Category: The Blockchain Island

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TOA Berlin –  The Future of Tech, Work, and Life

Categories Blockchain, Malta, Law, The Blockchain Island, Regulation, Conference, TOA, Governance

TOA Berlin –  The Future of Tech, Work, and Life

 

At the moment, Berlin is hosting an array of blockchain, Fintech and Satellite events to industries around the world. TOA Berlin is a B2B event aiming high to build new bridges across the world. The Berlin conference is gathering prominent stakeholders, to learn from one another, make connections, grow and inspire each other.

A panel of speakers took part in the TOA Berlin conference on the 20th of June. One of the talks was named: ‘Don’t burst my bubble! Will we succeed at decentralized governance?’, discussed various jurisdictions in developing a decentralised government. The panel discussed on how the Maltese government is taking a progressive approach towards the blockchain industry.

The TOA Berlin is bridging out to tech enthusiasts to understand this technology further. Technology helps businesses to improve and facilitate their workload. Opportunities arise when you have a functioning and understanding of technology. TOA believe is that industries across the world need to collaborate with each other, driving society forward.

 

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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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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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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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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How blockchain is creating economies.

Categories Economy, Blockchain, Cryptocurrency, ICOs, Malta, The Blockchain Island

How blockchain is creating economies.

When it comes to disruptive technologies, Blockchain has to be the hottest trend for 2018. A totally incorruptible digital distributed ledger technology, it is inspiring innovative projects across the globe from behemoths like IBM to small agricultural startups in Kenya.

Blockchain technology removes the need for an intermediary and it also provides a layer of trust and transparency that is incredibly attractive to individuals and companies in a large range of sectors. Today, blockchain is not just used for financial transactions- it can be programmed to store virtually any kind of data such as personal information and identities. It offers the immutability of records that prevent the manipulation of data as well as making it virtually impenetrable to hackers. This has earned it the moniker the “Internet of Value” and those that adopted the technology early on, are not making significant waves in the sector of new technology. They are driving employment trends and investment dollars in a huge range of sectors, and blockchain is impacting entire regions and industries, disrupting everything in its path.

Countries such as Malta are positioning themselves as the jurisdiction of choice for cryptocurrency and blockchain companies, and industry giants such as Okex and Binance are even planning to relocate there. The Maltese government has drafted legislation centred around Digital Ledger Technology, virtual coins, and various related service providers and this will seek to attract even more investment. The influx of these companies is set to create a new economy for the small island nation, as well as helping to drive the growth of the industry as a whole.

Blockchain is able to impact entire industries that are ready and waiting to be disrupted, and as it does so, it creates new and exciting economies in the process. There are many sectors that are rife with inefficiency and fraud, and this technology has the ability to streamline their processes and ensure the integrity of data. Various governments are moving their services over to the blockchain as seen in the USA and Dubai. In addition, several large multi-national companies are upheaving their existing sectors and creating new industries in the process.

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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Malta has the largest cryptocurrency by trading volume.

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

Malta has the largest cryptocurrency by trading volume.

An analyst from Morgan Stanley, Sheena Shah, published a report about cryptocurrency exchange. This research measured the trading volumes of cryptocurrencies found on all legal exchanges around the world.

A team conducted by Morgan Stanley, (an American investment banking company), were surprised to find out that Malta is leading in virtual currency trading volume. This study found astonishing conclusions, stating that the most cryptocurrency exchanges are done in the UK and are processed through exchange companies registered in Malta. In contrast, the UK accounts for 1% of global trade volume.

The crypto exchange industry is growing each day. Around the world, many people are opting to trade their fiat money to bitcoins or other altcoins found in the crypto market.

How did Malta obtain the highest trading volume of cryptocurrency exchange?

Last March, Binance, one of the world’s leader in crypto exchange, has expressed its plans to move its head offices to Malta. In their research, Ms Shah’s team stated that if Binance did not choose to move to Malta, the island would be “much further down the list.”

In a statement, “Binance said that it was moving away from Asia (currently registered in Hong Kong) due to more stringent regulation, especially from Japan. The third-largest exchange, OKEx, also recently announced that it was opening an office in Malta as the government markets itself as “The Blockchain Island”.”

In the report presented by Ms Shah, it states that:

“The blockchain and cryptocurrency industry is growing rapidly and can have economic benefits for a particular country through the creation of start-ups…, research and development and financial transactions.” Due to this, the “Governments are having to consider their regulatory stance quickly.”

Many blockchain companies are looking for countries that offer attractive regulations such as Malta. It is a known fact that crypto companies are looking to operate in countries offering a “regulatory certainty” with low tax rates to operate their business. In fact, Malta is offering crypto regulation certainty through its legislation and offering foreign companies low tax rates, encouraging them to work in Malta.

Last week the Maltese government presented three bills to parliament on blockchain and cryptocurrency regulation. Through these set rules, the Maltese government is hoping to attract more blockchain based companies to open up or transfer their offices on the island. With these leading blockchain companies, Malta’s dream to become the Blockchain island will become a reality.

Interested in Learning More about ICOs Legislation in Malta? Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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Malta – A cryptocurrency hub 

Categories Blockchain, Cryptocurrency, ICOs, Malta, The Blockchain Island

Malta – A cryptocurrency hub

Malta is paving its way of becoming one of the friendliest jurisdictions in the world in the blockchain and cryptocurrencies sector. The Maltese government has presented three laws to parliament focusing on DLT and virtual currency regulation. The purpose of these laws is to facilitate blockchain based companies to shift their offices to Malta. Early this year, Malta has welcomed two crypto exchange companies, Binance and OKEx to operate their business on the island.

The Prime Minister of Malta, Joseph Muscat believes that cryptocurrencies are “the inevitable future of money”. He believes that in the near future, virtual currencies will shape a new economy, attracting new jobs for the Maltese workforce. Binance alone has stated that upon opening its offices in Malta, it will “eventually hire up to 200 people”.

Why Distribution Ledger Technology (DLT) companies moving to Malta?

The Maltese parliament has presented the first reading on cryptocurrencies and DLT laws. In addition, these laws will give exchange owners and users their future virtual currency savings. These set rules will cover brokerages, exchanges, asset managers and traders operation, thus becoming the broadest regulation in the world. The consultation paper states that “the proposed framework will offer legal certainty in a space that is currently unregulated.” As an island state, Malta also has a 5% tax rate for international companies encouraging them to set their business on the island.

Asian based companies, Binance and OKEx have chosen to relocate their offices to Malta. These companies took this drastic decision since both South Korea and Hong Kong are suffering from regulation uncertainty. By these proposed laws, Malta is attracting companies aiming to become a base for crypto-trading in the west. However, Malta is not the only crypto-friendly country in Europe. Switzerland is a low-tax country which is booming with new cryptocurrency startups. In fact, the Swiss Financial Market Supervisory Authority is planning to regulate Initial Coin Offering (ICO’s) in the dubbed crypto valley in Zug.

Although other countries have started to regulate laws on cryptocurrencies, the Maltese government is promoting Malta as “the Blockchain Island”. In fact, Critics are expecting more DLT companies to move their offices in Malta.

As the Parliamentary Secretary stated: “I am overwhelmed by the response so far since this government decided to take the lead in this new emergent sector driven by new technology which will eventually make Malta the blockchain island.”

Interested in Learning More about ICOs Legislation in Malta? Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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