The European Union (EU) has recently reached a significant milestone in the regulation of cryptocurrencies with the finalization of its position on crypto transaction reporting under the DAC8 directive. This development aims to enhance transparency, combat money laundering, and strengthen regulatory oversight in the rapidly evolving digital asset space. The EU’s stance on crypto transaction […]

Recently, a Hong Kong court issued a decision confirming the proprietary nature of cryptocurrencies, but rejecting a claim by customers to recognize their own rights. The court’s decision reflects the complexities of legal regulation of cryptocurrencies and sets a precedent for future legal proceedings in Hong Kong and possibly other jurisdictions. The case raised the […]

Members of the Georgian Parliament propose a temporary ban on the sale of real estate to Russian citizens. A bill to amend the Law on the Legal Status of Foreigners and Stateless Persons has been submitted to Parliament. According to the proposal, until December 31, 2024, Russian citizens without residence permits in Georgia will be […]

According to reports, Cyprus and Malta have revoked dozens of “golden passports” of Russian and Belarusian citizens due to the ongoing conflict in Ukraine. The European Commission confirmed that Cyprus has revoked the passports of nine Russians and 34 members of their families due to EU sanctions related to Russia’s aggressive actions in Ukraine. Malta […]

The UAE prosecutor’s office has warned that swearing online can lead to jail time and fines of up to $136,000 (AED 500,000). Penalties may extend to language use on social media and messaging channels. The UAE’s strict laws on public conduct and speech also apply to online platforms, where users may face legal consequences for […]

The UK Competition and Markets Authority (CMA) is set to investigate the AI market to ensure that no single firm dominates and that AI’s benefits are available to everyone. The review will examine the software behind chatbots like ChatGPT, among other AI technologies. The AI industry is under scrutiny due to concerns about job losses, […]

The UAE Financial Comptroller has published a new ministerial decision that introduces changes to the UAE legislation regarding income reporting. The decision, known as Ministerial Decision No. 97 of 2023, was published on the official website of the UAE Ministry of Finance. The ministerial decision introduces new rules for determining the profits of organizations registered […]

The Serbian authorities have announced a delay in simplifying the procedure for granting citizenship to foreigners after the European Union (EU) warned that it could cancel the visa-free regime with Serbia due to possible security risks. The Serbian Ministry of the Interior drafted a bill in March, according to which foreigners who lived in the […]

VF filed a lawsuit in the European Court of General Jurisdiction to annul EU Minimum Tax Directive 2022/2523 of 14 December 2022, arguing that Art. 17 violates EU law because: (1) Art. 17 excludes from the scope of the Directive income subject to a tax regime based on the tonnage of the vessel (tonnage tax […]

Abu Dhabi Global Market (ADGM) has recently expanded its jurisdiction to Al Reem Island, in addition to its current jurisdiction in Al Maryah Island. This expansion creates one of the largest concentrated financial districts in the world, with a combined geographic area of 1438 hectares. The UAE Cabinet Resolution No. 41 for 2023, which aims […]