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Regulatory Blog

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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.
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.
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.
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.
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.
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.
European Parliament approves MiCA and travel rule regulations, updated texts disclosed
On 20 April 2023, the European Parliament voted in favour of the Markets in Crypto Assets regulation (MiCA) and the regulation on information accompanying transfers of funds and certain crypto-assets.
EU steps forward with MiCA and travel rule regimes
On 18 April 2023, the European Parliament will be debating the Markets in Crypto Assets Regulation (MiCA), which is set to establish a harmonized set of rules for crypto-assets and related activities and services across the European Union (EU). Should the European Parliament approve the proposal, under the ordinary legislative procedure, it will be put to a vote before the Council of the EU before its publication in the Official Journal of the EU.
BVI Virtual Assets Service Providers Act 2022 is now in force
The BVI Virtual Asset Service Providers Act, 2022 (the Act) came into force on 1 February 2023. Under the Act, virtual asset service providers (VASPs) within the regime must become registered with the BVI Financial Services Commission.
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