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Vietnam: Central Bank Currency Regulation Issued

(Nov. 3, 2015) On October 2, 2105, the State Bank of Vietnam issued Circular No. 15/2015/TT-NHNN, on foreign currency transactions at credit institutions. The goal of the Circular, which went into effect on October 5, is to limit speculation in and hoarding of U.S. dollars and other foreign currencies. (Central Bank to Tighten Management of […]

Indonesia: Circulars Issued on Bank Accounts for Foreigners, Other Financial Services

(Sept. 18, 2015) Indonesia’s Financial Services Authority has recently issued a number of regulations and circulars, including a Regulation on Framework Provisions on the National Economic Stimulus for Banks (Regulation No. 11/POJK.03/2015) and a Regulation on Framework Provisions of the National Economic Stimulus for Islamic Banks and Sharia Businesses (Regulation No. 12/POJK.03/2015, in addition to […]

Iceland: Easing of Capital Controls and Banking Regulations

(July 16, 2015) On July 3, 2015, the Icelandic Parliament (Althingi) passed legislation (The Act on a Stability Levy) to ease capital controls and bank regulation in the country, provided certain conditions are met. The regulations were set in place following the 2008 banking crash in the country. (Press Release, Legislation on Stability Levy Adopted […]

Belarus: Edict Establishes Rules for Forex Companies

(June 15, 2015) A presidential edict was issued on June 4, 2015, that outlines policy for foreign exchange companies in Belarus. According to Edict No. 231, which will come into effect in about nine months, only legal persons registered in Belarus and listed as forex companies with capital of at least BYR2 billion (about US$129,000), […]

Iceland: National Digital Currency Auroracoin Launched

(Aug. 12, 2014) On March 24, 2014 creators of Auroracoin launched a helicopter drop of Auroracoins; they were available to all Icelanders who wanted to claim them. The digital currency is a competitor of Bitcoin and meant to cater to Iceland, although it can be changed into Bitcoins. It acts as a gateway currency for […]

Denmark: Recent Bank and Tax Statements on Bitcoin

(July 16, 2014) On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, “Bitcoin does not have any real trading value compared to gold and silver, and thus is more similar to glass beads.” (Press Release, Bitcoin er ikke penge, Danish […]

Netherlands: Local Court Ruling on Bitcoin Transaction

(June 4, 2014) It was reported on May 19, 2014, that a court in Overijssel, The Netherlands, had issued a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties. The court held, citing a written interpellation of the Minister of Finance by the Dutch parliament, that the virtual currency “is a […]

Netherlands: Central Bank Statement on Virtual Currencies

(June 4, 2014) On May 8, 2014, in an item entitled “Virtual Currencies Are Not a Viable Alternative,” published in its news bulletin, the Bank of the Netherlands (DNB) put forward its stance on the Bitcoin and similar currencies. According to the DNB, “virtual currencies such as bitcoin are unlikely to replace the current financial […]

Cuba; Mexico: Relationship Re-Launched, Agreements Signed

(Nov. 8, 2013) The foreign secretaries of Mexico and Cuba announced the re-launch of relations between the two countries and the strengthening of trade, financial, and other cooperation agreements. The Secretary of Foreign Relations of Mexico, José Antonio Meade, said Mexico will maintain a high-level political dialogue with Cuba and foster a closer relationship in […]

China: SAFE Standardizes Individual Participation in Overseas Share-Based Incentive Plans

(Apr. 5, 2012) On March 16, 2012, the State Administration of Foreign Exchange (SAFE) publicized on its website a Notice on Issues Concerning Foreign Exchange Administration of [Domestic] Individuals' Participation in Share-Based Incentive Plans of Overseas Companies (Circular 7). (Guojia Waihui Zongju Guanyu Geren Canyu Jingwai Shangshi Gongsi Guquan Jili Jihua Waihui Guanli Youguan Wenti […]