During the last months, we have noticed that tax authorities all over the world became more involved in the matters of crytoassets taxations. Below we summarised some of the most recent updates from the tax authorities of Brazil, New Zealand, and the United State.
The Department of Federal Revenue of Brazil has published Normative Instruction RFB 1,888 / 2019 requiring reporting obligations regarding all transactions involving cryptocurrencies. According to the Instruction, failure to obey the filing requirements will result in a fine up to 500 Brazilian Reals (approximately USD 130) or from 1.5% …
On July 31, 2019, the UK Financial Conduct Authority (FCA) has published the final Guidance on Cryptoassets in its Policy Statement PS19/22 (Guidance). The Guidance includes a revised regulatory assessment of the cryptoassets and requirements applicable to wallet providers, exchanges and trading platforms. FCA Guidance is not legally binding but compliance with the Guidance may provide a safe harbor for market participants.
The Cryptoassets webpage containing the lists of regulated security and e-money tokens, unregulated utility and exchange tokens also was updated by the FCA, as well as its current open consultation on potentially prohibiting the retail sale of derivatives…
BetterTokens is thrilled to announce the results of the review of the applications for June and July. Cooperation of Waves and BetterTokens continues to bring more clarity and trust to the community.
During this month, the BetterTokens team received more than 20 application requests for Qualified status.
Positive review results
The assessment of 15 projects has been finalized and only 3 projects out of 15 were awarded Qualified status.
We welcome new members on board: TurtleNetwork, EncryptoTel and iQCash. Those projects will receive logo in Waves client and ticker on DEX, together with Qualified status.
On June 21, 2019, the Financial Action Task Force (the FATF) published its long-awaited Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (the Guidance). The Guidance imposes anti-money laundering (AML) and counterterrorism financing (CFT) rules on activities related to Virtual Assets (VA), and Virtual Asset Service Providers (VASPs). The G20 Summit held in Osaka supported the FATF’s initiative.
The main purpose of the Guidance is setting the standards of AML/CFT compliance and approaches for the national regulators in FATF member states applicable to VA-related activities and cryptoeconomy in general. …
BSI Group is the UK National Standards Body that helps organizations all over the world make excellence a habit. The primary objective of our partnership is the development of a standardization document (PAS 19668) that specifies requirements to enable the interoperability of security tokens for exchanges, wallet providers and settlement protocols.
The PAS aims to define minimum requirements for the classification and issue of security tokens to lower the risk parameters for security token exchanges and other relevant infrastructure participants.
BetterTokens will participate in Steering Group (SG). …
On 18th of December, 2018, we announced a six-month grace period for projects that have tickers on Waves DEX to undergo BetterTokens review to maintain those tickers. We are now extending this period for another 6 months.
The reason for this extension is that Waves team will implement an alternative option to obtain and maintain tickers on Waves DEX, which will be based on community voting under the framework of the Decentralised Token Rating System. Details of this process and criteria to obtain tickets from community voting will be announced during the next six months.
Projects that have not obtained…
BetterTokens is thrilled to announce the results of the review of the applications for April and May. We are happy that our cooperation with Waves continues to enhance the level of quality standards on the market.
We are also happy to announce that the Waves team has extended the Subsidy Programme released on 25 of December, 2018. Waves team will continue to subsidise projects that are able to provide all the necessary documents requested at https://bettertokens.org/application-progress.html. If your project meets the requirements of the Tokenization Standards Association, Waves will continue to pay the 1,000 WAVES fee.
For the new subsidy…
During May the Bank of Lithuania (BoL) was calling for views and feedback on its Guidelines on security token offerings (STOs). Before that, in April the Financial Services Commission (FSC) of Mauritius has issued a Guidance Note to explain its regulatory approach to STOs. In this issue of BetterNews, we would like to concentrate on and go through the details of guidelines recently published in Mauritius and Lithuania, and also we decided to remind you about guidelines published last year in Lithuania (by another regulator), Jersey and Canada. We believe that considering the current crypto market trend of intense interest…
BetterTokens team is happy to announce the results of the Qualified status applications review for March and April. Cooperation of Waves and BetterTokens continues to bring more clarity and trust to the community.
During March and April, BetterTokens team received 7 applications requests for Qualified status.
Positive review results
The assessment of 7 projects has been finalized and 1 project out of 7 was awarded Qualified status.
We welcome a new member on board: the Incent Loyalty project, which will receive logo in Waves client and ticker on DEX, together with Qualified status.
The remaining 6 projects…
BetterTokens team is happy to announce the results of the Qualified status applications review for February. Cooperation of Waves and BetterTokens continues to bring more clarity and trust to the community.
During the month of February, BetterTokens team received 13 applications requests for Qualified status. It is worth mentioning that BetterTokens also received several requests for clarifications regarding the procedure and document submission. It shows that the attitude of token issuers changes and projects consider their applications more thoroughly.
Positive review results
The assessment of 11 projects has been finalized and 4 projects out of 11 were awarded Qualified…
BetterTokens is a non-profit organization that functions as self-regulating body and develops due diligence standards for companies engaged in tokenization