16.08.2019. Hong Kong grants its first digital asset custodian licence
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A California-based digital financial service provider Aegis Custody- has been granted a trading licence as Hong Kong’s first digital asset custodian.
Aegis Custody’s informed that through a Hong Kong business, the company will be able to service clients interested in the new digital asset economy on a global scale.
In November last year, Hong Kong’s Securities and Futures Commission (SFC) set out a new regulatory approach for digital assets, seeking to better protect investors and encourage more innovation in the nascent sector.
Aegis Custody says more than 2bn US$ of assets have been lost to internal theft, cybersecurity attacks and human error internationally over the past five years.
Founded in 2018, Aegis Custody concentrates on catering to a wide range of portfolios, from asset managers, family offices, and financial institutions to third-party trusts, exchanges, and asset-based token issuers.
The company says it provides digital asset custody solutions that are flexible and institution-grade so that digital asset investments become simpler for institutions.

16.08.2019. BVI working with regulation to avoid being placed on the EU’s blacklist
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BVI is implementing ammendments to the beneficial ownership secure search system (BOSS) Act to adjust to the new rules of economic substance and avoid being placed on the EU’s blacklist.
The territory incerses also funding and staff to its international tax authority (ITA) as it deals with more requests for information relating to taxes, including the area of economic substance.
Premier Andrew Fahie said the ITA performs a critical role in ensuring the smooth implementation and operation of the economic substance reporting requirements along with the structures.
Premier sad that Government do all to minimize the negative impact on the territory’s economy that the economic substance requirement portended.
In January, the BOSS Act was amended to work alongside the economic substance companies and limited partnership (Amendment) Act of 2018.
Premier said the focus of it would be to convince Britain that the BVI  BOSS is a better alternative to the UK-mandated public registers of company beneficial ownership.

5.08.2019. Cyprus certified accountants and regulator join forces to fight money laundering
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The Cyprus securities and exchange commission (CySEC) and the Institute of certified public accountants of Cyprus (ICPAC) have signed a strategic partnership to tackle money laundering and terrorist financing.
Under the agreement, CySEC and ICPAC will also address issues and violations of legislation with a common objective to ensure compliance of the supervised entities.
Earlier in May, CySEC sent out a directive requiring additional targeted training be provided by regulated entities to their staff especially in the area of suspicious activity monitoring.
The aim od the directive is to mitigate and manage the risks of money laundering and terrorist financing effectively.

5.08.2019. OECD about low-tax jurisdictions
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The OECD’s forum has concluded that all but one of countries on its low-tax jurisdictions list are compliant with its standards for “substantial activity legislation”, and as such are considered not harmful.
In the latest OECD report, named 11 of the 12 countries on the OECD’s list are now compliant with its international criteria.
The 11 jurisdictions now categorised as “wholly compliant” are Anguilla, the Bahamas, Bahrain, Barbados, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey and the Turks and Caicos Islands.
The remaining jurisdiction, the UAE, has a single”technical point” which is in the process of being resolved, the OECD confirmed.

20.06.2019. Reform of the UK Company Register
in Company News

Public discussions of new rules of the Company Register will be held between May 2019 and 5 August 2019.
The main purpose of the reform is to fight against economic crimes and improve the quality of the Register’s services.
Key issues:
1. Improvement of quality and operability of the Company Register
2. Transparency of information as to who creates, manages and controls companies, increase in scope of disclosed information and improvement of reliability of information
3. Protection of personal data – storing and granting access to information contained in the Company Register.
4. Information exchange and other methods of fighting against bad faith use of companies.