Legal implications of blockchain and cryptocurrencies by faith obafemiFaith Obafemi Esq.
Legal Implications of Blockchain and Cryptocurrencies by Faith Obafemi. A presentation made at the Blockchain Week Lagos, organized in partnership with Work Station
IPS provides a digital cash system called IPS-Venture that allows anonymous peer-to-peer money transfers using only a phone and SMS. It aims to create a personal-scale shadow banking system using cryptography to enable non-identity transactions. Previous digital cash systems failed due to lack of adoption or privacy issues, but ubiquitous phones and desire for privacy create an opportunity for IPS-Venture. The system uses cryptographic techniques like hash chains and digital signatures to enable anonymous but traceable transactions, with IPS insuring the transaction integrity and token storage. IPS generates revenue from currency conversion and transaction tracking/storage services.
Philippines announces the new cryptocurrency regulatory frameworkBlockchain Council
It was Bitcoin that had laid the foundation for a new era of digital money transaction. 2009 when the world saw Bitcoin surfacing, it was the same year when we got to know about Blockchain that was the underlying technology of Bitcoin and other cryptocurrencies. The Blockchain is that new kid in the town which has taken the world by storm. Being a decade old, this technology has carved a niche for itself and has disrupted almost all the business verticals. From healthcare to finance to supply chain management, Blockchain finds application everywhere.
Cryptocurrency Regulation is better than its banSUJATA MUNI
This document discusses cryptocurrency regulation in India. It summarizes:
1) Cryptocurrency is a digital currency that uses encryption techniques to generate units of currency and facilitate transfers without a central bank. While some countries have legalized cryptocurrency, India currently has no regulations governing its use.
2) The Supreme Court struck down an RBI ban on cryptocurrency exchanges, stating the ban was disproportionate. However, risks still outweigh benefits at this early stage and regulations are needed to address risks while allowing innovation.
3) An outright ban could drive illegal trade but regulations could ease disruption by taxing cryptocurrency transactions. The government should consider regulating rather than prohibiting cryptocurrency to balance innovation and risks.
Smart contracts are programs stored on the Ethereum blockchain that run when predetermined conditions are met. They allow automatic execution of terms without third party involvement. An example is described where a smart contract is used to automate the rental of an apartment, refunding payment if the digital key is not received by the rental date. Smart contracts offer autonomy, security, speed and ensure terms are followed if conditions are satisfied. As smart contracts grow in use, demand is increasing for Ethereum experts and developers trained in their creation through certifications like those offered by Blockchain Council.
1. The document discusses Initial Coin Offerings (ICOs), which are a way for blockchain entrepreneurs to raise funds by creating and allocating virtual tokens.
2. ICOs differ from traditional IPOs in that they do not offer equity stakes, but rather issue cryptographic tokens that operate on a specific blockchain.
3. While ICOs are currently unregulated in Malaysia, the country is expected to introduce new regulations for cryptocurrency exchanges and ICOs in 2018 to address money laundering and terrorism financing risks.
Regulatory frameworks concerned with blockchain and other distributed ledgers are crucial to legitimising cryptocurrencies and give users control over their finances. While countries like China and India have taken a prohibitive stance towards cryptocurrency regulation, Malta has completely embraced the Blockchain Technology
Smart contracts are digital contracts that are programmed to automatically execute payments or obligations when predetermined conditions are met. They were introduced by Ethereum in 2018 and run on the Ethereum blockchain. Smart contracts provide a secure and reliable way to execute agreements since the terms cannot be altered once entered onto the blockchain. Ethereum allows for more flexible programming of smart contracts compared to Bitcoin, making it a better platform for developing and running smart contracts. There is growing demand for blockchain professionals with skills in smart contracts as they are used across industries like insurance, healthcare, and real estate.
Legal implications of blockchain and cryptocurrencies by faith obafemiFaith Obafemi Esq.
Legal Implications of Blockchain and Cryptocurrencies by Faith Obafemi. A presentation made at the Blockchain Week Lagos, organized in partnership with Work Station
IPS provides a digital cash system called IPS-Venture that allows anonymous peer-to-peer money transfers using only a phone and SMS. It aims to create a personal-scale shadow banking system using cryptography to enable non-identity transactions. Previous digital cash systems failed due to lack of adoption or privacy issues, but ubiquitous phones and desire for privacy create an opportunity for IPS-Venture. The system uses cryptographic techniques like hash chains and digital signatures to enable anonymous but traceable transactions, with IPS insuring the transaction integrity and token storage. IPS generates revenue from currency conversion and transaction tracking/storage services.
Philippines announces the new cryptocurrency regulatory frameworkBlockchain Council
It was Bitcoin that had laid the foundation for a new era of digital money transaction. 2009 when the world saw Bitcoin surfacing, it was the same year when we got to know about Blockchain that was the underlying technology of Bitcoin and other cryptocurrencies. The Blockchain is that new kid in the town which has taken the world by storm. Being a decade old, this technology has carved a niche for itself and has disrupted almost all the business verticals. From healthcare to finance to supply chain management, Blockchain finds application everywhere.
Cryptocurrency Regulation is better than its banSUJATA MUNI
This document discusses cryptocurrency regulation in India. It summarizes:
1) Cryptocurrency is a digital currency that uses encryption techniques to generate units of currency and facilitate transfers without a central bank. While some countries have legalized cryptocurrency, India currently has no regulations governing its use.
2) The Supreme Court struck down an RBI ban on cryptocurrency exchanges, stating the ban was disproportionate. However, risks still outweigh benefits at this early stage and regulations are needed to address risks while allowing innovation.
3) An outright ban could drive illegal trade but regulations could ease disruption by taxing cryptocurrency transactions. The government should consider regulating rather than prohibiting cryptocurrency to balance innovation and risks.
Smart contracts are programs stored on the Ethereum blockchain that run when predetermined conditions are met. They allow automatic execution of terms without third party involvement. An example is described where a smart contract is used to automate the rental of an apartment, refunding payment if the digital key is not received by the rental date. Smart contracts offer autonomy, security, speed and ensure terms are followed if conditions are satisfied. As smart contracts grow in use, demand is increasing for Ethereum experts and developers trained in their creation through certifications like those offered by Blockchain Council.
1. The document discusses Initial Coin Offerings (ICOs), which are a way for blockchain entrepreneurs to raise funds by creating and allocating virtual tokens.
2. ICOs differ from traditional IPOs in that they do not offer equity stakes, but rather issue cryptographic tokens that operate on a specific blockchain.
3. While ICOs are currently unregulated in Malaysia, the country is expected to introduce new regulations for cryptocurrency exchanges and ICOs in 2018 to address money laundering and terrorism financing risks.
Regulatory frameworks concerned with blockchain and other distributed ledgers are crucial to legitimising cryptocurrencies and give users control over their finances. While countries like China and India have taken a prohibitive stance towards cryptocurrency regulation, Malta has completely embraced the Blockchain Technology
Smart contracts are digital contracts that are programmed to automatically execute payments or obligations when predetermined conditions are met. They were introduced by Ethereum in 2018 and run on the Ethereum blockchain. Smart contracts provide a secure and reliable way to execute agreements since the terms cannot be altered once entered onto the blockchain. Ethereum allows for more flexible programming of smart contracts compared to Bitcoin, making it a better platform for developing and running smart contracts. There is growing demand for blockchain professionals with skills in smart contracts as they are used across industries like insurance, healthcare, and real estate.
Initial Thoughts on Regulation for Bitcoin and Virtual CurrenciesMark McKenzie, RHB
Initial thoughts on regulating Bitcoin and virtual currencies are discussed. Regulation aims to promote fair, efficient markets and protect customers. Lessons can be drawn from mobile and internet banking regulations. Potential regulations discussed include registration/licensing requirements, capital requirements, governance standards, and anti-money laundering compliance. Regulations should balance mitigating risks while allowing innovation, and ensure technological progress is not hindered.
Smart Contract is one of the greatest features supported by revolutionary Blockchain Technology. It is because of smart contracts blockchain is finding its adoption in every sector and going to create disruption in the way we are going to do exchange among each other.
This ppt covers basics about what is smart contracts and its use cases.
Why banks are looking for blockchain based payment systems Blockchain Council
Blockchain is the next revolution in banking. In this article, we look at how banks are planning to use blockchain systems in their operations. Click below to know more
IRJET-Concurrency, Security Issues and Upcoming Challenges to Legal Framework...IRJET Journal
This document discusses cryptocurrency, security issues, and challenges to India's legal framework regarding cryptocurrency. It provides background on cryptocurrency and how transactions work. It then outlines several legal aspects and issues associated with cryptocurrencies, including their decentralized nature, lack of a defined legal framework in many countries, volatility, independent digital wallets, taxation concerns, and risks of money laundering. Security issues involving cryptocurrency trading like spoofing, phishing, and malware are also briefly mentioned. Recently, an Indian regulatory body suggested regulating cryptocurrency transactions to ensure compliance with securities laws and prevent undermining of private placement norms. There is an ongoing discussion around regulating virtual currencies and addressing associated legal issues in India and other nations.
Smart contracts are programs stored on a blockchain that automatically execute the terms of an agreement. They provide authentication of parties through digital identities and run on decentralized blockchains using cryptocurrency accounts. While offering advantages like speed, cost savings, and accuracy over traditional contracts, smart contracts currently have disadvantages like a lack of regulation and inability to modify terms. An example of smart contracts' use is automating a car purchase on a blockchain from selection to ownership transfer without intermediate parties. Further development is needed to address current limitations and optimize their use in business activities.
Deatherage presentation blockchain, cryptocurrency, smart contracts and the l...Scott Deatherage
Blockchain, cryptocurrency, smart contracts and the law provides a general outline of blockchain technology, cryptocurrency, and smart contracts as well as a discussion of legal issues related to these topics.
B12: AMLO | FinTech Situation in Thailand and Offshore and Money Laundering R...Kullarat Phongsathaporn
This document discusses various FinTech trends and their associated anti-money laundering and counter-terrorism financing (AML/CFT) risks and challenges. It outlines the development of the FinTech ecosystem including areas like digital banking, peer-to-peer lending, cryptocurrencies, and alternative fundraising methods. It then analyzes the overall ML/FT risks of FinTech relating to issues like fraud, challenges with digital identity verification, new entrants to the industry, cross-border operations, and collaboration projects. Specific risks involving virtual assets, financial inclusion through FinTech, and digital identity/know-your-customer trends are also examined. Finally, the document discusses ways that technology can enhance AML/CFT compliance and
This document discusses online banking, including its definition, types of online banking services, how to use online banking, and security concerns. It notes that online banking allows customers to conduct financial transactions through a secure website and describes basic and fully transactional online banking services. Examples are given of checking account balances, transferring funds, and paying bills online. Security controls and the risks of online banking fraud are also mentioned.
Regulation & law in the Bitcoin era: analysis and perspectives | Stefano Capa...Codemotion
Bitcoin and cryptocurrencies are innovation permission-less: lawmakers and regulators did not expect this new paradigm. The first experiment to regulate failed (BitLicense), because did not consider the unique characteristics of the new ecosystem, new actors, and new typology of transaction. Starting from common principles and some property of bitcoin, the speech will focus on the effort made by European Union, particularly on European Court of Justice Case C-264/14 and the fifth Anti Money Laundering Directive and made by Italy.
Bitcoin, ICOs & ITOs: a legal overview | Giorgio Mazzoli | Blockchain ConfCodemotion
This presentation will be on the legal nature of bitcoin. The following aspects will be examined: bitcoin’s fundamental features, what is considered “money” from an economic and legal perspective and the difference, if any, between bitcoin and money. A specific reference shall be made to ECB’s position, to the EU Court of Justice judgment in case C-264/2014 and to EU Parliament’s resolution of April 19th, 2018.
Moreover, I will explain the effects of bitcoin’s definition as a “mean of payment on a voluntary basis” and the differences between bitcoin and fiat money with a legal tender.
Malaysia has implemented close-out netting for many financial transactions to develop its domestic markets and benefit corporate treasurers. Close-out netting allows financial institutions and corporations to offset their total exposures to each other in the event of counterparty default, reducing risks. The new Netting of Financial Agreements Act provides legal assurance for netting and is expected to lower transaction costs and increase competition from foreign banks. While netting may benefit treasurers, the recent introduction of a goods and services tax in Malaysia may increase taxes on some banking fees.
Japanese banks are all set to launch blockchain finance platformBlockchain Council
We all know that Japan has a strong foothold in the world of technology. In fact, its technology is trusted by people across the globe. The land of the rising sun is the home to support of cryptocurrency investors and users. In 2018, Japan was the second or third largest economy when we take Bitcoin into consideration. Did you know that Japanese yen 11% of global trading volume for Bitcoin?
B11: Central IP & IT Court | FinTech: Legal and Regulatory Challenges (7 Aug ...Kullarat Phongsathaporn
"Special seminar on Memorial Day for Thailand's Father of Law" by Central IP & IT Court, Panelist for "FinTech: Legal and Regulatory Challenges" (7 Aug 2019)
In recent years, the rise of cryptocurrencies has captured the attention of individuals, businesses, and governments worldwide. As this digital revolution continues to reshape the financial landscape, it becomes increasingly important to understand the role and impact of cryptocurrency legislation.
A presentation on AML & CFT Risks and Opportunities delivered at the Gibraltar Association of Compliance Officers Blockchain & DLT Event on 17 October 2018.
This presentation covers different industry players; what obligations those industry players may have; how to meet those compliance obligations; other key risks and the future of compliance in the cryptocurrency and DLT sector.
Initial Thoughts on Regulation for Bitcoin and Virtual CurrenciesMark McKenzie, RHB
Initial thoughts on regulating Bitcoin and virtual currencies are discussed. Regulation aims to promote fair, efficient markets and protect customers. Lessons can be drawn from mobile and internet banking regulations. Potential regulations discussed include registration/licensing requirements, capital requirements, governance standards, and anti-money laundering compliance. Regulations should balance mitigating risks while allowing innovation, and ensure technological progress is not hindered.
Smart Contract is one of the greatest features supported by revolutionary Blockchain Technology. It is because of smart contracts blockchain is finding its adoption in every sector and going to create disruption in the way we are going to do exchange among each other.
This ppt covers basics about what is smart contracts and its use cases.
Why banks are looking for blockchain based payment systems Blockchain Council
Blockchain is the next revolution in banking. In this article, we look at how banks are planning to use blockchain systems in their operations. Click below to know more
IRJET-Concurrency, Security Issues and Upcoming Challenges to Legal Framework...IRJET Journal
This document discusses cryptocurrency, security issues, and challenges to India's legal framework regarding cryptocurrency. It provides background on cryptocurrency and how transactions work. It then outlines several legal aspects and issues associated with cryptocurrencies, including their decentralized nature, lack of a defined legal framework in many countries, volatility, independent digital wallets, taxation concerns, and risks of money laundering. Security issues involving cryptocurrency trading like spoofing, phishing, and malware are also briefly mentioned. Recently, an Indian regulatory body suggested regulating cryptocurrency transactions to ensure compliance with securities laws and prevent undermining of private placement norms. There is an ongoing discussion around regulating virtual currencies and addressing associated legal issues in India and other nations.
Smart contracts are programs stored on a blockchain that automatically execute the terms of an agreement. They provide authentication of parties through digital identities and run on decentralized blockchains using cryptocurrency accounts. While offering advantages like speed, cost savings, and accuracy over traditional contracts, smart contracts currently have disadvantages like a lack of regulation and inability to modify terms. An example of smart contracts' use is automating a car purchase on a blockchain from selection to ownership transfer without intermediate parties. Further development is needed to address current limitations and optimize their use in business activities.
Deatherage presentation blockchain, cryptocurrency, smart contracts and the l...Scott Deatherage
Blockchain, cryptocurrency, smart contracts and the law provides a general outline of blockchain technology, cryptocurrency, and smart contracts as well as a discussion of legal issues related to these topics.
B12: AMLO | FinTech Situation in Thailand and Offshore and Money Laundering R...Kullarat Phongsathaporn
This document discusses various FinTech trends and their associated anti-money laundering and counter-terrorism financing (AML/CFT) risks and challenges. It outlines the development of the FinTech ecosystem including areas like digital banking, peer-to-peer lending, cryptocurrencies, and alternative fundraising methods. It then analyzes the overall ML/FT risks of FinTech relating to issues like fraud, challenges with digital identity verification, new entrants to the industry, cross-border operations, and collaboration projects. Specific risks involving virtual assets, financial inclusion through FinTech, and digital identity/know-your-customer trends are also examined. Finally, the document discusses ways that technology can enhance AML/CFT compliance and
This document discusses online banking, including its definition, types of online banking services, how to use online banking, and security concerns. It notes that online banking allows customers to conduct financial transactions through a secure website and describes basic and fully transactional online banking services. Examples are given of checking account balances, transferring funds, and paying bills online. Security controls and the risks of online banking fraud are also mentioned.
Regulation & law in the Bitcoin era: analysis and perspectives | Stefano Capa...Codemotion
Bitcoin and cryptocurrencies are innovation permission-less: lawmakers and regulators did not expect this new paradigm. The first experiment to regulate failed (BitLicense), because did not consider the unique characteristics of the new ecosystem, new actors, and new typology of transaction. Starting from common principles and some property of bitcoin, the speech will focus on the effort made by European Union, particularly on European Court of Justice Case C-264/14 and the fifth Anti Money Laundering Directive and made by Italy.
Bitcoin, ICOs & ITOs: a legal overview | Giorgio Mazzoli | Blockchain ConfCodemotion
This presentation will be on the legal nature of bitcoin. The following aspects will be examined: bitcoin’s fundamental features, what is considered “money” from an economic and legal perspective and the difference, if any, between bitcoin and money. A specific reference shall be made to ECB’s position, to the EU Court of Justice judgment in case C-264/2014 and to EU Parliament’s resolution of April 19th, 2018.
Moreover, I will explain the effects of bitcoin’s definition as a “mean of payment on a voluntary basis” and the differences between bitcoin and fiat money with a legal tender.
Malaysia has implemented close-out netting for many financial transactions to develop its domestic markets and benefit corporate treasurers. Close-out netting allows financial institutions and corporations to offset their total exposures to each other in the event of counterparty default, reducing risks. The new Netting of Financial Agreements Act provides legal assurance for netting and is expected to lower transaction costs and increase competition from foreign banks. While netting may benefit treasurers, the recent introduction of a goods and services tax in Malaysia may increase taxes on some banking fees.
Japanese banks are all set to launch blockchain finance platformBlockchain Council
We all know that Japan has a strong foothold in the world of technology. In fact, its technology is trusted by people across the globe. The land of the rising sun is the home to support of cryptocurrency investors and users. In 2018, Japan was the second or third largest economy when we take Bitcoin into consideration. Did you know that Japanese yen 11% of global trading volume for Bitcoin?
B11: Central IP & IT Court | FinTech: Legal and Regulatory Challenges (7 Aug ...Kullarat Phongsathaporn
"Special seminar on Memorial Day for Thailand's Father of Law" by Central IP & IT Court, Panelist for "FinTech: Legal and Regulatory Challenges" (7 Aug 2019)
In recent years, the rise of cryptocurrencies has captured the attention of individuals, businesses, and governments worldwide. As this digital revolution continues to reshape the financial landscape, it becomes increasingly important to understand the role and impact of cryptocurrency legislation.
A presentation on AML & CFT Risks and Opportunities delivered at the Gibraltar Association of Compliance Officers Blockchain & DLT Event on 17 October 2018.
This presentation covers different industry players; what obligations those industry players may have; how to meet those compliance obligations; other key risks and the future of compliance in the cryptocurrency and DLT sector.
The document discusses cryptocurrency and ICO regulations in the United States. It outlines that the US currently lacks coherent cryptocurrency regulation, but that the SEC has warned of risks and halted some ICOs. It may treat cryptocurrencies as currencies or securities. ICOs likely meet the definition of securities under the Howey Test. Both the SEC and CFTC are exploring how to regulate cryptocurrencies and ICOs. FinCEN also views ICOs and exchanges as money transmitters. There are legal implications if ICOs are deemed securities since most did not register with the SEC as would be required. Regulations may also vary by state. The document concludes by noting the need for care and wisdom when participating in cryptoc
1. The document discusses initial coin offerings (ICOs) and token generation events, which are innovative methods of crowdfunding using cryptocurrencies. However, the regulatory treatment of ICOs varies widely between jurisdictions.
2. It provides an overview of key considerations for structuring an ICO, including choosing a jurisdiction, corporate structure, pre-ICOs, know-your-customer procedures, and structuring the token to avoid being classified as a security.
3. The document emphasizes that the appropriateness and legality of any ICO structure needs to be evaluated on a case-by-case basis considering the laws and regulations of the relevant jurisdiction. Proper documentation and compliance is important to avoid
Doing Business of Cryptocurrency w.r.t. India Legal PerspectiveEquiCorp Associates
Cryptocurrency has been called as the greatest technological breakthroughs since the Internet. However, a parallel warning from the Reserve Bank of India as a caution against bitcoin and other cryptocurrency, with no guidelines or order to prohibit cryptocurrency may puzzled you to ponder over –Is it legal to do business of cryptocurrency in India? There may be several questions which you may encounter w.r.t. applicable laws of India, as there are no specific guidelines issued by any Government Authority including Reserve Bank of India or Ministry of Finance.
The main stream adoption of cryptocurrency is becoming a reality despite sceptics who compare the boom to the 1636 tulip mania. The issue is not whether cryptocurrency will survive, but rather how it will evolve. The article aims to clarify certain major aspects which may be encountered for- “Doing Business of Cryptocurrency w.r.t. Indian Legal Perspective” under the evolving legal structure.
Two things crypto investors should know about money laundering and taxationFinlaw Associates
While cryptocurrencies do not pose a threat to the global financial stability, we remain vigilant about risks such as consumer and investor protection, money laundering, and the fight against frauds.
This document provides an overview of existing and emerging technologies that could help address regulatory objectives for virtual currencies. It discusses technologies currently in use, such as multi-signature governance and escrow and proof of reserves, as well as near-term and long-term technological solutions that could improve financial transparency, consumer protection, and prevent criminal misuse while safeguarding privacy. The document aims to begin a dialogue on allowing innovative technologies to help satisfy regulations over time in a flexible, tiered approach.
Impact of cryptocurrency on Economy - India and Global. This has been taken from several online sources. References mentioned at the end of the article. A cryptocurrency is digital money in an electronic payment system in which payments are validated by a decentralized network of system users and cryptographic protocols instead of by a centralized intermediary (such as a bank).
Money serves three interrelated economic functions: it is a medium of exchange, a unit of account, and a store of value. Without it, people would have to engage in a barter economy, wherein people trade goods and services for other goods and services.
There are speculations on whether cryptocurrency will be more efficient and secure than existing money systems or if it can effectively act as money and achieve widespread use. However, that is the not primary focus of the article.
This document summarizes recent global regulatory developments related to bitcoin and virtual currencies. It discusses regulatory actions and perspectives from the US, Canada, Russia, India, and China. In the US, New York plans to issue a "BitLicense" for virtual currency businesses. Canada has taken a generally hands-off approach but its anti-money laundering agency FINTRAC is now considering regulations. Russia and India have issued warnings about virtual currencies while China has banned their use by banks and merchants. Overall regulatory approaches to bitcoin are still developing worldwide as these new technologies emerge.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
The document discusses regulations and trends regarding cryptocurrency in the United States, Europe, Switzerland, and Australia. In the US, regulation is still developing at both the federal and state levels, with moves toward increased oversight. Europe has established broad rules under MiCA to standardize regulations. Switzerland has clear rules and a licensing system, and promotes innovation and adoption. Australia also still developing its rules, treating cryptocurrency as property but requiring compliance with anti-money laundering laws.
The business world has been abuzz about blockchain technology across many industries, ranging from finance to healthcare. Blockchain appears to have significant potential to add a new element to the revered double-entry accounting method on which the accounting industry is based. Bitcoin/cryptocurrency is one of the application of broader blockchain technology or ‘the blockchain’.
Blockchain is an online register or a ledger of digitally recorded transactions which is encrypted in the form of blocks where each block is connected by a network of computers which store these blocks, together forming the Blockchain. Bitcoin was the first blockchain technology created in 2009, as a kind of virtual currency database, where all the transactions could be stored without any banks or governments involved. And at present, several corporates, startups, government and other agencies are looking for similar databases-often independent of virtual/crypto currency to solve some of the most intractable issues facing society. Many sectors such as finance, mobile app, healthcare, real estate, fintech, regulatory, insurance and others have a huge market potential for blockchain technology.
Whether you are planning for establishing a white label crypto exchange software development company or a centralized trading development in the Middle East, you must know about compliance and taxation outlook in this region. This article will give you a better understanding of legal regulation and taxation in the Middle East.
How does blockchain developer help improving the banking & finance sector Blockchain Council
We need to understand why there is a need for syncing Blockchain technology intervention in the banking and finance sector. To understand this, let us have an insight into the current problems that surround the banking sector:
NDIC Cryptocurrency Regulation Training 2019Chimezie Chuta
Chimezie Chuta is an advisory board member at Kinesis Money and formerly regional director for Africa at Paxful Inc. He is the founder of Blockchain Nigeria User Group and protem chairman of the Organization of Blockchain Technology User in Africa. He is also the author of several books on blockchain and digital currencies. Chuta regularly speaks at blockchain and cryptocurrency conferences locally and internationally. He is involved in industry-government projects in Nigeria related to technology innovation and regulation.
The document discusses legalizing digital currency in Pakistan through various business analysis tools. It begins with an introduction and problem statement, then outlines objectives to adopt digital currency legally using SWOT analysis, PESTLE analysis, Porter's Five Forces analysis, V-MOST analysis, and other frameworks. The body of the document applies these tools to analyze strengths, weaknesses, opportunities, threats related to bitcoin and other factors influencing the cryptocurrency industry. It considers political, economic, social, and technological factors that impact adoption. The overall aim is to explore how to legally integrate digital currency in Pakistan.
The Legal Tender Status of Cryptocurrencies in Canada: ExplainedCrypto in California
Digital Currencies have surged in popularity worldwide, and Canada, known for its forward-thinking approach towards technology and finance, has not been an exception to this trend. However, understanding cryptocurrencies are considered legal tender in Canada requires navigating through a complex web of regulations and government policies. This article aims to shed light on the legal status of crypto in Canada, specifically addressing the unique regulatory framework that governs their use as legal tender in the country.
The regulation for any new area is better than its ban. Shying away from framing regulation to deal with a new technology does not prove the efficiency of the Government.
Truth or Dare - Cryptocurrenceis, Realities of ICOs, Risk and OpportunitiesSandy Palacios
The document discusses the realities and risks of cryptocurrencies and ICOs from regulatory perspectives. It notes that while the blockchain technology has potential benefits, cryptocurrencies also enable money laundering and terrorism financing due to their anonymity. More regulation, not less, is inevitable as monetary authorities seek to ensure market stability and tax revenues. Regulation does not prevent innovation and can provide competitive advantages when companies obtain proper licenses and authorizations.
Truth or Dare - Cryptocurrenceis, Realities of ICOs, Risk and OpportunitiesLoyalCoin
The document discusses the realities and risks of cryptocurrencies and ICOs from regulatory perspectives. It notes that while the blockchain technology has potential benefits, cryptocurrencies also enable money laundering and terrorism financing due to their anonymity. More regulation, not less, is inevitable as monetary authorities seek to ensure market stability and tax revenues. Regulation does not prevent innovation and can even provide competitive advantages when companies obtain proper licenses and authorizations.
Similar to Lagos blockchain meetup 2018 regulations for nigerian blockchain startups (20)
A Critical Study of ICC Prosecutor's Move on GAZA WarNilendra Kumar
ICC Prosecutor Karim Khan's proposal to its judges seeking permission to prosecute Israeli leaders and Hamas commanders for crimes against the law of war has serious ramifications and calls deep scrutiny.
Capital Punishment by Saif Javed (LLM)ppt.pptxOmGod1
This PowerPoint presentation, titled "Capital Punishment in India: Constitutionality and Rarest of Rare Principle," is a comprehensive exploration of the death penalty within the Indian criminal justice system. Authored by Saif Javed, an LL.M student specializing in Criminal Law and Criminology at Kazi Nazrul University, the presentation delves into the constitutional aspects and ethical debates surrounding capital punishment. It examines key legal provisions, significant case laws, and the specific categories of offenders excluded from the death penalty. The presentation also discusses recent recommendations by the Law Commission of India regarding the gradual abolishment of capital punishment, except for terrorism-related offenses. This detailed analysis aims to foster informed discussions on the future of the death penalty in India.
Corporate Governance : Scope and Legal Frameworkdevaki57
CORPORATE GOVERNANCE
MEANING
Corporate Governance refers to the way in which companies are governed and to what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company.
Indonesian Manpower Regulation on Severance Pay for Retiring Private Sector E...AHRP Law Firm
Law Number 13 of 2003 on Manpower has been partially revoked and amended several times, with the latest amendment made through Law Number 6 of 2023. Attention is drawn to a specific part of the Manpower Law concerning severance pay. This aspect is undoubtedly one of the most crucial parts regulated by the Manpower Law. It is essential for both employers and employees to abide by the law, fulfill their obligations, and retain their rights regarding this matter.
3. Reasons people get involved in crypto
Promise of wealth.
It makes cross border transfers, faster and easier.
To harvest the benefits of mining and trading.
5. How crypto will be legislated
Depends on whether the legislature sees crypto as
currency or commodity, both bearing different
implications. However, whichever way, tax issues
must arise. As commodity, tax is paid from profit.
6. As Currency: Federal legislature and CBN
would have the power to regulate.
As Commodity: In this instance, it could be
classified as securities. As a commodity and
not legal tender, state legislatures will be
able to regulate. I bet Lagos would be the
first to.
7. Current Legal Position
CBN and SEC warning & policies
Does not prohibit crypto.
This doesn't mean there are no laws that can be
applied.
8. Banks and Financial Institutions are
prohibited from investing in
cryptocurrency or running a virtual
currency exchange.
9. Private Businesses other than BFIs can
run a virtual currency exchange or
launch an ICO.
AML/CFT (Combating the Financing of
Terrorism) must be complied with by
the exchanges
10. It is risky to assume that just because
there is no definite legal framework,
then anything goes.
No.
Some already existing laws are
applicable. Applicable laws depend on
the nature of crypto business.
11. For instance, are you running a
consultancy business that teaches
people how to invest in crypto?
The ISA requires you to have first
obtained a license from SEC as a
capital market specialist, otherwise,
you could be liable.
12. On Wednesday, a member of the House of
Reps called on CBN and NDIC to create a
regulatory framework for the innovative
technology through a bill titled ‘Need to
regulate blockchain applications and internet
technology.’
13. Areas we can expect regulations to
address
As we await further development of a
regulatory framework, we can expect law
makers to address the following:
14. 1. A legal definition of virtual currency.
2. Security Standards: virtual currencies run on
software code and require the internet. That
definitely raises issues of security. To protect users,
operators and businesses in the space have to be
regulated for them to uphold acceptable security
standards.
3. AML/CFT: this will not necessarily eliminate the
use of virtual money for illicit means, but it would
help reduce it.
15. 4. Customer data management/privacy
issues.
5. Risk Management Standards
6. Repository models, centralized or
decentralized?
7. Remittances, local or cross border?
8. Exchange rates
16. We hope that the Nigerian government
will strive for a proactive approach that
will not stifle but allow the young
technology to flourish in the country.
The focus at all times should be
protecting the interests of investors (her
citizens).
17. As my conclusion, I dare say we should
focus on education rather than
speculation. Education is the most
powerful weapon which you can use to
change the world (Nelson Mandela).
Innovation has just begun.