By Andrew Millar & Gerrard Finnegan, Estera – While New Year is generally a time of celebration, recent history has shown that it can also ring in a regulatory deadline or two. As the world welcomed in 2018, Europe saw the Markets in Financial Instruments Directive (MiFID II) come into force. And later this year, it’s the turn of the Cayman Islands, with a final deadline for the revised Proceeds of Crime Law landing on 31 December.
“I would say every day I get two or three inquiries on some crypto or blockchain-related project. There is a lot of interest in all things crypto here in the BVI,” observes Michael Killourhy, Partner at Ogier (BVI).
IronX, a new Crypto Exchange joint venture between global online broker IronFX Group and EmurgoHK, creator of the Cardano blockchain, has been awarded full regulatory licence approval by the Estonian Financial Intelligence Unit (FIU).
The Bermuda Monetary Authority (BMA) has released an Information Bulletin outlining what documentation is required when submitting an application for a digital asset business (DAB) licence.
The introduction of new legislation in Jersey that enables the establishment of Limited Liability Companies (LLCs) has the potential to significantly enhance pan-Atlantic business with the US, according to Jersey Finance.
Coinfloor’s spot exchange in Gibraltar has received an in-principle authorisation as a distributed ledger technology (DLT) provider from the Gibraltar Financial Services Commission under the jurisdiction’s Financial Services (Distributed Ledger Technologies Providers) Regulations 2018.
New legislation designed to strengthen Jersey’s capabilities to fight financial crime was introduced last week.
Swiss fintech specialist Avaloq has acquired a 10 per cent stake in Metaco, a Lausanne-based blockchain and crypto-currency specialist.
With some offshore jurisdictions having only moved recently to introduce registers of beneficial ownership, one could argue that having had its own register in place for over 70 years, Bermuda has been ahead of the curve. Now, as global regulatory oversight and transparency expectations rise, Bermuda is well placed to demonstrate that its house is very much in order.
Although the Cayman Islands tends to be the default option for most alternative fund managers, there is a good argument for saying that Bermuda is equally, if not more attractive; certainly from a cost perspective and a ‘substance’ perspective, with a well-established business district in Hamilton, the island’s capital.