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Want to stay informed about the latest updates on virtual assets in the UAE? Look no further than Al Rowaad Advocates Law Firm's legal blog. Our experts provide in-depth analysis and insights on the regulatory landscape, helping you make informed decisions.
From #VASP (Virtual Asset Service Provider) to #CASP (Crypto Asset Service Provider) - on October 10, 2022, the European Parliament's Committee on Economic and Monetary Affairs (#ECON) endorsed the text for the #MiCAR (Markets in Crypto Assets Regulation), which sets out a harmonized crypto regulatory framework that supports innovation and fair competition while ensuring market integrity and a high level of protection for retail users.
This will also be relevant for #liechtenstein once implemented into the #EEA acquis communautaire through an EEA Joint Committee Decision (#JCD).
Subject to final amendments, currently registered VASPs with the FMA - Financial Market Authority Liechtenstein will have an 18 month transition period pursuant to Art 123 MiCAR to apply subsequent changes to the Liechtenstein Blockchain/DLT Act (TVTG / TTTA) and fully comply with MiCAR regulation.
The Rules of MiCAR are similar to the already enacted Liechtenstein Blockchain Act (#TVTG). Liechtenstein based and registered VASPs therefore will only have to make specific adaptions and may then passport from Liechtenstein into the entire EU and EEA market!
MiCAR will regulate the following types of tokens (Art 3 MiCAR):
- Asset-referenced tokens;
- Electronic money tokens; and
- Utility Tokens
Whereas the following tokens will in general fall outside of the scope of MiCAR:
- Unique, non-fungible tokens (e.g., NFTs for art and collectibles, etc.);
- Security tokens, which qualify as financial instruments under #mifid as they fall under the MiFID II and associated regulatory regimes;
- Automatically generated tokens offered without a peppercorn of consideration (i.e., airdrops, etc.).
Additionally, the following crypto asset services will in general be regulated:
- the custody and administration of crypto-assets on behalf of third parties;
- the operation of a trading platform for crypto-assets
- Exchange of crypto assets for fiat currency that is legal tender and other tokens as well as vice versa;
- the execution of orders for crypto-assets on behalf of third parties;
- placing of crypto-assets;
- the reception and transmission of orders for crypto-assets on behalf of third parties; and
- providing advice on crypto-assets.
Contact us at Law Firm Bergt and Partners Ltd. | Bergt Law if you have further questions!
🌍 News about crypto taxation in South Korea and around the world! Starting in 2022, cryptocurrency exchange operators in South Korea will be subject to a 20% corporate tax and a 2.2% local tax. Users of exchanges will also have to pay 20% income tax and 2.2% local tax if their monthly trading volume exceeds 20 million won. There are also an increasing number of cases of tax evasion in the cryptocurrency market through various trading methods. Globally, the taxation rate of virtual assets varies from country to country. In the United States, Canada, Japan, and Europe, the taxation method of virtual assets is applied slightly differently. Please consider taxes when trading virtual assets and proceed with the transaction! 💰
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NFTs: More than just art! 🎨🔗 Discover how non-fungible tokens are revolutionizing ownership, from virtual real estate and collectibles to in-game assets. Fincop explores the expansive world of NFT utility.
Change of Rates in the Financial Year 2022-23 and the Assessment Year 2023-24:-
Rates of Income Tax for the Financial Year 2022-23 and the Assessment Year 2023-24 is same as for the Previous Financial Year 2021-22 and the Previous Assessment Year 2022-23. Few changes in Surcharge has been made as on the Long Term Capital Gain (LTCG) and Association of Persons (AOP) of ONLY Company as member is…
Ever wondered how NFTs revolutionize in-game assets?
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NFT Platform like Polkacity makes way for virtual assets
The NFT Platform, like Polkacity, is a platform powered by the blockchain and Polkadot protocol. In the real estate-based platform, the virtual assets are like NFTs, which carry an actual value and generate an income, paid in their native token called POLC.
In order to legitimise crypto mining in the country, the lawmakers in the Kyrgyz republic are looking to tax and regulate crypto. The bill would amend the tax code and add around $4 million in taxes for the government and also help the crypto space by defining them more precisely and bring proper definition to terms such as virtual assets and crypto mining
Read Full News Here
Enfhess is the most complete template for NFT marketplace, crypto-collectibles, digital items, non-fungible tokens websites, and more. Enfhess is a responsive, pixel-perfect and has a lot of styled elements to help you make beauty and modern website in no time.
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Dubai's New Virtual Asset Regulation Law.
Follow the Link to Read Complete Guide:
https://www.businesslinkuae.com/dubais-new-virtual-asset-regulation-law/