Category: DLT

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Blockchain Leadership Summit – Made for Industry Leaders

Categories Blockchain, Regulatory, DLT, Blockchain Leadership Summit, Event

Blockchain Leadership Summit – Made for Industry Leaders

 

The Blockchain Leadership Summit, organised by InnMind took place in the Congress Centre Basel, Switzerland on 23-24 November 2018. This large-scale event traditionally focuses on bringing the brightest minds within developing industries together with politicians, businessmen and large institutions.

The most promising projects are selected beforehand by the organising committee, and are offered the opportunity to meet and communicate directly with the investors and professional advisors, as well as to pitch their business models in front of a jury and a broad audience. The best startup team was selected by a professional panel of judges as well as summit participants, and won a roadshow experience around Switzerland. Voting was carried out on the blockchain in the real-time mode during the second day of the event.

Much attention was paid to academic programs regarding digital economy implementation and the keeping and verification of the academic records and personal documentation. One of the use-cases from the University of Basel was applied to the issuing of the attendance certificates on blockchain on the spot.

The attendees had a chance to learn from the actual cases of digital technology implementation currently in operation within large corporations, such as PwC, IBM, Bosch, Novartis and others. The representative of top enterprises shared their experiences regarding the increase of business process efficiency, money flow improvement and security costs reduction.

One of the distinctive features of the Leadership Summit was the presence of the state authorities at the event. This Summit edition was marked by the participation of the politicians from Malta, Liechtenstein, Finland, Switzerland, Russia, Armenia, and Kazakhstan in the discussions.

The Prime Minister of Malta, Joseph Muscat, was speaking at the panel discussion “Blockchain Adoption at Government Level”, as well as H.E. the Prince Michael of Liechtenstein, Chairman of Industrie-und Finanzkontor Ets. Vaduz, and Geo-political Intelligence Services; Esko Aho, former Prime Minister of Finland, visiting professor at Sciences Po, Paris; Sergey Gorkov, Deputy Minister of Economic Development of the Russian Federation; and Eric Jakob, Ambassador, Board Member, Federal Department of Economic Affairs, Education and Research EAER in Switzerland.

The speech of the Prime Minister of Malta regarding the sustainable regulatory framework of the country towards DLT technology was welcomed with lots of enthusiasm. Crypto world influencers call Malta one of the best jurisdictions for serious long-term projects, leaving Estonia and Switzerland behind.

The E&S team experienced 2 days full of active networking and valuable experience sharing. The market is entering the period of stabilisation and Malta is securing its place in the industry. To find out more about launching an ICO in Malta, please contact E&S Group by sending us an email on [email protected].

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Malta is an attractive option for Foreign Direct Investment

Categories iGaming, Blockchain, Malta, Technology, DLT

Malta is an attractive option for Foreign Direct Investment

According to a report by EY, Malta has continued to retain its attractiveness for foreign direct investment (FDI), particularly due to its welcoming and progressive fiscal and regulatory framework.

Whilst blockchain and DLT sector is in its infancy, it along with the already established iGaming sector is stimulating the interest of international investors resulting in a market boom. The EY Annual Attractiveness Survey 2018 for Malta points to a promising future for one of the EU’s smallest member states.

In the International Spotlight

Despite Malta’s small size, it has recently been thrust into the international spotlight for its fast-growing economy that is attracting talent from all over the EU and beyond. This is a sentiment that is clearly reflected in how international investors consider the island, as the level of FDI has stayed consistently high over the last few years.

The EY survey suggests that one of the most-praised factors is the favourable regulatory environment with a ratio of 85% of FDI companies and investors stating this as one of their deciding factors. The survey adds that other recent regulatory developments such as the blockchain and crypto acts play a big part in the popularity of the country as a jurisdiction of choice.

“Business investors increasingly believe that Malta is keeping pace with regulatory changes in competing jurisdictions while simultaneously providing investors with the potential to exploit competitive advantages in both European and global markets,” the survey says. According to 56% of investors that took part in the survey, the current business environment offers significant international advantages.

Shortage of labour

For a country with such a healthy economy and industries, finding the right labour is an important part of sustainable success. The EU-wide issue of labour-shortages has not escaped Malta with the Maltese government stating that they need to import a significant amount of foreign labour to meet demands. 64% of respondent’s mention challenges in recruiting staff with investors believing that technology-wise, the right skill sets are present to keep up with the pace in technology.

Malta was the first EU state to regulate the online gaming market back in 2004. Since then, Malta’s iGaming industry has grown exponentially and it is now considered as one of the leading remote gaming jurisdictions in the world. Over the last 15 years, the sector has experienced continuous growth and in 2017 alone, it generated an estimated EUR 1.1 billion to the countries gross value.

iGaming continues to grow

The sectors growth does not show any sign of slowing down and over the next five years, as 69% of respondents believe, iGaming still will be an important factor in Maltese growth. This is followed by the tourism and leisure sector (48%), payments and fintech (45%), and digital media and games (42%).

When it comes to already adopt innovative technologies, areas such as Big Data and analytics (27%), cloud computing (55%), mobile (24%), IoT (14%) and process automation (22%) came out on top. Blockchain and DLT came in at 5% with investors expecting it to rise to 36% over the next three years.

The survey concluded:

“Positioning the island at the forefront of innovation, while remaining true to the principles and values that the country has grown accustomed to, will be even more relevant going forward than ever before.” 

E&S Group has worked hard to position itself at the forefront of Malta’s disruptive industries. With experts skilled in areas such as blockchain, DLT, crypto, IoT, iGaming, and more, we are able to assist with all legal, financial, and regulatory matters relating to setting up and operating a business within Malta. To find out more, contact a member of our team today by sending an email at [email protected]

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India to test the waters of digital assets

Categories Cryptocurrency, Bank, Technology, DLT

India to test the waters of digital assets

India has long been cynical about cryptocurrencies and this cynicism was further evidenced by their hard-line stance over the last few years. But this could all be set to change.

Indias local news outlet DNA India reported that a committee has been set up by the Finance Ministry that will be overseen by the Department of Economic Affairs. This committee was created to consider whether certain crypto tokens and assets should be allowed to be used within the country. Once all considerations have been made, draft proposals will be finalised and the legislation will be tabled in Parliament.

Subhas Chandra Garb, head of the Department of Economic Affairs said:

“The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.”

Whilst stating that blockchain and DLT have a lot of promise, Garg was quick to deny that there was any chance of cryptocurrencies being used in any manner in the future. She reiterated that the DEA has issued multiple advisories to the public that categorically warn against the use of cryptocurrency, as well as comparing them to “Ponzi kind of scheme”.

The Reserve Bank of India has issued a bank on all banks handling any type of business with cryptocurrency- related businesses or individuals- a large blow to the countries burgeoning sector.

Garg did go on to say that she believes the government could be interested in “testing out the waters” when it comes to crypto tokenisation which would not be able to substitute for currency in any way.

“One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view. But in the case of cryptocurrency, one needs to allow it as a legal tender first.”

The committee is said to analyse prospects and possible consequences of the government lifting legal sanctions on cryptocurrencies.

To learn more about ICO Legal Services in Malta please follow this link.

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

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Security tokens are changing traditional finance

Categories Blockchain, Cryptocurrency, Tokens, DLT

Security tokens are changing traditional finance

The creation of blockchain has been one of the most important technological advances of the 21st century and it has opened a number of doors to ways of improving the way we live.

Blockchain and distributed ledger technology (DLT) is the technology that underpins Bitcoin and cryptocurrencies. Tokens also use the same technology and they can be categorised in three different ways, depending on their use and function. These categories are; utility tokens, payment tokens, or security tokens.

Founder and partner at Morgan Creek Digital Assets, Anthony Pompliano believes that security tokens should be considered as digital assets and therefore should be regulated by federal rules. This means that they are essentially a mixture of new digital asset technology and more traditional financial products.

“If cryptocurrencies like Bitcoin are considered ‘programmable money’ then you can consider security tokens a version of ‘programmable ownership.’ This means that any asset with ownership can and will be tokenized (public and private equities, debt, real estate, etc).” Pompliano said.

In another comment from Luc Falempin, CEO of Token, he stated that security tokens have drastically increased the ability to create new and exciting financial products. He also commented on the significant increase in security tokens that offer benefits to both digital assets, and more traditional finance.

“The net effect of tokenized securities is to increase the liquidity of the underlying assets. Using an asset tokenization platform is becoming the de facto method to raise capital by issuing blockchain-based ownership claims.” 

One of the main plus points of a good tokenisation platform is the fact that it is possible to create a way to tokenise funds, services, and assets in an efficient manner. A proper platform will eliminate any of the technical challenges that present themselves in the management and sale of pre and post-sale tokens.

“The issuance of a new security or utility tokens can be easily managed on a tokenization platform. A successful token sale could end up receiving thousands of contributions in the form of fractions of thousands of ETH. The more success you expect to see in your project, the higher the need for a professional tokenization platform that can automate the process,” Mathieu Cottin said in a blog post.

Most importantly, a security token can offer improvements to a number of features of traditional financial services as they have the ability to remove intermediaries from investment transactions. This means fewer fees, increased and free market exposure, quicker transaction completion, and a larger potential customer base. It also makes the market immune to institutional manipulation and automated service functions.

If you have any questions in relation to ICOs, please contact us on [email protected]

 

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An intro to Malta’s Innovative Technologies Regulatory Framework

Categories Blockchain, Cryptocurrency, ICOs, Malta, The Blockchain Island, DLT Regulation, VFA Act, DLT

An intro to Malta’s Innovative Technologies Regulatory Framework

November welcomed two new acts which came into force in Malta seeking to regulate the DLT, cryptocurrency and ICO markets. The country has positioned itself as a leading innovator in the regulatory treatment of such industries, with blockchain technology at the forefront of its agenda.

Over the last year, a collaborative and consolidated effort has been underway to develop and then enact the new legal framework that comprises of the Virtual Financial Assets Act, the Malta Digital Innovation Authority Act, and the Innovating Technology Arrangements and Services Act. The first of its kind, not just in Malta but globally, it will hopefully not only cement Malta’s position as a jurisdiction of choice for those looking to operate in these spheres, basing their own legal frameworks on these three acts.

A step forward

This is an important step forward in the global industry and is sure to bring technologists and innovators to the country in order for them to escape from the regulatory grey-area that exists in the crypto ecosystem. Based on sound legal and regulatory principles, the acts are set to promote legal certainty, drive consumer adoption, and instil confidence in the market.

In order for the industry to truly succeed, legal certainty needs to be attained in respect of what the applicable fundamental legal tenets of governance, ownership, and liability are – something that is being hotly debated in other jurisdictions.

Comprehensive legislation

The DLT and blockchain framework takes steps to combine business, legal, and technological aspects together through a range of regulatory tools including VFA Agents, System Auditors and Subject Matter Experts. There are also measures in place that relate to whitepapers, smart contracts, cybersecurity, and blueprints.

With the march of innovation and technology seeming totally unstoppable, Malta’s willingness to embrace and regulate them has put the country in pole-position on the global stage. By enacting these flexible but stringent rules, the sector will grow and develop whilst retaining its integrity. Furthermore, Malta’s reputation as a jurisdiction of choice for blockchain and crypto-related businesses will go from strength to strength.

E&S Group is a leading corporate & 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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It’s official, Malta has welcomed the VFAA and ITAS today!

Categories Blockchain, Malta, The Blockchain Island, DLT Regulation, E&S Group, Technology, Regulation, VFA Act, DLT

It’s official, Malta has welcomed the VFAA and ITAS today!

The long wait is over, Malta has set to become a world leader and a pioneer in regulating the world of Distributed Ledger Technology (DLT), Initial Coin Offering (ICOs), crypto exchanges, Artificial Intelligence (AI) and FinTech. Its progressive laws have already made waves around the world with many companies transferring their offices to the island.

This phenomenon has started to provide many opportunities within the industry, so that many Maltese companies have also started to delve into this sector, creating blockchain platforms to sell to companies, launching ICOs and investing in cryptocurrencies. Through this technological ecosystem, many industries got involved in this new sector of digital economy.

Today 1st November, the Maltese government has successfully enacted the two remaining bills to secure the DLT journey on the island. These laws are the Virtual Financial Assets Act, and the Innovation Technology Arrangements and Services Act respectively. While on the 5th of October during the Delta Summit, the Hon. Silvio Schembri launched the Malta Digital Innovation Authority Act.

This rollercoaster ride started in March 2018, when the Junior Minister for Financial Services, Digital Economy and Innovation declared that the Maltese government was looking into ways to regulate the DLT space. A public consultation was organised inviting and appointing prominent key stakeholders in the industry, aiding the government to draft the three laws for further clarifications. E&S Group along with other legal companies participated in this consultation pushing toward a friendly, clear and well-regulated digital industry.

On the 24th of April 2018, Hon. Silvio Schembri presented the 1st reading of the 3 bills in parliament for further amendments. The outcome was successful, as both sides of the house approved and supported this new legislation.

The Virtual Financial Assets Act was published on the 22nd of May 2018. This Act brought further clarifications as to where Malta is set to move with its regulations of ICOs, crypto exchanges and how the appointed authority has to act in order to help regulate this sphere.

During the launching of the Delta Summit on May 22nd, the Maltese Parliament published the three final DLT laws online, indicating what is expected to be regulated. This brought about a lot of noise around the world. Many crypto exchange companies started to move their offices to Malta. Moreover, the Maltese public transport took a stance to partner with Omnitude, a blockchain company to start a partnership agreement to develop a blockchain-based middleware technology for the Malta Public Transport Service.

The Maltese government unanimously passed the third reading of the 3 DLT regulations on the 4th of July. On that same day, the MFSA published their consultation paper to regulate the Virtual Financial Assets Act (VFAA). These laws caused interest from many legal firms wanting to know more on how to help their clients pass their regulating test and become licensed to operate in Malta. The MFSA created the Virtual Financial Agent as presented in the VFA law. All licensed agents are required to assist ICOs and crypto exchanges to become licensed by the authority.

Through this wave of clear DLT legislation technology, Maltese companies such as E&S Group have found a perfect opportunity to do something different. In March 2018, E&S Group became the first legal and corporate firm to tokenise its services. This gave clients the opportunity to pay for legal and corporate services with ESTS tokens, created by E&S Group.

Malta has taken a big leap of faith in the industry becoming the first to provide friendly yet well-structured laws to regulate the technology. This will provide a better opportunity for enterprises to trust in the “Blockchain Island”, thus becoming a hub for ICOs, Blockchain, Fintech and other innovative economy sectors.

If you would like to know more about the benefits Maltese legislation offers in the sector of digital economy, please contact us on [email protected]. Our professional and dedicated team will help you better understand the Blockchain industry in Malta. E&S Group will ‘make things happen.’

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Prime Minister of Malta tells UN that crypto is the future

Categories Blockchain, Cryptocurrency, Malta, DLT Regulation, E&S Group, Technology, DLT, UN

Prime Minister of Malta tells UN that crypto is the future

Malta’s Prime Minister, Joseph Muscat has told the United Nation that he believes cryptocurrency is the “inevitable future of money”. Muscat made the remarks as he addressed the general debate of the 73rd Session of the General Assembly of the United Nations on September 27th.  And in 2 days he is taking part in the biggest crypto-related event of the year, Malta Blockchain Summit to support the “Blockchain Island” initiative.

Transformative technology

The Prime Minister made an enthusiastic case for crypto, citing it as a transformative combination of cutting-edge technology with immense political impact and talking about the possibility of creating a new “digital state”.

“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more,” he added.

He then argued that distributed ledger technologies (DLT) have the potential to transform civil, political, and corporate systems. Mr Muscat explained that the possibility to solve decades old problems was a big reason for pushing Malta to be “the Blockchain Island”. Malta has recently become the first jurisdiction in the world to regulate the technology, paving the way for regulatory certainty and clarity, as well as removing the industry from a “legal vacuum”.

The future

He also talked of creating a place where no one is deprived of their legitimate property because of compromised data, that corporations become more accountable to their shareholders, and that states move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data. In the healthcare sector, Muscat spoke of a system where patients could have real ownership of their medical records, where the administration would be more efficient and therefore save significant sums that would be better spent elsewhere within the system.

But, despite the Prime Ministers praises, he spoke of hurdles that the industry faces, noting that:

“There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do not come by closing doors.”

In June the Maltese parliament passed three DLT and crypto bills that are due to come into force tomorrow on November 1st 2018, after being put back from the original enforcement date of October 1st.

E&S Group is a leading corporate & 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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ESTS Initiative announces the winner of September’s NEO Seed Competition

Categories Blockchain, ICOs, Malta, ICO Legal Service, E&S Group, Technology, ESTS Initiative, ESTS, DLT, NEO, Competition

ESTS Initiative announces the winner of September’s NEO Seed Competition

In September, ESTS Initiative launched a competition targeting start-ups operating their ICOs on the NEO platform. A good turnout of companies showed interest to participate in this competition, to get the chance to win E&S Group tailor-made ICO legal services. Participated companies that showed an interest to benefit from Malta’s progressive laws towards blockchain-based crowdfunding campaigns.

NEO Seed Competition Winner

The crowned winner of September’s NEO seeding competition is the Spotcoin project from Tbilisi, Georgia, which began its public sale on Monday, 22nd October 2018. The aim of this project is to make digital currencies work by means of a direct access and simple liquidity. Initially, their business started as an over-the-counter clearing house in Georgia. Their main function was to facilitate movement of both cryptocurrencies and fiat currencies. When the enterprise started to grow, they expanded into a multifaceted powerhouse, focusing more on mining operations and education. Since their business has taken a positive turn, the team came up with the idea of launching an ICO to be able to get more funding for their project. In turn, they built an automated digital currency exchange in Georgia giving access to the smart economy to everyone living in the Black Sea region.

If you are looking to set up an ICO project in Malta, E&S Group is the perfect corporate and legal firm to offer you a guided assistance to raise funds for your project implementation. At E&S Group we provide ICO Legal Services, Tokenomics and step-by-step procedure to set up your company in Malta. If you are interested to get a quote please send us an email on [email protected]. ‘We make things happen!’

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E&S Group is participating in the Malta Blockchain Summit

Categories Blockchain, Cryptocurrency, ICOs, Malta, E&S Group, Technology, Advisory, Tokens, Wallet, Startups, Exchanges, DLT, Malta Blockchain Summit

E&S Group is participating in the Malta Blockchain Summit

The Intercontinental Malta is hosting the ‘Malta Blockchain Summit’ on the 1st and 2nd November 2018. This will be the second most anticipated event in a span of two months after the successful Delta Summit in October.

During the Malta Blockchain summit, the Maltese government will also be enacting the two remaining laws (VFAA and ITAS) becoming the first jurisdiction with progressive and transparent regulations on the diagonal space.

This event has already attracted many organisers from around the world to exhibit their services, all coming from various industries such as Legal, Corporate, Fintech and Real Estate. Furthermore, many speakers will be discussing Malta’s impact on this ever-growing economy sector.

Karl Schranz, E&S Group director will be participating in an event’s panel discussion titled: “Post ICO: with Millions in the Bank, What’s Next?” that is going to be held on the 2nd of November at 5:30 pm. Other speakers joining this panel are: Benjamin Bilski from the Naga Group, Cyrus Fazel from SwissBorg, David Ben Kay from PundiX Nuno Utrust and Igo Khmel from Bankex.

E&S Group will also have a stand promoting their services to potential clients willing to set up a Maltese company to operate in the DLT area under the Maltese jurisdiction.

If you would like to visit our stand we will be situated in Gold #76 where our staff will guide you through all our ICO Legal, Corporate and Tokenomics services offered.

E&S Group has already advised over 90+ ICOs all benefitting from our tailormade services. If you want to know more about our services drop us an email on [email protected] and our experienced staff will assist you with your quires.

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E&S Group Director on bloxlive.tv

Categories Blockchain, Cryptocurrency, Malta, E&S Group, Technology, DLT, bloxlive.tv

E&S Group Director on bloxlive.tv

In the digital world of rapid changes and fast news streams, blogs and newspapers are not enough. Recently, bloxlive.tv established another channel of communication by creating live stories video streams about the events in the thriving world of blockchain and cryptocurrency by broadcasting breaking news. Since Malta is taking a positive outlook on the DLT industry, the online channel has chosen the island to set up its headquarters. bloxlive.tv is the world’s first crypto and blockchain news network streaming around the clock.    The main focus of this channel is to feature breaking news, market analysis, live discussions with people working in the industry and event coverage in the crypto and blockchain community around the globe.

On the 22nd October, Dr. Christian Ellul, took part in a discussion around two topics: “The Russian Central Bank Says that Crypto Fever has Broken, and It’s a Good Thing” and “Cryptocurrency and speculative bubbles: is it going to burst?”  Cryptocurrency fever is disappearing and that’s a good thing according to Elvira Nabiullina, the head of the Central Bank of the Russian Federation. Nabiullina is a reknown economist, spoke at the Sochi Forum where she confirmed the value of cryptocurrencies but stated that they suffer from a lack of regulatory oversight. Christian Ellul commented on what other jurisdictions are doing to implement the measures in favour or against such innovation as virtual currency.

Watch the broadcast with Christian Ellul on the bloxlive.tv website: https://bloxlive.tv/stories/s73news/15436-22-10-2018/74395-russian-crypto-fever-is-over-and-its-a-good-thing

If you want to operate your ICO on the island, send us an email on [email protected] and we will guide you throughout your project. E&S Group will ‘make things happen’.

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