In the eyes of US president Donald Trump, nearly every American has grown richer. Elaborating on the 2017 economic outcomes during Christmas dinner at his Mar-a-Lago estate, the US leader took credit for what he views as his successful role in making US citizens richer with his tax reform. Grand gestures and ambitious statements like that are very typical of Donald Trump. And he does have a reason to be proud as his tax overhaul has been called the biggest on record. The tax plan is supposed to benefit both corporations and individuals. The principle Trump follows is as clear as day — if you want to make it into history as a do-gooder, cut taxes. It looks like a very smart and well-weighed move pursuing the ambition to serve a second term. If Trump’s reform proves efficient, he is sure to gain massive support for election. This will come as no surprise, as Americans always prefer increasing well-being and improving quality of life to bland economic stability and standstill. Being a true American, Trump is perfectly aware of it. And this is exactly why he said at Mar-a-Lago, “You all just got a lot richer.” Apparently, Trump implied that his own reform underlies this change.
In the eyes of US president Donald Trump, nearly every American has grown richer. Elaborating on the 2017 economic outcomes during Christmas dinner at his Mar-a-Lago estate, the US leader took credit for what he views as his successful role in making US citizens richer with his tax reform. Grand gestures and ambitious statements like that are very typical of Donald Trump. And he does have a reason to be proud as his tax overhaul has been called the biggest on record. The tax plan is supposed to benefit both corporations and individuals. The principle Trump follows is as clear as day — if you want to make it into history as a do-gooder, cut taxes. It looks like a very smart and well-weighed move pursuing the ambition to serve a second term. If Trump’s reform proves efficient, he is sure to gain massive support for election. This will come as no surprise, as Americans always prefer increasing well-being and improving quality of life to bland economic stability and standstill. Being a true American, Trump is perfectly aware of it. And this is exactly why he said at Mar-a-Lago, “You all just got a lot richer.” Apparently, Trump implied that his own reform underlies this change.
In the eyes of US president Donald Trump, nearly every American has grown richer. Elaborating on the 2017 economic outcomes during Christmas dinner at his Mar-a-Lago estate, the US leader took credit for what he views as his successful role in making US citizens richer with his tax reform. Grand gestures and ambitious statements like that are very typical of Donald Trump. And he does have a reason to be proud as his tax overhaul has been called the biggest on record. The tax plan is supposed to benefit both corporations and individuals. The principle Trump follows is as clear as day — if you want to make it into history as a do-gooder, cut taxes. It looks like a very smart and well-weighed move pursuing the ambition to serve a second term. If Trump’s reform proves efficient, he is sure to gain massive support for election. This will come as no surprise, as Americans always prefer increasing well-being and improving quality of life to bland economic stability and standstill. Being a true American, Trump is perfectly aware of it. And this is exactly why he said at Mar-a-Lago, “You all just got a lot richer.” Apparently, Trump implied that his own reform underlies this change.
The modern architecture has now presented buildings created by not just architects but talented artists whose way of thinking allows them to imagine and create stunning projects. Thanks to the imagination of their creators these buildings adorn cities and make people stop near them. In our photo gallery, you can find some unusual and extraordinary ideas of Alex Chinnek, an ambitious architect from the UK.
Six pins and half a dozen needlesPerhaps, that's how many of them Alex Chinnek, British architect, illusionist, and artist, will need to 'sew up' the facade of this extraordinary building.The artist required a year to make the 'torn' wall that became the new London's attraction. In contrast to many other Chinnek's eccentric creations, this work is planned to be made one of the city's most recognizable feature.
Take my lightning but don't steal my thunderThat is the name of the levitating building in Covent Garden, London. The installation is an exact copy of the local historical building's part but it has no columns and its balcony is levitating breaking all the laws of physics.
Telling the Truth Through False TeethChinnek created this installation to draw attention to issues of residential development of the London's surroundings. In this area there was built only a super-modern stadium for Olympics 2012. Expressing dissatisfaction with the fact that the old buildings nearby have not been demolished he has fitted identically smashed windows into a derelict factory just a mile away from the Olympic Stadium.
Upside-down electricity pylonAn upside-down electricity pylon is embedded in a pit of gravel on the Greenwich Peninsula. It symbolizes the changing environment: earlier the area was considered industrial, now it is actively built up. Industrial things are fading.
Upside down houseChinnek's upside down house is not just an attraction. There are similar buildings in Poland, Germany, the USA and even Moscow. These art objects represent quite serious artwork.
Steep curvesThe real car literally "hangs" on a peeling away asphalt surface which Chinnek literally "tore".
Wax houseAbout 8,000 wax bricks were melting during the annual MERGE festival 2014. Creating this art object, Chinnek knew that the house would not last long but the installation 'died' much faster. After standing in London's Southwark Street for only a couple of months, the house was removed before melting completely.
From the knees of my nose to the belly of my toesAccording to Chinnek, the 'slipping down' house with such an unusual name was devoted to those who dissatisfied with the state of their homes. The installation resembles the Salvador Dali's famous painting. The art object is located in the English town of Margate, Kent County.
The modern architecture has now presented buildings created by not just architects but talented artists whose way of thinking allows them to imagine and create stunning projects. Thanks to the imagination of their creators these buildings adorn cities and make people stop near them. In our photo gallery, you can find some unusual and extraordinary ideas of Alex Chinnek, an ambitious architect from the UK.
Six pins and half a dozen needlesPerhaps, that's how many of them Alex Chinnek, British architect, illusionist, and artist, will need to 'sew up' the facade of this extraordinary building.The artist required a year to make the 'torn' wall that became the new London's attraction. In contrast to many other Chinnek's eccentric creations, this work is planned to be made one of the city's most recognizable feature.
Take my lightning but don't steal my thunderThat is the name of the levitating building in Covent Garden, London. The installation is an exact copy of the local historical building's part but it has no columns and its balcony is levitating breaking all the laws of physics.
Telling the Truth Through False TeethChinnek created this installation to draw attention to issues of residential development of the London's surroundings. In this area there was built only a super-modern stadium for Olympics 2012. Expressing dissatisfaction with the fact that the old buildings nearby have not been demolished he has fitted identically smashed windows into a derelict factory just a mile away from the Olympic Stadium.
Upside-down electricity pylonAn upside-down electricity pylon is embedded in a pit of gravel on the Greenwich Peninsula. It symbolizes the changing environment: earlier the area was considered industrial, now it is actively built up. Industrial things are fading.
Upside down houseChinnek's upside down house is not just an attraction. There are similar buildings in Poland, Germany, the USA and even Moscow. These art objects represent quite serious artwork.
Steep curvesThe real car literally "hangs" on a peeling away asphalt surface which Chinnek literally "tore".
Wax houseAbout 8,000 wax bricks were melting during the annual MERGE festival 2014. Creating this art object, Chinnek knew that the house would not last long but the installation 'died' much faster. After standing in London's Southwark Street for only a couple of months, the house was removed before melting completely.
From the knees of my nose to the belly of my toesAccording to Chinnek, the 'slipping down' house with such an unusual name was devoted to those who dissatisfied with the state of their homes. The installation resembles the Salvador Dali's famous painting. The art object is located in the English town of Margate, Kent County.
The modern architecture has now presented buildings created by not just architects but talented artists whose way of thinking allows them to imagine and create stunning projects. Thanks to the imagination of their creators these buildings adorn cities and make people stop near them. In our photo gallery, you can find some unusual and extraordinary ideas of Alex Chinnek, an ambitious architect from the UK.
Six pins and half a dozen needlesPerhaps, that's how many of them Alex Chinnek, British architect, illusionist, and artist, will need to 'sew up' the facade of this extraordinary building.The artist required a year to make the 'torn' wall that became the new London's attraction. In contrast to many other Chinnek's eccentric creations, this work is planned to be made one of the city's most recognizable feature.
Take my lightning but don't steal my thunderThat is the name of the levitating building in Covent Garden, London. The installation is an exact copy of the local historical building's part but it has no columns and its balcony is levitating breaking all the laws of physics.
Telling the Truth Through False TeethChinnek created this installation to draw attention to issues of residential development of the London's surroundings. In this area there was built only a super-modern stadium for Olympics 2012. Expressing dissatisfaction with the fact that the old buildings nearby have not been demolished he has fitted identically smashed windows into a derelict factory just a mile away from the Olympic Stadium.
Upside-down electricity pylonAn upside-down electricity pylon is embedded in a pit of gravel on the Greenwich Peninsula. It symbolizes the changing environment: earlier the area was considered industrial, now it is actively built up. Industrial things are fading.
Upside down houseChinnek's upside down house is not just an attraction. There are similar buildings in Poland, Germany, the USA and even Moscow. These art objects represent quite serious artwork.
Steep curvesThe real car literally "hangs" on a peeling away asphalt surface which Chinnek literally "tore".
Wax houseAbout 8,000 wax bricks were melting during the annual MERGE festival 2014. Creating this art object, Chinnek knew that the house would not last long but the installation 'died' much faster. After standing in London's Southwark Street for only a couple of months, the house was removed before melting completely.
From the knees of my nose to the belly of my toesAccording to Chinnek, the 'slipping down' house with such an unusual name was devoted to those who dissatisfied with the state of their homes. The installation resembles the Salvador Dali's famous painting. The art object is located in the English town of Margate, Kent County.
The modern architecture has now presented buildings created by not just architects but talented artists whose way of thinking allows them to imagine and create stunning projects. Thanks to the imagination of their creators these buildings adorn cities and make people stop near them. In our photo gallery, you can find some unusual and extraordinary ideas of Alex Chinnek, an ambitious architect from the UK.
Six pins and half a dozen needlesPerhaps, that's how many of them Alex Chinnek, British architect, illusionist, and artist, will need to 'sew up' the facade of this extraordinary building.The artist required a year to make the 'torn' wall that became the new London's attraction. In contrast to many other Chinnek's eccentric creations, this work is planned to be made one of the city's most recognizable feature.
Take my lightning but don't steal my thunderThat is the name of the levitating building in Covent Garden, London. The installation is an exact copy of the local historical building's part but it has no columns and its balcony is levitating breaking all the laws of physics.
Telling the Truth Through False TeethChinnek created this installation to draw attention to issues of residential development of the London's surroundings. In this area there was built only a super-modern stadium for Olympics 2012. Expressing dissatisfaction with the fact that the old buildings nearby have not been demolished he has fitted identically smashed windows into a derelict factory just a mile away from the Olympic Stadium.
Upside-down electricity pylonAn upside-down electricity pylon is embedded in a pit of gravel on the Greenwich Peninsula. It symbolizes the changing environment: earlier the area was considered industrial, now it is actively built up. Industrial things are fading.
Upside down houseChinnek's upside down house is not just an attraction. There are similar buildings in Poland, Germany, the USA and even Moscow. These art objects represent quite serious artwork.
Steep curvesThe real car literally "hangs" on a peeling away asphalt surface which Chinnek literally "tore".
Wax houseAbout 8,000 wax bricks were melting during the annual MERGE festival 2014. Creating this art object, Chinnek knew that the house would not last long but the installation 'died' much faster. After standing in London's Southwark Street for only a couple of months, the house was removed before melting completely.
From the knees of my nose to the belly of my toesAccording to Chinnek, the 'slipping down' house with such an unusual name was devoted to those who dissatisfied with the state of their homes. The installation resembles the Salvador Dali's famous painting. The art object is located in the English town of Margate, Kent County.
The eurozone’s economy deserves the highest praise for its remarkable performance in 2017. Interestingly, the euro block entered the year of 2017 on a pessimistic note. The political and economic turbulence was triggered by a variety of factors such as growing popularity of far-right parties in France, Germany, and the Netherlands and a looming scenario of their victory in the parliamentary elections, a grave refugee crisis, protracted soft inflation, the food embargo imposed by Russia, the mounting protectionist sentiment, etc. Despite all negatives, the euro area is approaching the year end with roaring success.
Paying tribute to a rapid pace of economic recovery in Europe, the IMF termed the monetary union of 19 states “the main driver of the global trade”. According to flash estimates of the European Commission, the eurozone’s economy has expanded by 2.2% this year at the fastest pace for the recent 10 years. Moreover, among winning European assets this year is the single European currency which has rocketed up almost 13% against the US dollar. Judging by trading sentiment, the euro is keeping the momentum. In mid-December, traders opened an enormous volume of long positions on EUR FX futures and options that is acknowledged to be the biggest for at least a decade.
No wonder the countries outside the euro block also revealed interesting developments. Robust economic activity inside the eurozone has made a benign impact on the European periphery. Thus, three largest economies of Eastern Europe – Poland, Romania, and the Czech Republic – have outpaced even Germany in terms of GDP growth. These countries have reached the booming phase, accompanied by an upturn in domestic economies, low unemployment rates, and controlled inflation.
The eurozone’s economy deserves the highest praise for its remarkable performance in 2017. Interestingly, the euro block entered the year of 2017 on a pessimistic note. The political and economic turbulence was triggered by a variety of factors such as growing popularity of far-right parties in France, Germany, and the Netherlands and a looming scenario of their victory in the parliamentary elections, a grave refugee crisis, protracted soft inflation, the food embargo imposed by Russia, the mounting protectionist sentiment, etc. Despite all negatives, the euro area is approaching the year end with roaring success.
Paying tribute to a rapid pace of economic recovery in Europe, the IMF termed the monetary union of 19 states “the main driver of the global trade”. According to flash estimates of the European Commission, the eurozone’s economy has expanded by 2.2% this year at the fastest pace for the recent 10 years. Moreover, among winning European assets this year is the single European currency which has rocketed up almost 13% against the US dollar. Judging by trading sentiment, the euro is keeping the momentum. In mid-December, traders opened an enormous volume of long positions on EUR FX futures and options that is acknowledged to be the biggest for at least a decade.
No wonder the countries outside the euro block also revealed interesting developments. Robust economic activity inside the eurozone has made a benign impact on the European periphery. Thus, three largest economies of Eastern Europe – Poland, Romania, and the Czech Republic – have outpaced even Germany in terms of GDP growth. These countries have reached the booming phase, accompanied by an upturn in domestic economies, low unemployment rates, and controlled inflation.
The eurozone’s economy deserves the highest praise for its remarkable performance in 2017. Interestingly, the euro block entered the year of 2017 on a pessimistic note. The political and economic turbulence was triggered by a variety of factors such as growing popularity of far-right parties in France, Germany, and the Netherlands and a looming scenario of their victory in the parliamentary elections, a grave refugee crisis, protracted soft inflation, the food embargo imposed by Russia, the mounting protectionist sentiment, etc. Despite all negatives, the euro area is approaching the year end with roaring success.
Paying tribute to a rapid pace of economic recovery in Europe, the IMF termed the monetary union of 19 states “the main driver of the global trade”. According to flash estimates of the European Commission, the eurozone’s economy has expanded by 2.2% this year at the fastest pace for the recent 10 years. Moreover, among winning European assets this year is the single European currency which has rocketed up almost 13% against the US dollar. Judging by trading sentiment, the euro is keeping the momentum. In mid-December, traders opened an enormous volume of long positions on EUR FX futures and options that is acknowledged to be the biggest for at least a decade.
No wonder the countries outside the euro block also revealed interesting developments. Robust economic activity inside the eurozone has made a benign impact on the European periphery. Thus, three largest economies of Eastern Europe – Poland, Romania, and the Czech Republic – have outpaced even Germany in terms of GDP growth. These countries have reached the booming phase, accompanied by an upturn in domestic economies, low unemployment rates, and controlled inflation.
The eurozone’s economy deserves the highest praise for its remarkable performance in 2017. Interestingly, the euro block entered the year of 2017 on a pessimistic note. The political and economic turbulence was triggered by a variety of factors such as growing popularity of far-right parties in France, Germany, and the Netherlands and a looming scenario of their victory in the parliamentary elections, a grave refugee crisis, protracted soft inflation, the food embargo imposed by Russia, the mounting protectionist sentiment, etc. Despite all negatives, the euro area is approaching the year end with roaring success.
Paying tribute to a rapid pace of economic recovery in Europe, the IMF termed the monetary union of 19 states “the main driver of the global trade”. According to flash estimates of the European Commission, the eurozone’s economy has expanded by 2.2% this year at the fastest pace for the recent 10 years. Moreover, among winning European assets this year is the single European currency which has rocketed up almost 13% against the US dollar. Judging by trading sentiment, the euro is keeping the momentum. In mid-December, traders opened an enormous volume of long positions on EUR FX futures and options that is acknowledged to be the biggest for at least a decade.
No wonder the countries outside the euro block also revealed interesting developments. Robust economic activity inside the eurozone has made a benign impact on the European periphery. Thus, three largest economies of Eastern Europe – Poland, Romania, and the Czech Republic – have outpaced even Germany in terms of GDP growth. These countries have reached the booming phase, accompanied by an upturn in domestic economies, low unemployment rates, and controlled inflation.
Cryptocurrencies are conquering the world, and governments of different countries roll out ways to regulate them. Many countries have already recognized digital money in terms of law. View details in our article
Leaders of a number of countries, watching the situation on the global cryptocurrency market and wanting to keep pace with the times, have decided to regulate this digital cash flow. Check out how different nations control the cryptos.
ArgentinaThis is one of the leading countries using digital money for three years. In 2014, The Argentine Financial Information Unit (UIF), which functions include combating money laundering, demanded that all financial institutions in the country that conduct transactions with bitcoins and other virtual currencies report to the UIF.
The United StatesIn the US, the legal regulation of cryptocurrencies is limited. In 2014, the US Internal Revenue Service ruled that virtual currency should be treated as property for US federal tax purposes. Some of the activities related to the use of the cryptocurrency (for example, its sale and exchange) are subject to the requirements of the bank secrecy legislation. Issuance of digital currencies can sometimes be classified as the issuance of securities. The same requirements as to the issuance of traditional securities apply in this case.
RussiaCurrently, the government and the central bank of Russia are working to create a regulatory and legal act that will regulate the legal status and circulation of cryptocurrencies. Earlier, the regulator called for vigilance in relation to cryptocurrency transactions, relying on legislation to combat money laundering.
EU countriesThe European Central Bank classifies cryptocurrencies, in particular Bitcoin, as a convertible decentralized virtual currency. There is no direct regulation. In 2014, the regulator recommended that European banks do not conduct transactions with virtual currencies until the regulatory regime comes into effect. Along with banks and other financial institutions, providers of crypto-exchange services were required to comply with a number of requirements for customer identification and tracking of suspicious transactions.
The United KingdomIn the UK, cryptocurrencies are not considered a financial product; therefore they are not subject to legal regulation. Legislative regulation in Britain is still in the making. The Financial Conduct Authority (FCA) has set up a platform for the launch and verification of pilot projects in the field of digital currencies.
SwitzerlandIn Switzerland, cryptocurrencies are traeted as assets, not securities. Transactions with digital money do not need special permission from authorities, but some activities, including the purchase and sale of cryptocurrencies (for example, bitcoins) may be subject to licensing. Transactions with virtual payment instruments are regulated by the Swiss legislation on combating money laundering.
JapanJapan gave the cryptocurrency the status of a legal tender In April this year. Many large retailers in the country accept bitcoin as payment. The concept of the cryptocurrency is separated from the concept of electronic money: the cryptocurrency is not considered a monetary asset, but a negotiable asset that can be used as a means of payment. The exchange of cryptocurrencies for traditional money is exempt from Japanese Consumption Tax.
ChinaIn China, the cryptocurrency is recognized as a virtual commodity, that is, a non-monetary digital asset. Legislation on digital means of payment is in progress. In September 2017, the Chinese government banned initial coin offerings (ICOs). Meanwhile, storing cryptocurrencies and conducting virtual currency transactions is allowed for individuals in China.
The United Arab EmiratesThe government of Abu Dhabi released guidelines on virtual currencies and ICOs in October. Any licensed company in the country that offers or uses virtual currencies for financial services must adhere to the country's anti-money laundering and counter-terrorism financing laws.
SingaporeSingapore treats cryptocurrencies as assets, not a means of payment. In some cases, they can be classified as securities. Cryptocurrency transactions are subject to the local analogue of VAT or sales tax. The Monetary Authority of Singapore (MAS) has also issued a number of regulatory documents governing initial coin offerings (ICOs), as well as trade in virtual currencies.
Cryptocurrencies are conquering the world, and governments of different countries roll out ways to regulate them. Many countries have already recognized digital money in terms of law. View details in our article
Leaders of a number of countries, watching the situation on the global cryptocurrency market and wanting to keep pace with the times, have decided to regulate this digital cash flow. Check out how different nations control the cryptos.
ArgentinaThis is one of the leading countries using digital money for three years. In 2014, The Argentine Financial Information Unit (UIF), which functions include combating money laundering, demanded that all financial institutions in the country that conduct transactions with bitcoins and other virtual currencies report to the UIF.
The United StatesIn the US, the legal regulation of cryptocurrencies is limited. In 2014, the US Internal Revenue Service ruled that virtual currency should be treated as property for US federal tax purposes. Some of the activities related to the use of the cryptocurrency (for example, its sale and exchange) are subject to the requirements of the bank secrecy legislation. Issuance of digital currencies can sometimes be classified as the issuance of securities. The same requirements as to the issuance of traditional securities apply in this case.
RussiaCurrently, the government and the central bank of Russia are working to create a regulatory and legal act that will regulate the legal status and circulation of cryptocurrencies. Earlier, the regulator called for vigilance in relation to cryptocurrency transactions, relying on legislation to combat money laundering.
EU countriesThe European Central Bank classifies cryptocurrencies, in particular Bitcoin, as a convertible decentralized virtual currency. There is no direct regulation. In 2014, the regulator recommended that European banks do not conduct transactions with virtual currencies until the regulatory regime comes into effect. Along with banks and other financial institutions, providers of crypto-exchange services were required to comply with a number of requirements for customer identification and tracking of suspicious transactions.
The United KingdomIn the UK, cryptocurrencies are not considered a financial product; therefore they are not subject to legal regulation. Legislative regulation in Britain is still in the making. The Financial Conduct Authority (FCA) has set up a platform for the launch and verification of pilot projects in the field of digital currencies.
SwitzerlandIn Switzerland, cryptocurrencies are traeted as assets, not securities. Transactions with digital money do not need special permission from authorities, but some activities, including the purchase and sale of cryptocurrencies (for example, bitcoins) may be subject to licensing. Transactions with virtual payment instruments are regulated by the Swiss legislation on combating money laundering.
JapanJapan gave the cryptocurrency the status of a legal tender In April this year. Many large retailers in the country accept bitcoin as payment. The concept of the cryptocurrency is separated from the concept of electronic money: the cryptocurrency is not considered a monetary asset, but a negotiable asset that can be used as a means of payment. The exchange of cryptocurrencies for traditional money is exempt from Japanese Consumption Tax.
ChinaIn China, the cryptocurrency is recognized as a virtual commodity, that is, a non-monetary digital asset. Legislation on digital means of payment is in progress. In September 2017, the Chinese government banned initial coin offerings (ICOs). Meanwhile, storing cryptocurrencies and conducting virtual currency transactions is allowed for individuals in China.
The United Arab EmiratesThe government of Abu Dhabi released guidelines on virtual currencies and ICOs in October. Any licensed company in the country that offers or uses virtual currencies for financial services must adhere to the country's anti-money laundering and counter-terrorism financing laws.
SingaporeSingapore treats cryptocurrencies as assets, not a means of payment. In some cases, they can be classified as securities. Cryptocurrency transactions are subject to the local analogue of VAT or sales tax. The Monetary Authority of Singapore (MAS) has also issued a number of regulatory documents governing initial coin offerings (ICOs), as well as trade in virtual currencies.
Cryptocurrencies are conquering the world, and governments of different countries roll out ways to regulate them. Many countries have already recognized digital money in terms of law. View details in our article
Leaders of a number of countries, watching the situation on the global cryptocurrency market and wanting to keep pace with the times, have decided to regulate this digital cash flow. Check out how different nations control the cryptos.
ArgentinaThis is one of the leading countries using digital money for three years. In 2014, The Argentine Financial Information Unit (UIF), which functions include combating money laundering, demanded that all financial institutions in the country that conduct transactions with bitcoins and other virtual currencies report to the UIF.
The United StatesIn the US, the legal regulation of cryptocurrencies is limited. In 2014, the US Internal Revenue Service ruled that virtual currency should be treated as property for US federal tax purposes. Some of the activities related to the use of the cryptocurrency (for example, its sale and exchange) are subject to the requirements of the bank secrecy legislation. Issuance of digital currencies can sometimes be classified as the issuance of securities. The same requirements as to the issuance of traditional securities apply in this case.
RussiaCurrently, the government and the central bank of Russia are working to create a regulatory and legal act that will regulate the legal status and circulation of cryptocurrencies. Earlier, the regulator called for vigilance in relation to cryptocurrency transactions, relying on legislation to combat money laundering.
EU countriesThe European Central Bank classifies cryptocurrencies, in particular Bitcoin, as a convertible decentralized virtual currency. There is no direct regulation. In 2014, the regulator recommended that European banks do not conduct transactions with virtual currencies until the regulatory regime comes into effect. Along with banks and other financial institutions, providers of crypto-exchange services were required to comply with a number of requirements for customer identification and tracking of suspicious transactions.
The United KingdomIn the UK, cryptocurrencies are not considered a financial product; therefore they are not subject to legal regulation. Legislative regulation in Britain is still in the making. The Financial Conduct Authority (FCA) has set up a platform for the launch and verification of pilot projects in the field of digital currencies.
SwitzerlandIn Switzerland, cryptocurrencies are traeted as assets, not securities. Transactions with digital money do not need special permission from authorities, but some activities, including the purchase and sale of cryptocurrencies (for example, bitcoins) may be subject to licensing. Transactions with virtual payment instruments are regulated by the Swiss legislation on combating money laundering.
JapanJapan gave the cryptocurrency the status of a legal tender In April this year. Many large retailers in the country accept bitcoin as payment. The concept of the cryptocurrency is separated from the concept of electronic money: the cryptocurrency is not considered a monetary asset, but a negotiable asset that can be used as a means of payment. The exchange of cryptocurrencies for traditional money is exempt from Japanese Consumption Tax.
ChinaIn China, the cryptocurrency is recognized as a virtual commodity, that is, a non-monetary digital asset. Legislation on digital means of payment is in progress. In September 2017, the Chinese government banned initial coin offerings (ICOs). Meanwhile, storing cryptocurrencies and conducting virtual currency transactions is allowed for individuals in China.
The United Arab EmiratesThe government of Abu Dhabi released guidelines on virtual currencies and ICOs in October. Any licensed company in the country that offers or uses virtual currencies for financial services must adhere to the country's anti-money laundering and counter-terrorism financing laws.
SingaporeSingapore treats cryptocurrencies as assets, not a means of payment. In some cases, they can be classified as securities. Cryptocurrency transactions are subject to the local analogue of VAT or sales tax. The Monetary Authority of Singapore (MAS) has also issued a number of regulatory documents governing initial coin offerings (ICOs), as well as trade in virtual currencies.
Cryptocurrencies are conquering the world, and governments of different countries roll out ways to regulate them. Many countries have already recognized digital money in terms of law. View details in our article
Leaders of a number of countries, watching the situation on the global cryptocurrency market and wanting to keep pace with the times, have decided to regulate this digital cash flow. Check out how different nations control the cryptos.
ArgentinaThis is one of the leading countries using digital money for three years. In 2014, The Argentine Financial Information Unit (UIF), which functions include combating money laundering, demanded that all financial institutions in the country that conduct transactions with bitcoins and other virtual currencies report to the UIF.
The United StatesIn the US, the legal regulation of cryptocurrencies is limited. In 2014, the US Internal Revenue Service ruled that virtual currency should be treated as property for US federal tax purposes. Some of the activities related to the use of the cryptocurrency (for example, its sale and exchange) are subject to the requirements of the bank secrecy legislation. Issuance of digital currencies can sometimes be classified as the issuance of securities. The same requirements as to the issuance of traditional securities apply in this case.
RussiaCurrently, the government and the central bank of Russia are working to create a regulatory and legal act that will regulate the legal status and circulation of cryptocurrencies. Earlier, the regulator called for vigilance in relation to cryptocurrency transactions, relying on legislation to combat money laundering.
EU countriesThe European Central Bank classifies cryptocurrencies, in particular Bitcoin, as a convertible decentralized virtual currency. There is no direct regulation. In 2014, the regulator recommended that European banks do not conduct transactions with virtual currencies until the regulatory regime comes into effect. Along with banks and other financial institutions, providers of crypto-exchange services were required to comply with a number of requirements for customer identification and tracking of suspicious transactions.
The United KingdomIn the UK, cryptocurrencies are not considered a financial product; therefore they are not subject to legal regulation. Legislative regulation in Britain is still in the making. The Financial Conduct Authority (FCA) has set up a platform for the launch and verification of pilot projects in the field of digital currencies.
SwitzerlandIn Switzerland, cryptocurrencies are traeted as assets, not securities. Transactions with digital money do not need special permission from authorities, but some activities, including the purchase and sale of cryptocurrencies (for example, bitcoins) may be subject to licensing. Transactions with virtual payment instruments are regulated by the Swiss legislation on combating money laundering.
JapanJapan gave the cryptocurrency the status of a legal tender In April this year. Many large retailers in the country accept bitcoin as payment. The concept of the cryptocurrency is separated from the concept of electronic money: the cryptocurrency is not considered a monetary asset, but a negotiable asset that can be used as a means of payment. The exchange of cryptocurrencies for traditional money is exempt from Japanese Consumption Tax.
ChinaIn China, the cryptocurrency is recognized as a virtual commodity, that is, a non-monetary digital asset. Legislation on digital means of payment is in progress. In September 2017, the Chinese government banned initial coin offerings (ICOs). Meanwhile, storing cryptocurrencies and conducting virtual currency transactions is allowed for individuals in China.
The United Arab EmiratesThe government of Abu Dhabi released guidelines on virtual currencies and ICOs in October. Any licensed company in the country that offers or uses virtual currencies for financial services must adhere to the country's anti-money laundering and counter-terrorism financing laws.
SingaporeSingapore treats cryptocurrencies as assets, not a means of payment. In some cases, they can be classified as securities. Cryptocurrency transactions are subject to the local analogue of VAT or sales tax. The Monetary Authority of Singapore (MAS) has also issued a number of regulatory documents governing initial coin offerings (ICOs), as well as trade in virtual currencies.
According to the top German official, a successful Brexit deal with the UK could become the model for European agreements with other countries.
“If we get a smart agreement with Britain regulating relations with Europe after Brexit, that could be a model for other countries - Ukraine and also Turkey,” German Foreign Minister Sigmar Gabriel said in an interview with the Funke media group.
He noted that he did not see these two countries joining the EU any time soon, so alternative forms of closer co-operation were needed.
Such a deal could offer a solution to the puzzle of how the EU can manage its ties with other non-EU states.
According to the top German official, a successful Brexit deal with the UK could become the model for European agreements with other countries.
“If we get a smart agreement with Britain regulating relations with Europe after Brexit, that could be a model for other countries - Ukraine and also Turkey,” German Foreign Minister Sigmar Gabriel said in an interview with the Funke media group.
He noted that he did not see these two countries joining the EU any time soon, so alternative forms of closer co-operation were needed.
Such a deal could offer a solution to the puzzle of how the EU can manage its ties with other non-EU states.
According to the top German official, a successful Brexit deal with the UK could become the model for European agreements with other countries.
“If we get a smart agreement with Britain regulating relations with Europe after Brexit, that could be a model for other countries - Ukraine and also Turkey,” German Foreign Minister Sigmar Gabriel said in an interview with the Funke media group.
He noted that he did not see these two countries joining the EU any time soon, so alternative forms of closer co-operation were needed.
Such a deal could offer a solution to the puzzle of how the EU can manage its ties with other non-EU states.
According to the top German official, a successful Brexit deal with the UK could become the model for European agreements with other countries.
“If we get a smart agreement with Britain regulating relations with Europe after Brexit, that could be a model for other countries - Ukraine and also Turkey,” German Foreign Minister Sigmar Gabriel said in an interview with the Funke media group.
He noted that he did not see these two countries joining the EU any time soon, so alternative forms of closer co-operation were needed.
Such a deal could offer a solution to the puzzle of how the EU can manage its ties with other non-EU states.
The Autostat agency has recently conducted a study of the weighted average prices of new passenger cars among all subjects of the Russian Federation. The rate was calculated on the basis of the average value of prices recommended y distributors, sales volume for each model, and the country's average was 1.33 million rubles, which is 1.7% more than in the corresponding period of 2016. The information about the regions, where the most expensive cars are in demand, you can find out from our photo gallery
Primorsky Krai – 2,315,900 rublesDespite its relatively low level of wages in the region, the weighted average price of a new passenger car here is the highest in the country. The very low share of new cars market (4%) is due to the predominance of such expensive models as Toyota RAV4, Toyota Land Cruiser, Toyota Land Cruiser Prado, Lexus NX and Lexus LX SUVs.
Khabarovsk Krai – 2,177,800 rublesIn the Khabarovsk Krai, like in other far eastern regions, included in the ranking, the automobile market has a completely different structure than in the whole country, and very low volume. However, when buying a zero mileage car, customers give preference to more expensive models and configurations.
Kamchatka Krai – 2,166,200 rublesA similar situation with the new cars market can be seen in Kamchatka Krai. The rate of the weighted average price in the region is also well above the national level.
Sakhalin Oblast – 2,155,100 rublesThe weighted average price of cars in Sakhalin is very high. Prices of premium class automobiles are in a rather wide range: from 2.7 to 5.8 million rubles.
Magadan Oblast – 2,083,100 rublesDespite its relatively high rate of the weighted average price, Magadan Oblast is a leader in terms of the share of corporate sales of new passenager cars.
The Jewish Autonomous Oblast – 1,897,200 rublesThe Jewish AO, which demonstrated significant results in terms of the weighted average car cost (9.9%), closes the top leaders in the far eastern regions.
Moscow – 1,822,900 rublesThe largest regional market - Moscow - occupies only the seventh line of the ranking.
Amur Oblast – 1,722,900 rublesAmur Oblast was also included in the top-10 regions with the highest weighted average car cost. Here, the increase in the cost was 2.4%, and the market growth – 10.2%.
The Sakha (Yakutia) Republic – 1,628,800 rublesYakutia with a rather modest market also joined the list of regions with the highest cost of automobiles. Here, its increase amounted to 1.7%, while the market growth was 9,8%.
Kaliningrad Oblast – 1,615,700 rublesKaliningrad Oblast rounded out the top ten regions with the highest weighted average car price. Here, the increase in the cost was 1.1%, while the market grew by 16.1%.
