempting to ban, requirelicensing for, or compel the altered publication (​e.g.​ backdoors) of cryptocurrency softwarewould be unconstitutional under First Amendment protections for speech.

🇺🇸 Blue Sky Laws

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  • Why You Should Worry About Blue Sky Filings

    Issuers of securities in the United States need to not only worry about registration on a federal level, but also registration and/or filing requirements for each individual state in which securities are to be sold.

  • Research Guides: Securities Law Research Guide: STATE

    Statutes, regulations, treatises, and other sources of securities law

  • State vs. Federal Laws in Cryptocurrency: Blue Sky, or Running in the Red

    Since the passage of the NSMIA, 92 percent of all private securities offerings greater than $1 million have been conducted under the more daunting Rule 506, which is exempt from blue-sky registration requirements, and not Rules 504 or 505, which remain subject to blue sky requirements. State anti-fraud provisions still apply to all offerings. This demonstrates the clear preference of securities issuers and investors for certainty and consistency in securities regulation, as they flock to SEC safe harbors that require compliance with only one uniform set of rules, and away from those that require compliance with more than 50 separate sets of rules.

  • Money Transmitter Act Guidance for Virtual Currency Businesses (PA)

    The Pennsylvania Department of Banking and Securities (“DoBS”) has received multiple inquiries from entities engaged in various forms of virtual currency exchanges. As the DoBS will not be responding to these requests for guidance on a case-by-case basis, the DoBS is providing the following guidance on the applicability of the Money Transmission Business Licensing Law, otherwise known as the Money Transmitter Act (“MTA”), to virtual currency exchanges.

  • Is Cryptocurrency Money? Depends on Your State

    Is cryptocurrency money? In America, the question is largely decided by regulators charged with overseeing their state’s money transmitter rules.

  • State Regulations on Virtual Currency and Blockchain Technologies

    There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these proprietors, often the first question asked when deciding whether to operate within a state is whether existing state money transmitter rules apply to the sale or exchange of virtual currencies. As you will see from the discussion below, most states have not yet enacted regulations that provides virtual currency operators with any guidance on this question.

  • “Blue Sky Notice Filings: Do I Need to File?” is locked Blue Sky N…

    Every fund organizer should ask whether their investment fund must comply with state Blue Sky notice filings because most investment fund offerings meet the definition of a “security” for purposes of federal and state disclosure and notice requirements.

🇺🇸 Wyoming

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“Wyoming, by contrast, has no personal or corporate income tax at all.”

“I think there are things that Wyoming give a couple of very big advantages. One is privacy. Wyoming protects privacy for its LLC registrants more than most other states. Wyoming invented the LLC in 1977, and since then Wyoming has protected that privacy approach fiercely.”

Update: Wyoming is the First State to Give Bitcoin Owners Full Property Rights! Wyoming’s “Crypto-Bank” Charter KORPORATIO - FIRST MOVER IN WYOMING ENABLING REAL-WORLD COMPANIES An Update from Wyoming - Caitlin Long

Before finishing its work in September, the Wyoming Blockchain Task Force proposed eight new bills for the 2020 legislative session, and committees have now agreed to sponsor all eight of them. This means they have a pretty strong chance of becoming law during the upcoming 2020 legislative session.. U.S. Company Formation for Non-Residents HOW TO FORM AN LLC IN WYOMING

Wyoming Crypto Law Firms

🇺🇸 California

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  • FinCEN Takes First Enforcement Action Against P2P Cryptocurrency E…

    FinCEN has assessed a civil money penalty for a California resident accused of violating money transmission laws.

  • California Passes Bill Defining Blockchain and Crypto Terms - Bitc…

    A draft law designed to amend California’s legislation to create legal grounds for the implementation of crypto-related technologies has been passed by the state’s legislature. Assembly Bill 2658 contains important definitions of some key blockchain and crypto terms.

  • Digital Signatures - Title 2. Administration - Division 7. Secretary of State

    Chapter 10. Digital Signatures These permanent regulations are temporarily superseded by emergency regulations effective from 4/22/2020 through 10/20/2020, or until that date is extended or the emergency regulations are made permanent by regulatory action. See emergency regulations.

  • Approved List of Digital Signature Certification Authorities

    Permanent digital signature regulations require the Secretary of State to maintain a list of certificate authorities authorized to issue certificates for digitally signed communications with public entities in California. Effective 4/22/2020, this requirement is not in effect due to emergency regulations. These emergency regulations remain in effect through 10/20/2020, or until that date is extended or the emergency regulations are made permanent by regulatory action. See emergency regulations. To avoid confusion while the emergency regulations in effect, the Secretary of State has removed this list from our website.”

  • Digital Signatures (Emergency Regulations) Title 2. Administration - Division 7. Secretary of State - Chapter 10. Digital Signatures
    1. Acceptable Technologies.
      • The technology known as Public Key Cryptography is an acceptable technology for use by public entities in California, provided that the digital signature is created consistent with the following provisions:
        • Definitions. For purposes of section 22003(a), and unless the context expressly indicates otherwise:
          • “Asymmetric cryptosystem” means a computer algorithm or series of algorithms which utilize two different keys with the following characteristics:
            • One key signs a given message;
            • One key verifies a given message; and
            • The keys have the property that, knowing one key, it is computationally infeasible to discover the other key.
          • “Certificate” means a computer-based record which:
            • Identifies the certification authority issuing it;
            • Names or identifies its subscriber;
            • Contains the subscriber’s public key;
            • Is digitally signed by the certification authority issuing or amending it; and
            • Conforms to widely-used industry standards, including, but not limited to, ISO x.509 and PGP certificate standards.
          • “Certification Authority” means a person or entity that issues a certificate, or in the case of certain certification processes, certifies amendments to an existing certificate.

🇺🇸 New York (nys)

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🇺🇸 Montana

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Podcast Episodes

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