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Indonesia: Anti-Money Laundering and Terror Funding Rules Tightened

(Oct. 3, 2017) On September 13, 2017, Bank Indonesia, known in Indonesian as Bank Sentral Republik Indonesia, issued a new regulation designed to further limit money laundering and financing of terrorism. (Indonesia Tightens Rules to Curb Money Laundering, Terror Funding, REUTERS (Sept. 13, 2017).)  The regulation applies to non-bank financial service providers, including institutions that […]

China: Banks Ordered to Report Overseas Transactions of Chinese Bank Cards

(Aug. 10, 2017) In June 2017, China’s foreign exchange regulator, the State Administration of Foreign Exchange (SAFE), ordered banks in China to collect information, on a daily basis, of overseas transactions made on Chinese bank cards. Starting September 1, 2017, any overseas cash withdrawal or single purchase made with an amount of more than RMB1,000 […]

Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls

(May 16, 2017) On March 12, 2017, the Icelandic Central Bank announced that it had adopted new currency exchange rules and entered into agreements to purchase Icelandic krónur from foreign holders. (Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets, ICELANDIC CENTRAL BANK (Mar. 12, 2017); New Rules on Foreign Exchange, ICELANDIC CENTRAL […]

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 […]