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Четверг 21 ноября 2024

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Deloitte’s 2021 Global Blockchain Survey results

Today digital assets are affecting the entire financial market. Will they create opportunities for economic growth? How will financial services industry models change? Is the regulatory structure over financial services prepared for this change? Deloitte’s 2021 Global Blockchain Survey provides a clearer view at current and future expectations for the global financial services industry (FSI). The survey focuses on respondents from the FSI and FSI Pioneers – respondents, whose organisations have already applied blockchain solutions and/or integrated digital assets into…

Cyprus: perfect base for digital nomads

Living a nomadic lifestyle became a trend in recent years. Paradoxically, the global pandemic helped promote the concept. Last two years proved that many of us could perform our job remotely with the help of technology. More and more people want to be location independent – either while working remotely for an employer or by setting up their own business activity. However, the nomadic lifestyle can bring up issues with a residency status, specifically with tax residency. Many travellers do…

How blockchain technology works

The advancements of blockchain are still young and have the potential to be revolutionary in the future. In few words, blockchain is a combination of three leading technologies: 1. Cryptographic keys 2. A peer-to-peer network containing a shared ledger 3. A means of computing, to store the transactions and records of the network. Cryptography keys consist of two keys – Private key and Public key. These keys help in performing successful transactions between two parties. Each individual has these two…

New regulatory framework for crypto asset services providers

The Cyprus Securities and Exchange Commission (CySEC) has published a clarification on the anti-money laundering and counter-terrorist financing (AML/CFT) supervision for cryptoasset operations undertaken in or from Cyprus. The Successful Business Magazine presents the summary of this publication. REGISTER OR SUBMIT NOTIFICATION? If you are a Crypto Asset Services Provider (CASP), within the meaning of the Prevention and Suppression of Money Laundering and Terrorist Financing Law (AML/CFT Law), that provides services in or from Cyprus, you must formally register with…

Dr George Theocharides: as regulators, we need to be proactive

The emerging crypto industry is still unchartered waters in many regards. But the Cyprus Securities and Exchange Commission is working towards eliminating the regulatory gaps and ensure the highest level of investor protection. The Successful Business Magazine asks the Commission head, Dr George Theocharides, about the current crypto landscape in the EU and in Cyprus and the recent and forthcoming regulatory developments. In your opinion, what are the greatest regulatory risks that Cyprus faces today? The trends that we have…

Role of family offices today

Today more than ever, wealthy families are faced with new risks, challenges, and changing needs both for the business and the family. Family Offices are evolving to meet these needs: Protect the family wealth through effective asset protection, investment management, and succession planning. Enhance family cohesion and transition between generations regarding the family’s legacy, strategy, values, and key decisions. Exercise better control over family holdings/assets through the right governance. Manage the various risks facing the family (including investment risk, reputation…

Deadline to register beneficial ownership

The submission of data concerning beneficial ownership is due by 12 March 2022 in accordance with the relevant announcement of the Department of Registrar of Companies and Intellectual Property. LEGAL BACKGROUND In early 2021, the Cyprus government transposed the 5th EU Anti-Money Laundering (AML) Directive into Cyprus legislation, amending the Law for the Prevention and Suppression of Money Laundering Activities.Consequently, all companies and other legal entities that are incorporated or registered in the Republic of Cyprus are now obliged to…