About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Streamlining licensing for Cyprus Investment Firms – MiFID II and MiCA
At present, Cyprus-based crypto exchanges that wish to provide services both in relation to spot crypto products and financial instruments such as crypto derivatives are subject to dual-licensing under the local AML legislation and the traditional investment services regime implementing EU Directive 2014/65/EU. The Cyprus Securities and Exchange Commission administers both regimes.
25 Apr 2024
Harneys BVI Regulatory team facilitates approval for a leading cryptocurrency market maker under VASPA
Our BVI Regulatory team recently advised Portofino Technologies Global, a prominent cryptocurrency market maker, in successfully securing approval from the Financial Services Commission under the Virtual Assets Service Providers Act.
11 Apr 2024
Introducing the Harneys MiCA Assessment Tool: A guide to navigate EU crypto regulations
With the rules in EU Regulation 1114/2023 on markets in crypto-assets (MiCA) becoming applicable by the end of 2024, staying compliant is crucial for businesses operating within the European Union/the European Economic Area (EEA). To assist crypto-industry participants in understanding their regulatory obligations under MiCA, Harneys proudly presents its new MiCA Assessment Tool.
25 Mar 2024
Comprehensive guide to crypto assets in trusts and foundations
Partner Joshua Mangeot, Counsel Marc Piano, and Associate Myles Chingara contributed the BVI chapter in the upcoming Crypto Assets in Trusts and Foundations comprehensive guide, co-published by Globe Law and Business and STEP.
01 Mar 2024
New era of crypto regulations: MiCA and travel rule regulations published in the Official Journal, MiCA overview guide included
On 9 June 2023, EU Regulation 2023/1114 on Markets in Crypto Assets (MiCA) and EU Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation) were published in the Official Journal of the European Union.
13 Jun 2023
European Council extends cooperation initiatives on crypto-assets and wealthy individuals in taxation, relevant to MiCA and DAC8
On 16 May 2023, the Council of the European Union issued a press release announcing that it has reached a general approach on the amendments to the directive on administrative cooperation in taxation, focussing on the reporting and automatic exchange of information related to crypto-asset transactions and advance tax rulings for high-net-worth individuals.
09 Jun 2023
European Council adopts ground-breaking MiCA framework and travel rule regime
On 16 May 2023, the Council of the European Union took a significant step in regulating the crypto-assets space by adopting the regulation on Markets in Crypto-Assets (MiCA) and the regulation on information accompanying transfers of funds and certain crypto-assets (the Travel Rule Regulation). This marked the final legislative approval required before publication of MiCA and the Travel Rule Regulation in the Official Journal of the European Union.
17 May 2023
US and UK sanctions regimes target Russian “financial facilitators” globally
On 12 April 2023, the US and UK competent authorities coordinated to add numerous perceived Russian “financial facilitators” based in Cyprus, Switzerland, Liechtenstein, and other jurisdictions to their asset freeze lists. The focus in this round has been on individuals and firms who have been perceived to have aided sanctioned Russian oligarchs conceal their assets in complex financial networks, typically through shell companies and trust structures.
03 May 2023
BVI Virtual Assets Service Providers Act: Three months to go
The BVI recently brought into force the Virtual Assets Service Providers Act 2022, which establishes a new legal framework for the registration and supervision of individuals and businesses providing virtual asset services. The VASP Act was enacted on 1 February 2023. Importantly, the transitional framework closes on 31 July 2023. Note, you may need to take action now if you are active in this area.
26 Apr 2023