The world’s largest crypto exchange Binance plans to back the creation of the first blokchain-based bank in Malta. Currently, the crypto exchange is waiting for an approval from the Maltese financial regulator.
The bank will be working within financial laws and regulations of the European Union and will become the first completely decentralized, crypto community-owned financial institution.
The first stage of the project entitled “Founders Bank” will be backed by Binance, and funds will be raised using blockchain-based equity fundraising platform Neufund that will be responsible for issue of tokens. Tokens will be sold in partnership with one of the largest European exchanges pursuant to German regulations at the end of 2018. Currently, the project cost is estimated at $155 m.
The Central Bank of the Bahamas is planning to create a government-backed pilot cryptocurrency, this announcement was made by the Finance Minister of the island.
“As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely. Digitization of our government and financial services complements both our ease of doing business initiatives and our digital Bahamas framework,” said deputy Prime Minister and Finance Minister of the island.
The Bahamas is joining a small list of countries that are planning to experiment with central bank digital currencies. Norway’s Central Bank is currently studying if launching its own cryptocurrency would be positive for the country. Falling cash use was cited as the motivation for Sweden’s central bank, Riksbank, to might issue an e-krona. Research has also been conducted by the Bank of Canada with a view to determining the risks and benefits that would come from issuing its own digital currency.
UK’s 14 Overseas Territories must make publicly accessible registers of the beneficial ownership of legal entities or face having them imposed by the UK, following Royal Assent to the UK Sanctions and Anti-Money Laundering Act 2018 on May 23, 2018.
The UK Government must prepare a draft order till December 31, 2020, requiring Overseas Territories to introduce public registers if they have not already done so. Anti-Money Laundering Act also requires the UK Government to publish periodic reports explaining the progress each Overseas Territory has made in implementing a public register, and giving an assessment of when it will be in place.
On June 12, 2018, the Financial and Capital Market Commission gave consent to ABLV Bank to conduct a controlled self-liquidation process.
From June 18, the creditors of ABLV Bank may submit their claims. Claims of creditors and other persons and any other claims can be submitted to the liquidators of ABLV Bank within three months.
After receiving all creditors’applications, there will be created a list of creditors. All applications will be reviewed within 3 months.
As such, depositors of ABLV Bank having deposit balances more than EUR 100 000 can start receiving back their money in December 2018. Since the Bank does not have a liquidity problem all obligations are planned to be fulfilled.
The process of the Bank’s liquidation is expected to last about five years. With the start of self-liquidation, the board of directors and the management board of the Bank lose their powers, and the liquidation committee of four liquidators becomes a decision-making body.
Mauritius of just 1.2 m people, is increasingly recognized as one of the leading African markets for foreign investors.
Recently there is a huge increase in the number of foreigners investing in the Indian Ocean island. The sudden rise in interest from expatriates is largely attributed to a relaxing of the laws relating to buying property on the island, which set a lower threshold of $500,000 for obtaining residency on the island.
By several measures Mauritius is already the leading African economy, with the highest GDP per capital of $25,700, according to New World Wealth report. The World Economic Forum also ranks Mauritius as the most competitive market in Africa and the country ranks 25th internationally in the World Bank’s table for the ease of doing business.
Mauritius has no Capital Gains Tax, dividends or inheritance tax and a universal tax rate of 15%.