Category: Malta

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Tokenisation of the football industry with Socio.com

Categories Blockchain, ICOs, Malta, ICO Legal Service, The Blockchain Island, E&S Group, Tokenomics, Tokens, esports, Utility Tokens, Football, Sports

Tokenisation of the football industry with Socio.com

Recently a Maltese based Fintech and sports company, Mediarex, has raised $65 million through a private token sale. Mediarex utilizes the blockchain based sports platform chiliz.com. Due to the hype of the World Cup, chiliz.com has set in motion a football platform through Socios.com. This platform will engage and monetize football fans through the World Cup season.

Engaging Fans through Socios.com

Fans around the world bet for their favourite teams to win. Through Socios.com, fans can vote by means of tokens enabled by the blockchain platform. Football fans can buy tokens distributed within the blockchain system. When purchasing these tokens, fans can also trade and execute voting known as “crowd-manger” rights to their favourite team. Since Socios.com is collaborating with chiliZ, players can purchase $CHZ token to participate in this platform. chiliZ has, in fact, contributed $20 million to Socios.com venture, taking the football fan engagement into the mainstream.

Will “Socios” concept be of success?

Since the technology industry is moving at a fast pace, football fans are looking into the digital aspect of fintech and blockchain based solutions. By means of mobile applications, football fans from around the globe will connect together through the Socios.com platform. It is estimated that Socios blockchain will connect 4 billion football fans worldwide to the 1000 UEFA clubs and 2300+ professional football teams in existence. Once registered in the platform, teams can trade voting rights for management decisions within the Socios.com platform. Moreover, each team can manage their “token sale”, receiving funds from their fans and investors exchanging them into voting rights.

 

E&S Group is pleased to have advised chiliZ.com. For more information regarding our ICO Legal Services please check us out on this link. If you would like to contact us please send us an email on [email protected] or phone us on +356 2010 3020

 

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Crypto-giants Binance opens a bank account in Malta

Categories Blockchain, Cryptocurrency, Malta, Law, Bank, The Blockchain Island, DLT Regulation, E&S Group, Cryptocurrency Exchange

Crypto-giants Binance opens a bank account in Malta

In May 2018, the world’s largest cryptocurrency exchange, Binance, announced that it would be opening offices in Malta. The reason for their move was due to tighter restrictions on cryptocurrency activity in Japan and the fact that the Maltese government was legislating in favour of the cryptocurrency industry.

 Crypto-Euro trading pairs

In an interview given last week, CEO of Binance, Changpeng Zhao announced that they had successfully opened a bank account in Malta to enable them to conduct business. This also coincided with the news that Binance would soon offer crypto-Euro trading pairs on their exchange. This news reinforces Malta’s position as a leading jurisdiction for cryptocurrency related businesses and it is expected that other service providers will soon follow suit.

Banks have been traditionally wary of businesses that are operating in the cryptocurrency sphere, so Binance’s latest achievement is a big success as well as a significant step forward. It is hoped that this recent development will mark the beginning of a period of understanding and mutually beneficial assistance between local banks and those wishing to engage in the cryptocurrency field.

The bank that Mr Zhao used to open the account and any details on the type of account opened have remained confidential at this stage. However, many believe that other Maltese banks will address their own policies in light of the news.

The Blockchain Island

Malta has been touted as the ‘blockchain island’ and as well as Binance. Other companies such as Okex, BitPay, and DQR have all announced their intentions to call the EU Member State home.

Whilst Malta has announced three new bills that will come into force in due course, setting up a cryptocurrency business on the island still requires a high level of sector and local know-how. At E&S, our team of legal experts, accountants, business consultant, and finance specialists- all with considerable experience in the field- are on hand to guide clients through the process from A-Z.

E&S offers a full portfolio of services such as company incorporation and formation, investment service licenses, company management, and of course, setting up the right bank for you and your businesses needs. We also offer advisory services to ICOs. To find out more, contact us at [email protected] or by calling us on +356 2010 3020.

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The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips

Categories ICOs, Malta, Smart Contracts, E&S Group, Technology, New ICO - Accounting Blockchain

The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips.

E&S Group is proud to announce that its client The Accounting Blockchain has launched its Private Placement.

 

E&S Group is pleased to be working with The Accounting Blockchain assisting them in this exciting project. The aim of this blockchain based platform is to incorporate smart contracts,  helping companies processing triple entries in the platform thus saving time and money. This project is tailor-made to match the current market of accounting software packages. In addition, The Accounting Blockchain came up with a solution for companies that need to invoice each other and how payments are processed through the supply chain reaching the end consumer. AB Tokens are issued to their clients, where they can enjoy savings provided by the platform.

E&S Group is proud to be advising and supporting this innovative project, incorporating blockchain and smart contracts guiding companies to the future of doing business through cryptocurrencies. To learn more about The Accounting Blockchain, please visit their website: https://www.theaccountingblockchain.io/

 

Planning an ICO or simply want more information on ICOs, Blockchain or Crypto? Click here to read more about ICOs or contact us on [email protected].

 

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chiliZ has teamed up with Binance

Categories Blockchain, ICOs, Malta, New ICO - ChiliZ, Technology, Binance, esports

chiliZ has teamed up with Binance

Our client, chiliZ , announced that Binance is investing in their new tokenization platform which focuses on esports and other sports industries. chiliZ blockchain platform tokenises voting rights to their supporters of esports and other sports entities. This concept was inspired by the “Socios” crowd-management which Real Madrid and FC Barcelona came up with.

The video gaming industry is worth $110 billion, which is surprisingly bigger than the global film and music industry. It is expected that the video gaming space will adopt blockchain services thus accessed by more than 300mm esports fans. It is apparent that millennials, nowadays are knowledgeable and have a keen interest in virtual currencies and have experienced trading in digital assets. In fact, both blockchain technology and esports will reach millennials which are acquainted with both emerging technologies.

The chiliZ platform will start with esports teams and leagues. However, Binance and chiliZ will eventually work with the sports industry. They are also planning to develop a fan-driven token ecosystem for traditional sports teams, hence scaling the concept of “Socios” around the world.

Binance involvement with chiliZ is to provide the sharing of technical knowledge, innovation and creativity. Furthermore, this collaboration will help chiliZ delivering its platform globally.

Alexandre Dreyfus, chiliZ CEO stated that “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources. Enabling a more strategic partnership.”

While Binance CEO & Founder Changpeng Zhao added “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

 

Are you looking for ICO Legal Advice? Click this link to know more.

 

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Malta Public Transport will use a Blockchain platform for better service.

Categories Blockchain, Cryptocurrency, Malta, The Blockchain Island

Malta Public Transport will use a Blockchain platform for better service.

A partnership has been created between Omnitude and the Maltese Public Transport Service. This news was announced on Thursday 17th May by Transport Minister Ian Borg. Through this blockchain strategy, Omnitude will develop blockchain middleware technology for the Malta Public Transport Service producing a transport and logistics platform.  This collaboration will start off by the Government discussing developments and improvements and reliability that need to be addressed together with Omnitude.

At the beginning of the year, the Maltese Government agreed to launch a blockchain strategy. In effect, Malta is set to become one of the first countries to publish a national strategy on blockchain technology.

Blockchain technology.

Although the term is quite new, many do not know what Blockchain is or how it works. In simple words, Blockchain technology is a series of nodes (computers) which process transactions and data using complex cryptography. Data stored in the blockchain is difficult to get lost since every processed transaction cannot be manipulated or changed. Despite the fact that uncertainty in the system is always expressed, many critics believe that blockchain will eventually become a foundation of the next big industrial revolution, reducing costs and efficiency.

Omnitude and Malta’s Transportation System.

Omnitude is a Multi-Enterprise Blockchain Middleware Platform. Recently, it has confirmed that it will provide technology hardware to Formula 1, Williams Martini Racing. The company will measure benefits that blockchain can offer advanced engineering prospects.

In a statement Hon. Borg stated that “We believe in Omnitude’s blockchain technology and its broad use-cases for the Government. We can see its potential in a range of government departments and it will form a cornerstone technology platform as part of our commitment to drive forward innovation. It will improve the quality of life and enhance access to information for Maltese citizens. Blockchain technology is a key part of our overall national technology strategy that will see us transform different sectors.”

Moreover, Chris Painter, Omnitude CEO and Founder declared that “Governments around the world are beginning to see the potential for blockchain to reduce costs and streamline services. Malta has an extremely progressive government and we’re excited about the potential the partnership brings. As a middleware technology, Omnitude’s potential use-cases are vast and we look forward to working with the Maltese Government to explore the capabilities of Omnitude’s broad-based blockchain ecosystem.”

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

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Dr Christian Ellul has been chosen as an advisor for MuleChain.

Categories ICOs, Malta, E&S Group, Advisory

Dr Christian Ellul has been chosen as an advisor for MuleChain.

We are proud to announce that Dr Christian Ellul has been appointed an advisor for MuleChain.

Through the MuleChain platform, a solution has been addressed to inexperienced developers wishing to start developing mobile applications by means of a P2P logistics network. The MuleChain platform is easy to use, were developers can select and create a variety of new generation apps. Through this platform, inexperienced developers can earn revenue by becoming actors in logistics industries.

MuleChain has also developed the MCX Token which is accessed on the MuleChain app to use for actors to use a “cryptocurrency collateral” from MCX Tokens.

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

 

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3 Bills are published – Malta is reassuring itself as the Blockchain Island.

Categories Malta, The Blockchain Island, DLT Regulation, Regulation

3 Bills are published – Malta is reassuring itself as the Blockchain Island.

Yesterday, the Maltese government published the 2nd reading of the 3 progressive laws regulating blockchain companies. The government launched these laws in the wake of the launch of the Delta summit which is happening in Malta on the 3rd to the 5th October 2018.

During a video conference call, Malta’s Prime Minister Joseph Muscat stated that “Malta is one of the first countries worldwide to regulate this technology creating an ideal ecosystem for companies, start-ups and investors to meet and share insights. Also, to build the future of blockchain together.”

The government’s vision is to attract more blockchain based businesses to choose “The Blockchain Island.” Consequently, Malta has already set blockchain based projects which are underway to be used in the public.

Due to strict regulations implemented by other jurisdictions around the world, Malta’s clear approach on blockchain is attracting new businesses to the island. Malta’s clear set bills are one step ahead from other countries with a vigorous ecosystem, thus become aware of unlawful business dealings within the industry. In the process, many blockchain based companies have shifted their business to Malta.

These set bills will regulate the whole sphere of blockchain in a positive outlook, supporting the growth of this ever so important industry. The government is setting up the Malta Digital Innovation Authority (MDIA) operating under the Malta Financial Services Authority (MFSA), which shall provide legal certainty to all Distributed Ledger Technology (DLT) based companies. The second bill, the Virtual Financial Assets Act will regulate all cryptocurrencies, Initial Coin Offering (ICOs) and also regulate crypto exchange companies. The last bill is the Innovation Technology and Arrangement Services Act, which encompasses the framework on how the MDIA will work. If you would like to read more on the laws please click on the respective law below.

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

 

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Malta’s government has published the Virtual Financial Assets Act.

Categories Malta, Law, The Blockchain Island, Regulation

Malta’s government has published the Virtual Financial Assets Act.

Today, 22nd May, the Maltese government has published Virtual Financial Assets Act. Through this law, Malta will become a jurisdiction which DLT based companies can work better through a regulated jurisdiction.

The Maltese government have been in talks with various key stakeholders in the DLT realm. A public consultation had also taken place back in March. The Virtual Financial Assets Act (VFA) is one of three laws which are yet to be published. To read the Virtual Financial Assets Act, please click here.

The Government has succeeded in creating a transparent yet straightforward legislation which is attracting new DLT and Crypto-based companies to the island. No wonder Malta is being dubbed as “Blockchain island”.

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link.

 

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Bitmora, a crypto exchange company is moving to Malta.

Categories Blockchain, Cryptocurrency, Regulatory, Malta, The Blockchain Island, Cryptocurrency Exchange

Bitmora, a crypto exchange company is moving to Malta.

For every company, the launch of a product is an exciting time to be in, however, state governments are bringing many problems for cryptocurrency exchange companies. Bitmora, a crypto exchange company announced its intention to expand their offices to Malta, hence postponing its US official launch.

Recently problems on cryptocurrencies started to arise in the United States. Moreover, the SEC is treating all ICO companies as securities, thus moving away from becoming a crypto friendly country. Bitmora stated that while dealing with US banks, problems with regulations started to arise. Due to problematic encounters, Bitmora is moving away from the US jurisdiction.

Turning problems into success.

Bitmora has announced that it will shift its operations to the small nation-state of Malta. By far two prominent crypto exchange companies, Binance and OKEx have also stated their intentions to move their offices on the island. It is said that Bitmora’s decision to move to Malta was made when US regulations made it impossible for the organisation to function. For Malta, this is important news which can help the growing economy. More work opportunities are set to be created in the blockchain industry thus becoming the now dubbed “blockchain island.”

Since Bitmora is changing their launch date, it is thought that the US rigorous regulations have to blame, however, this is not the case. Developers are set to be working to improve Bitmora’s blockchain, developing a better platform for their customers.

In addition, the platform is set to become finalised and published on May 26th, 2018.

To know more about ICO legislation in Malta please follow this link.

Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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Maltese Gaming companies can follow specific GDPR guidelines presented by MGA.

Categories iGaming, Regulatory, Malta, GDPR

Maltese Gaming companies can follow specific GDPR guidelines presented by MGA.

Last Friday 4th May, the MGA released a document with specific guidelines on the new General Data Protection Regulation (GDPR) directive which will come to effect on May 25th, 2018 by the European Data Protection Board.

The EU Commission will enforce the GDPR directive for all EU states to follow. In effect, GDPR will be the catalyst to protect EU citizens from data privacy, thus guiding organisations across the region to observe data protection laws more seriously.

What will GDPR protect?

Previously, the EU has already passed a law on the data protection act across all EU countries. However, with the advancement of technology and scandals on big corporations stealing clients’ data from social media websites, the EU has come up with better and strict laws to protect its citizens.

The GDPR law has continued to build more specific laws on to the previous legislation which holds organisations accountable for the use and retention of personal data, enhancing individual’s rights to data privacy.

MGA guidance to GDPR

As an authority, the MGA acknowledges the Gaming industry concern about GDPR – compliance and how it can impact the industry. The MGA has presented a document to the gaming industry guiding them how to proceed. Before publishing the report, MGA has consulted with the Office of the Information and Data Protection Commissioner (IDPC), the supervisory authority responsible for regulating the application of data protection legislation. However, the MGA licensees are highly accountable to ensure all gaming companies are compliant with the GDPR and the gaming regulatory framework.

The authority expects that gaming companies will use these guidelines in par with the GDPR law. These guidelines will continuously be updated through a time when practical issues might arise. Gaming companies need to also take into consideration the legal requirements required to observe by the Maltese gaming laws without bypassing the current regulation. Also, the MGA guidelines and interpretations will not harm the Commissioner decision regarding complaints and other specific data protection issue.

The MGA has concluded the interpretations which are without prejudice for other guidelines or opinions which might be subjected by the Article 29 Data Protection Working Party.

Are you looking for services with regards to the gaming industry in Malta? Click this link for further information.

 

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