Category: Exchanges

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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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TRON burns over half a billion tokens and moves to Malta!

Categories Blockchain, Cryptocurrency, Malta, Technology, Trading, Ethereum, Exchanges, DLT, Projects, TRON

TRON burns over half a billion tokens and moves to Malta!

At the last week of August TRON gained a good momentum obtaining almost half a billion of its old tokens that ran on the Ethereum network. They also celebrated their new wallet being launched on the iOS Apple Store.

TRX has built a name for itself as one of the most well-known cryptocurrencies and due to its success, it finally left the Ethereum network and set out on its own. To celebrate its disconnection from Ethereum, TRON has burnt four rounds of old, obsolete tokens as they have been replaced with tokens that are compliant with the new blockchain.

This latest round of burning was done at the same time that the TronWallet was launched in the iOS Apple Store after considerable work to gain the Apple seal of approval.

During the month of August, developments have been a nail-biter with the App Store issues and multiple bugs creeping up as a part of normal development of a feature that is almost entirely rewriting the foundations of the app. But with the help of the always helpful, strong Brazilian coffee and hard work, TRON team pulled through and they are ready to complete their most ambitious release yet.

Some of the features of the new app include:

  • Fully decentralised P2P wallet with no login or signup required
  • Local secret encryption and PIN
  • All Tron network operations supported except ‘create tokens’
  • Create multiple accounts and store contacts in one address book
  • Push notifications once transactions are processed
  • Open source privacy with private keys belonging to  the user only

The programme is backed by Tron’s accelerator as well as being developed by Getty/IO Inc; a front-end development firm that specialises in AWS, blockchain, and Javascript.

Recently, TRON shifted their operations to Malta, joining other established corporations also dealing with blockchain and cryptocurrencies. Due to Malta’s positive stance on the DLT sector, Malta will surely embark its sails to welcome all companies to set up shop on the island.

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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Centralised and decentralised exchanges – what is the difference?

Categories Blockchain, Cryptocurrency, Technology, Cryptocurrency Exchange, Tokens, Wallet, Market, Market Cap, Exchanges, DLT, FIAT

Centralised and decentralised exchanges – what is the difference?

In the world of cryptocurrency, there are two different and very distinct types of exchange, a centralised and a decentralised ones. But what is the difference between the two?

A cryptocurrency exchange is an online platform where digital currencies are traded or exchanged for other digital currencies or even fiat currencies. Both types of exchange are similar in the way that they both facilitate the buying and selling of cryptocurrencies but both suffer from different complications as well as enjoying different benefits.

What is a centralised exchange?

A centralised exchange is one of the most common types of crypto exchange and it allows the user to buy and sell cryptocurrencies with fiat currencies, as well as buying cryptocurrencies with other cryptocurrencies. The majority of these exchanges accepts payments via debit or credit card, as well as bank and wire transfer.

When we call it a centralised exchange, we mean that third parties assist with conducting the transactions that take place on it, whilst all daily operations are supervised by an organisation. They are similar in type to a traditional stock exchanges but deal with crypto and fiat rather than stocks.

Benefits of a centralised exchange include the simplicity of use as well as extreme accessibility. In case if something goes wrong on the exchange, the fact that it is operated by an organisation means that it takes all the responsibility. Another benefit is the high level of trading volume which means that these type of exchanges are not considered as volatile.

Disadvantages include the fact that they are susceptible to hackers because when crypto is bought on a centralised exchange, the users don’t actually own the coins and therefore are not in possession of the funds private keys. As in February of this year, there have been more than 30 crypto exchange hacks that have resulted in a loss of almost a million of Bitcoins.

What is a decentralised exchange?

A decentralised exchange doesn’t rely on a third party to hold the cryptocurrencies which makes it much quicker to conduct a transaction than on a centralised one. Those that opt for a decentralised exchange, trade their assets in a P2P manner automatically.

This type of exchange has seen a big increase in popularity over the last six months due to the fact that they are less susceptible to hackers. Another bonus is that these exchanges do not require any personal information to conduct a trade meaning data-hungry hackers are less likely to strike.

But of course, there are some limitations. For example, they tend to be more difficult and complicated to use than centralised exchanges, particularly for beginners. Decentralised exchanges also have a limited level of functionality when compared to their centralised counterparts, as well as a lower trading volume.

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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How crypto will run the venture capital show in the near future

Categories Blockchain, Cryptocurrency, ICOs, Tokens, Utility Tokens, Security Tokens, Ethereum, Exchanges, Venture Capital

How crypto will run the venture capital show in the near future

A future is being predicted by global venture capitalists is a future that will be run by cryptocurrencies and tokens. This future, however, needs a lot of work done before it can be truly realised. Regulations must be put in place, lines must be drawn, and steps must be taken to ensure that both coins and tokens are not categorised as securities.

Andreessen Horowitz, a venture capital firm is taking a leading position when it comes to spearheading these efforts. They have already formed a collaborative group consisting of lawyers and investors which has met with the SEC earlier in the year. If cryptocurrencies are going to be treated in the same way as securities it could significantly affect their value and this is something that must not happen. This group of stakeholders included Union Square Ventures and representatives from legal firms such as Perkins Coie, McDermott Will & Emery and Cooley along with Andreessen Horowitz, and its main goal is to create a crypto-investment fund.

The search for a safe harbour

The New York Times reported that regulators are looking for a “safe harbour” for some cryptocurrencies.

“We are seeing a watershed moment in which many firms in the digital asset community who may have been ignorant of the law — or poorly informed — are now coming to terms with the fact that they are subject to regulators,” lawyer Richard Levin claims.

Various entrepreneurs that have been involved in ICO processes have stated that as cryptocurrencies and tokens are being used as a means of payment, they should not be categorised as a security. The Chairman of the SEC, Jay Clayton believes the opposite to be right and states that every token must be registered as such.

If a cryptocurrency is to be treated as a security, there will be considerable paperwork involved and they will only be able to be traded on regulated exchanges. Bitcoins are produced on a daily basis and are not sourced from ICOs, unlike Ethereum which is solely responsible for all Ethers produced as a virtual currency. Lawyers from Andreessen Horowitz want Ethereum to be considered in the same way that Bitcoin is as the former has now been decentralised.

Union Square Ventures partner and venture capitalist, Fred Wilson has described the situation as a clear indication that crypto and tokens are still not fully understood. On the other side of the coin, the Coinbase CTO Balaji S. Srinivasan has noted that leaders such as Christine Lagarde and Larry Summers admit that these currencies deserve some merit and recognition.

The value of the token economy

This is where a staunch critic of Bitcoin, Warren Buffet just doesn’t get it. Wilson further explains that the value of the token economy lies on the token itself and not on the cash flow. Srinivasan envisages a future where entrepreneurs can create their own currencies:

“Blockchain is turning everybody into a venture capitalist. The internet will become the world’s biggest stock market. Where basically anyone in the world can put…money into crypto,” he added.

The safe harbour that is so sought after by lawyers would consist of three things: regulatory certainty, tokens not being categorised as a security, and clear ICO regulations in the future. Under the proposals, a token would only be able to be considered as a security if it meets some of the following criteria: a limitation of promotion, mandatory disclosure, detailed sales terms, token supply, and no equity rights involved.

 

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

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A Better Bet for Merchants: Altcoins or Bitcoins?

Categories Blockchain, Cryptocurrency, E&S Group, Bitcoin, Exchanges

A Better Bet for Merchants: Altcoins or Bitcoins?

There are lots of reasons why a merchant might be rather hesitant to accept cryptocurrency payments. One such reason is the fact that coins tend to become popular for a short time before fading away to obscurity within a couple of weeks. This means that what might be popular and widely used today, is unlikely to be being used in a month or two. Another main issue is volatility with even the largest and most well-known coins experiencing wildly fluctuating values on a day to day basis. By using coins that may disappear, or that may change in value from one moment to the next, merchants are taking a huge risk.

Despite this, a report from Coin Telegraph stated that 75% of US consumers would like to have the option to pay for products and services using cryptocurrency. This means that whilst businesses are not keen, public demand will force them to adopt cryptocurrencies at some point in the future. The biggest question that needs to be settled however is that of how to incorporate digital currency into traditional payment systems. In this article, we will take a look at whether Bitcoin or Altcoin is more suited to this role.

Bitcoin

As the main cryptocurrency in the market, BTC enjoys the largest market cap and the most well-known name. It is so popular that it is already being used by around 4000 shops around the world. Bitcoin is a good choice for those merchants that want a coin with a solid reputation, years of operation, and a large pool of active users. With around 28 million BTC wallets in existence, which is a very large number of users, it makes BTC by far the most dominant coin.

Altcoin

An altcoin is basically any cryptocurrency that is not Bitcoin. These can include Ethereum, Litecoin, Ripple, Dash, Monero, etc. Whilst Bitcoin is volatile with long transaction times and fees, most altcoins provide a much faster and cheaper alternative. For example, the average BTC transaction is around $0.72 per transaction, whereas Dogecoin or Bitcoin Cash are just a fraction of a cent for each transaction. Confirmation times are also far quicker with Altcoins and for this reason, it is a more practical and efficient approach for merchants and users.

So which one should merchants opt for? The answer is both, because in a market where popularity and prices wane, consumers should have the option to pay in a currency that they choose. The businesses that will survive well into the 4th industrial revolution, are the ones that are able to offer optimum flexibility to their clients, especially when it comes to making cheap and quick digital payments.

E&S Group can help you every step of the way of launching the cryptocurrency-related enterprise from marketing to tokenomics. Contact us on [email protected]

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Value of BTC falls below $6000

Categories Blockchain, Cryptocurrency, Technology, Bitcoin, Exchanges, DLT

Value of BTC falls below $6000

After steadily climbing in value over the last few weeks, the value of Bitcoin is taking a big hit. At the time of writing, the cryptocurrency is trading at a low of $5992, almost reaching the price set on June 24th of $5785.

However, it is not the only cryptocurrency to experience a massive slump, as the price of ETH is sinking to a 9-month low, below its $300 mark. Other cryptos to be hit by the drastic fall in value include XRP, LTC, and EOS. In the case of XRP, its current price of $0.30 represents a loss of 90% from its all-time high that was set in December 2017

As BTCs value plummeted yesterday, CSO of digital asset management firm CoinShares, Metlem Demirors said:

“New technologies that shift the paradigm take a long time to really understand, and the narrative around Bitcoin is really hard to grasp. Really the only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.”

It has been suggested that the instability of Bitcoin and other cryptocurrencies value is not a cause for concern but rather it should be compared to early internet stock such as Amazon or Microsoft. Whilst they are successful now, in their early stages they took significant hits to their initial highs, after the dotcom bubble burst.

“What we saw in crypto was this massive run-up, where everyone got ‘FOMO,’ or fear of missing out, as we like to say. What it caused is a speculative bubble,” Demirors said.

Now that the speculative bubble has burst, capital is being ploughed into real businesses that are serving a valid purpose. In time, it is expected that the market will stabilise as crypto and its underpinning technology find its feet in the world.

 

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

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Malta and the FATF- fighting money laundering and terrorism financing

Categories iGaming, Blockchain, Cryptocurrency, Regulatory, Malta, Technology, Trading, Regulation, Exchanges, DLT

Malta and the FATF- fighting money laundering and terrorism financing

Over the last decade, the island of Malta has firmly established itself as a leading jurisdiction for various sectors such as iGaming, financial services, and now, cryptocurrency and blockchain. This is due in part to its stringent approach to issues surrounding anti-money laundering and counter-terrorism procedures, including its adherence to the EU 4th Anti Money Laundering Directive, as well as being an active member of the international Financial Action Task Force (FATF).

The FATF is an organisation that is tasked with setting the global standards for AML/CTF as well as acting as a guardian of the financial system in terms of financial crime and illicit activities. Every four months, they release a list of non-reputable jurisdictions which are defined as those that have serious deficiencies in their AML/CFT legislation, or who are not cooperative. This list of so-called ‘rogue states’ is meant to guide cooperative countries when it comes to who they should do business with, and who requires more enhanced levels of due diligence and other verification processes.

The most recent list, published in July, includes Democratic People’s Republic of North Korea, Ethiopia, Iran, Pakistan, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen. Deemed as no-reputable jurisdictions, entities are advised to exercise caution when handling financial businesses with them. Notably, most countries on the list are in the grip of some kind of conflict so it could be that the governmental infrastructure is not available to enforce such regulations in an efficient manner, rather than them simply refusing to cooperate.

Malta’s Financial Intelligence Analysis Unit (FIAU) uses each report as a guide to decide what kinds of businesses or individuals should be able to conduct financial businesses within the country. Malta is also an active member of the intergovernmental FTAF as well as adhering to the EU 4AMLD, meaning it takes a strict approach to due diligence on companies and obliged entities operating in the country.

E&S Group works with a wide range of clientele from every corner of the world, and as such, we undertake all necessary due diligence, enhanced due diligence, and know your customer processes as a standard. We are also able to advise our customers on creating the proper, compliance procedures to ensure that their business and the people that they do business with are in line with national and international AML/CFT requirements. Contact us today at +356 2010 3020 or by email on [email protected]

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IBM-Maersk move ahead with a decentralised platform global launch

Categories Blockchain, Cryptocurrency, ICOs, Technology, Tokens, Wallet, Exchanges

IBM-Maersk move ahead with a decentralised platform global launch

Maersk, one of the world’s largest supply chain and transport companies has been working on a blockchain platform project with IBM. As a part of moving all of their work onto the blockchain, 92 global companies have signed up to be a part of the new venture. Dubbed “TradeLens” the aim is to orchestrate more efficient global trade whilst relying less on middlemen and traditional, slower processes.

154 million shipping events

So far, the collaborative project has resulted in 154 million shipping events in ports across the world and is not growing at a staggering one million per day. TradeLens now includes Hamburg Sud based in German and American firm International Lines. Other involved entities include cargo owners, freight forwarders, and customs authorities.

On a global scale, shipping accounts for around 20% of the global supply chain market with 20 terminal and port operators in over 235 marine gateways worldwide.

After an extensive beta test of the service, the platform is now accepting applications from early adopters and has announced a new smart contract service that will be able to execute complex shipping orders without the need for middlemen.

“We have seen a lot of sceptics talk about the validity of blockchain solutions,” said IBM general manager and head of blockchain, Marie Wieck. “And I think with over 90 organizations and over 150 million events captured on the system we really are seeing proof in the pudding in terms of where people are spending their time to get benefits from blockchain.”

Cutting up to five intermediaries

Each user of TradeLens has access to their own blockchain node and allows them to cut out as many as five intermediaries, even in the case of more simple enquiries such as finding out where a container is at a particular moment.

Transparency Market Research has estimated that blockchain based global supply chain software will be worth an impressive $32.9 billion by the end of 2026. Furthermore, the introduction of such software can really help to level the playing field when it comes to increasing trade for developing nations. Wieck says that users are able to enjoy savings of up to 40% on shipping by shortening the time between each step and saving thousands on every transaction. I addition to this, users will be able to collaborate easily by having an up-to-date view of which products need shipping and where the nearest empty containers are located.

“TradeLens is leveraging the benefits of blockchain as a technology for distributed information sharing,” said Wieck. “Whatever might be needed by customs and regulators to ensure efficient and safe trade, all of that information is available in real time to the participants.”

Customs authorities in Saudi Arabia, Australia, Singapore, and Peru have all signed up to use TradeLens in some way, and the Customs Administration of The Netherlands that handles 15 million containers per year, has also given them the vote of confidence.

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

 

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Digital currencies are the only digital asset used in the market

Categories Blockchain, Cryptocurrency, ICOs, Smart Contracts, Technology, Bitcoin, Utility Tokens, Security Tokens, Exchanges, DLT

Digital currencies are the only digital asset used in the market

Whilst there are various different types of digital asset, it seems that only digital currencies are able to be used at the moment. At first glance the two might seem one and the same, upon deeper inspection, one can see that they do in fact differ quite substantially.

A definite distinction can be made between digital assets and currencies because there are very few currencies that can be considered as such in terms of the literal meaning of the word. Instead, it is better to put digital assets into categories such as utility tokens, Bitcoin, and security tokens.

The confusion comes when some, such as BTC can be considered as both a payment instrument and a payment network which functions in a completely decentralised manner. Utility tokens are likened to the fuel that powers a service or software, and Ethereum based smart-contracts are different yet again. Security tokens, however, are considered as digital securities that can be likened to a share in a company or the right to future profits from a project. These tokens are the most complex when it comes to regulatory compliance as they can sometimes fall under the same rules as a company IPO.

Due to such regulatory uncertainty, it makes sense that currency-like digital assets are the most useful despite their currently volatile nature in the markets. Many are now considering BTC as a good long-term investment and more and more people and institutions are accepting it as a means of payment.

“Technical stability plays a particularly important role. Priority is given to security and resistance to external influence through conservative technological development … With fees amounting to just a few pennies, Bitcoin can bring significant benefits in terms of costs in the field of international trade, where traditional payment transactions can incur very high transaction fees.”

Of course, as with everything, there is a drawback. Considering the amount of hype surrounding the world of blockchain and crypto, there are of course a number of tricksters and scammers operating amongst legitimate organisations. This is due in part to the high level of failure when it comes to security and utility tokens- even in the case of “above the board” projects.

One could argue however that this is to be expected in what is still the infancy of the technology. The importance of BTC from a sociological, technical, and economic point of view cannot and should not be ignored as features like smart contracts and the tokenisation of products and assets will have a huge impact on business in the future.

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

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Bank of England revamps RTGS system with the help of Decentralised Technology

Categories Blockchain, Cryptocurrency, ICOs, Bank, Technology, Exchanges, DLT

Bank of England revamps RTGS system with the help of Decentralised Technology

The Bank of England is in the midst of executing a total overhaul of its interbank payment system through the introduction of a new blockchain-based platform. They have also confirmed that the network will soon be available for fintech firms and businesses that are involved in processing transactions on a blockchain network.

In August, the central bank of the UK published a report that detailed its recent work establishing a PoC with a number of firms that are operating within the blockchain or DLT space. The idea behind the trial was to explore the feasibility of connecting blockchain businesses with a version of the banks RTGS service.

The Real-Time Gross Settlement service handles approximately GBP 500 billion through the facilitation of settlements between various financial institutions. Mark Carney, the Governor of the BoA announced that one of the core features of the new RTGS would be opening it to private payment systems including DLT companies.

Mr Carney who has been vocal in his criticism of cryptocurrency in the past stated that the bank “No longer access to central bank money be the exclusive preserve of banks.”

The PoC which was finalised in March of this year included collaborative efforts from Baton Systems, R2, Token, and Clearmatics Technologies. The report on the findings of the trial includes the expressed confidence from participants that they would connect to the RTGS in order to settle transactions that are denominated in central bank currency.

“All participants confirmed that the functionality offered by the renewed RTGS service would enable their systems to connect and to achieve a settlement in central bank money,” the BoE said in its statement, adding that officials will also investigate “whether the renewed RTGS service could provide and consume acceptable forms of cryptographic proofs.”

The impending departure of the UK from the European Union has resulted in many British companies and institutions making significant efforts to attract fintech and digital businesses to the country.

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

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