MAS introduces new crypto regulations, including digital asset custody.

The Monetary Authority of Singapore (MAS) has introduced cryptocurrency-related amendments to the Payment Services Act, focusing on digital payment token (DPT) service providers. Alongside this, it has published guidelines for digital asset custody.

The Act has been expanded to regulate three types of additional services:

• Digital asset custody
• Payments or transfers involving tokens, even if the service provider does take possession of the DPTs
• Cross-border payments, regardless of whether the funds are within Singapore.

The announcement includes transitional arrangements for existing providers who need to become licensed. These providers must notify MAS within 30 days.

MAS also provided detailed guidelines concerning digital asset custody following a consultation and an outline of the pending rules last November.

Top 10 crypto destinations in the world. Legal framework, established ecosystem, regulations and fees.

I.Introduction.

This article aims to define the top 10 hottest crypto destinations in the world by analyzing their existing regulations, focusing on specific features of the legal framework, and analyzing existing exemptions and taxes. I wrote this piece because more and more often my clients from the crypto industry ask me - where to invest, why there, what are the reasons, how to structure a business and a specific trading company, can we explore fees, tax breaks, etc. Here is an analytical and detailed structured answer to all these questions.

1.United States.

The United States has been a leader in cryptocurrency regulations, with the Securities and Exchange Commission (SEC) taking an active role in regulating the industry. The Internal Revenue Service (IRS) also considers cryptocurrencies as property for tax purposes.

Securities and Exchange Commission (SEC): The SEC has taken an active role in regulating initial coin offerings (ICOs) and cryptocurrencies that are considered securities. In 2019, the SEC issued guidance that clarified its position on when a cryptocurrency is considered a security and therefore subject to securities laws.

What is the 'KYC' protocol and why it is the key to the blockchain ecosystem?

1. Introduction.

As a lawyer professionally engaged in blockchain consulting, I must point out that one of the most important things for a real and legitimate crypto project is the initial identification of its users. You know that regardless of whether you use the service of a crypto exchange or simply register a hosted wallet (online wallet) on a given platform, you are always required to identify yourself as a person. This is the automatic technological protocol "know your customer" (from English "know your customer" or "KYC"). It, together with the other key protocol for laundering dirty money (known as "AML" from the English "anti money laundering") are normatively mandatory for every legal crypto project, and this view was laid down in the recommendations that DANS recently published on the topic.

KYC operations have evolved from a rudimentary process into a strict and meticulous practice overseen by the regulatory authorities of every EU member state, including the US. In the past, the manual (paper) and digital KYC process was not cheap, fast and customer-friendly, with large financial institutions spending close to $500 million annually on the KYC process. KYC regulations are becoming increasingly strict around the world, so these costs are expected to rise gradually to staggering amounts.