Luxembourg
€20 million tech fund, Grand Duchy bitcoin hub & asteroid mining
May 6 Luxembourg has agreed to help finance a Deep Space Industries (DSI) asteroid probing project with the hopes of profiting from the future of mining in space. DSI will develop the technology to explore nearby asteroids with nano spaceships. This move follows new local laws passed in February to benefit enterprises wanting to profit from celestial bodies. Similar laws were passed in the US in November giving companies rights to resources they retrieve in space. Full article
May 1 A €20 million Digital Tech Fund, which was officially introduced by the Minister of Economy in midApril, is now operational. The local government has contributed €5 million to the seed fund with the other €15.33 million coming from investors, including the University of Luxembourg and Société Nationale de Crédit et d’Investissement (SNCI). The Digital Tech Fund helps finance Luxembourg’s ICT startup scene and strengthen market diversification by taking equity stake in young, innovative companies with promising prototypes and proposals. Full article
April 25 The Grand Duchy has granted an EU Payment Institution license to Bitstamp, Europe’s leading bitcoin marketplace. With this announcement it becomes the first fully licensed and regulated bitcoin exchange in Europe. Bitstamp’s decision to work with Luxembourg to acquire the license and to use the country as its headquarters represents a large boost for the country’s Fintech ecosystem. Full article
World
New non-EU residence rules & Russian information exchange
Norway investigates sovereign wealth fund & Greece gets more cash
Greece, May 25 Eurozone finance ministers agreed to release €10.3 billion in loans to Greece. The deal will not decrease the amount owed, but will instead phase in debt relief beginning in 2018. The government still owes more than €300 billion to its creditors. Ministers from 19 countries met in Brussels after Greece’s tax hikes and spending cuts made Europe open to debt relief discussions. Now that a deal has been reached, the International Monetary Fund has said it will consider contributing to the bailout. Full article
Norway, May 25 Still in the wake of the Panama Papers leaks, Norway has proposed a new strategy to help cripple tax evasion. The government will begin examining the world’s largest fund, Norway’s €760 billion sovereign wealth fund, to diminish its susceptibility to tax havens and improve structuring. If successful, these actions are expected to have a significant impact on offshore accounts. The fund’s assets are a combination of mostly stocks and bonds, as well as 800 properties overseen by subsidiaries in Luxembourg and the US. Full article
Russia, May 12 The Russian Government has signed the Agreement on the Automatic Exchange of Financial Account Information. By signing the Agreement in Beijing at a tax forum, it has promised to adhere to the OECD’s Common Reporting Standards (CRS). The country’s tax authorities can now obtain information on accounts held by Russian individuals and legal entities abroad in other CRS-partner countries. Russia will also be obligated to share the equivalent information to those partner countries about their nationals. Full article
Europe, May 11 New EU entry and residence rules improve conditions for non-EU workers, students and volunteers. They state that in the future, students and researchers will not have to file new visa applications to move between member states. Notably, they will also be allowed to bring family members with them who will be permitted to work. By making the lives of these foreign workers and students easier, Europe hopes to attract skilled people from around the globe. EU member states will have two years to incorporate the new rules into law. Full article
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