Category: Malta

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EU Anti-Tax Avoidance Directive implemented in Malta

Categories Tax, Malta, E&S Group

EU Anti-Tax Avoidance Directive implemented in Malta

On the 11th December 2018, Legal Notice 411 entitled ‘European Union Anti-Tax Avoidance Directives Implementation Regulations’ was published in the Malta Government Gazette.

These Regulations, which shall come into force on 1st January 2019, implement the provisions of Directive (EU) 2016/1164 of 12 July 2016 adopted by the Council of the European Union laying down rules against tax avoidance practices that directly affect the functioning of the internal market. They apply to all companies as well as other entities, trusts and similar arrangements that are subject to tax in Malta in the same manner as companies, including entities that are not resident in Malta but that have a permanent establishment in Malta provided that they are subject to tax in Malta as companies.

The Directive presents key tax policy changes to Maltese law which include an interest limitation rule where exceeding borrowing costs shall be deductible in the tax period in which they are incurred only up to 30% of the taxpayer’s earnings before interest, tax, depreciation and amortisation (EBITDA). This rule is meant to deter artificial debt arrangements intended to minimise tax.

Also introduced is an exit tax on capital gains at an amount equal to the market value of the transferred assets, at the time of exit of the asset. This tax, as an exception to the other regulations, shall come into force on 1st January 2020, and is directed at preventing companies from avoiding tax when relocating assets.

The Directive also includes a general anti-abuse rule (GAAR rule) as a response to aggressive tax planning, and also a controlled foreign company rule (CFC rule) addressed at deterring profit shifting to a low or zero tax country, which requires that an entity, or a permanent establishment of which the profits are not subject to tax or are exempt from tax, shall be treated as a CFC when certain conditions are met.

Contact us on +356 20103020 or by mail at [email protected]. E&S can help you in ‘making things happen’.

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Jurisdictions with a different legal outlook towards Coin Offerings

Categories Blockchain, Cryptocurrency, ICOs, Malta, Law, DLT Regulation, Regulation

Jurisdictions with a different legal outlook towards Coin Offerings

The year 2018 was marked with technology advancements and new trends. The DLT industry started to get widely recognised in many jurisdictions around the world, making way to a new digital economy. Most financial service providers are using technology to their advantage, utilising blockchain wisely to store in data, or creating complex mathematical algorithms to create an easy way to digitally facilitate, verify, or enforce agreements by means of smart contracts. Moreover, the FinTech industry is also growing substantially, with many financial institutions opting to become part of this industry.

Countries implementing different ICO Laws

This year has marked a record-high for new ICO ventures launching their crowdfunding platforms. Many companies are now opting to design tokens to be exchanged for services offered to their clients. Various countries have taken different regulatory approaches towards this growing industry, with some regulating the space and others opting for non-regulation. Certain countries decided to implement strict legislation by banning people from owning cryptocurrencies or investing in ICOs altogether, while others have built well-structured progressive legal frameworks that provide legal certainty.

Stringent laws taken by the SEC in the US towards ICOs

Meanwhile in the US, ICOs are not formally regulated across the country, however, various administrative agencies, such as the Commodities Futures Trading Commission (CFTC), the Financial Crimes Task Force (FinCen), the Department of Justice (DOJ) and the Securities Exchange Commission (SEC) have taken measures to regulate this market. The most notable administrative agency overseeing ICOs is the SEC. The SEC’s purpose is to investigate and regulate all securities issued by companies, while “protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation.

Although no concrete legislation regarding ICOs is in place, the SEC has jurisdiction over any securities related matter from the power granted to it by the Securities Act of 1933 and 1934. Guidance is also given regarding to what constitutes a security by the 1946 Supreme Court Case commonly known as Howey. Howey set forth a test used to determine whether an asset being offered constitutes the sale of a security. This test is applicable to all ICO issuances implicating the United States. The Howey Test is a financial instrument test which states that, if the asset meets all the elements, then it will be treated as a security. The elements of the test are as follows: 1) an investment in a common enterprise, 2) with the expectation of profits, 3) primarily derived from the entrepreneurial efforts of others.

Companies in the US launching their ICO have been commonly identifying their tokens as utility tokens in hope of circumventing registration with the SEC. However, utility tokens are not a legally recognised concept in the US and instead, the SEC looks at the economic realities of the transaction.

Although the US has stringent ICO Laws, companies are still risking to set up and open their ICO venture, due to the United States entities receiving the highest amount of crowdfunding.

In the past year, a number of celebrities and other public figures have endorsed ICOs, encouraging their fans to invest their money. However, recently, the SEC issued a warning to investors in various tokens stating that they are subject to have violated anti-touting laws along with anti-fraud provisions. In this case however, the SEC failed to clarify how these endorsements were paid, either directly or by indirect payment. Moreover, the SEC stated that celebrities marketing such ICOs “…may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement. The SEC’s Enforcement Division and Office of Compliance Inspections and Examinations encourage investors to be wary of investment opportunities that sound too good to be true.  We encourage investors to research potential investments rather than rely on paid endorsements from artists, sports figures, or other icons.”  Hence, these promoters might be held liable on the basis of ‘acting as unregistered brokers’ as well as taking part in transactions of securities which have not yet registered by the SEC.

What about the Asian market?

Asian countries have taken various stances with regards to ICOs; some have imposed strict laws banning ICOs altogether, while others take a lenient and progressive approach towards ICO tokens and treat them on a case by case basis. For example, the Monitory Authority of Singapore (MAS) does not regulate the issuance of utility or payment tokens, but only security tokens. With this positive approach many ICOs – who typically issue utility tokens -have launched their ICO in Singapore, making it one of the most popular jurisdictions in Asia.

On the other hand, the People’s Republic of China (PRC) took a firm stance against all ICOs, banning citizens from launching them altogether. In addition, any coin offering including exchanges used to trade virtual coins have also been banned. This approach was set in motion when China stated that all ICOs are bound to hurt the market since they are prone to deception and fraud. For this reason, the PRC is encouraging ICOs issuing their currency to follow laws which protect investors rights while trading on a platform.

European Diversity

In Europe, many countries have enacted favourable ICO Laws, attracting Asian companies to shift their operations to Europe, which in turn resulted in a healthy growth for the sector. Three proactive and progressive jurisdictions in Europe that have received praise from many fronts are Estonia, Switzerland and Malta. Many large crypto-exchanges set up shop on the territory of these three countries, especially in Malta.

Estonia with its already set and business-friendly laws is attracting many ICOs and crypto companies to register their operations on its territory.

In the “crypto-valley” of Switzerland and the technological city of Zug, there are many ICOs operating. The Swiss Financial Market Supervisory Authority (FINMA), has implemented forward-looking ICO Laws, and many investors and issuers see Switzerland as a “go to” country due to its favourable taxation laws.

Meanwhile the Maltese Parliament has provided a firm progressive stance with regards to Blockchain, ICOs and crypto exchanges. This has motivated many big companies such as OKEx and Binance to move their operations to the island. On the 1st of November, three regulating acts came into force, which will enable more businesses working in this industry to benefit from these innovative laws. The Malta Financial Services Authority (MFSA), will be the primary institution regulating this sector. Moreover, Malta’s tax rate to foreign companies is that of 35%, but by implementing effective tax planning it can go down to as low as 5%.

Malta is gaining a lot of traction within the tech industry, with many companies opting to set up shop on the Island. Malta will continue to strive and compete with other countries who are looking to follow the “Blockchain island” regulating framework of this industry.

Many legal companies sought out the opportunity to delve into this industry. One of the companies to stand out in the industry is surely E&S Group, a legal and corporate firm based in Malta, offering tailor made services to ICOs, crypto exchanges and Tokenomics to clients. So far E&S Group has successfully advised over 90 ICOs. E&S Group is being sought after by several ICOs wishing to launch their ICO project in Malta. Apart from that, said ICOs would also need to incorporate their company in Malta before getting started with their crowdfunding their project.

If you would like to know more about what we offer, send us an email on [email protected]. Our professional team of lawyers and accountants are there to make sure that your ICO will happen.

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Maltese Prime Minister Welcomes Switzerland as a Competing Blockchain Hub

Categories Blockchain, Cryptocurrency, Malta, European Commission, The Blockchain Island, DLT Regulation, Blockchain Leadership Summit

Maltese Prime Minister Welcomes Switzerland as a Competing Blockchain Hub

“Regulation gives certainty to investors, give certainty to consumers and it provides the level playing field that the industry needs”, – words spoken by the Prime Minister of Malta Joseph Muscat during his interview with CNN Money during the Blockchain Leadership Summit in Switzerland, in which E&S Group team members participated at.

The Maltese Prime Minister welcomes Switzerland as a competing crypto hub and encourages other jurisdiction to step into the industry in order to create a EU Blockchain framework. Among the roadblocks for mass blockchain adoption he mentions the misunderstanding of the blockchain concept, initial scalability, environmental problems along with other topics such as; e-learning, AML European rules, KYC procedure and the virtual euro as a currency of the future.

“We are moving slowly but steady”, – the Prime Minister comments’ when questioned about the legislation development in Malta.

Watch the full interview via link – https://www.cnnmoney.ch/shows/blockchain/videos/malta-pm-joseph-muscat-european-union-blockchain-framework 

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European Blockchain Convention to be hosted in Spain

Categories Blockchain, Cryptocurrency, ICOs, Malta, E&S Group, Technology

European Blockchain Convention to be hosted in Spain

Blockchain technology has formed a trend among many companies, many of which Fintech and ICOs aspiring to implement such innovative technology within their respective economic sectors. Many jurisdictions, however, have a different take to this disruptive technology – some are interested in regulating it such as Malta for instance, whilst others, such as China, are banning it.

In 2018, Malta has become a trailblazer to this new industry, passing 3 crypto-friendly bills which came to force in November. The aim the Maltese government was to keep this space competitive, regulated and thriving, attracting many foreign companies to set up shop within the widely dubbed “Blockchain Island”. Financial institutions established in Malta are providing legal advice and corporate services to prospective ICOs and STOs willing to conduct their crowdfunding campaigns from Malta. E&S Group is one of the most advanced legal and corporate firm to provide these tailor-made services to its clients, and the first legal company to tokenize its services back in March.

In a study obtained by ICO Bazaar, it has been concluded that in 2018 alone, the average crowdfunding reached was that of $200,000 – $1,250,000, this total sum includes preparation costs, together with the one-month token sale. Over this period, E&S Group has advised over 90 ICOs.

The topics of the digital economy, growth, and the emerging number of ICO conducted within different legislations will be discussed during the European Blockchain Convention held in Barcelona, Spain, on the 29th November. The theme of this year’s conference is “Building the foundation of Blockchain and the Digital Economy”.

Karl Shranz, co-founder of Malta’s leading ICO and Crypto Advisory firm, E&S Group, will be participating in a panel discussion titled: “Overcoming Barriers to Institutional Acceptance of Digital Assets.” Karl will share his expertise on the Maltese legal framework experience and future prospectives. Besides Karl, the panel consists of two other people contributing to the discussion, namely Stephanie Ramezan, Co-Founder of Quince Capital, and Eneko Knorr, Founder of Pheiden Capital moderated by Pernille Enggaard, Finance and Business Journalist at Radio24syv.

The conference will host 50 speakers and is expected to host over 500 industry leaders, regulators, politicians, investors, developers, CTOs, lawyers and entrepreneurs building the foundation of the Blockchain and the Digital Economy who will attend this convention.

This convention will also discuss various topics in relation to regulations, economic impacts caused by Blockchain and the industries’ changes under the influence if this phenomenon. If you would like to know more about this convention, or would like to set a meeting in Barcelona, kindly contact E&S Group on  [email protected].

 

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E&S Group at this year’s SiGMA Expo Conference

Categories iGaming, Malta, E&S Group, SiGMA

E&S Group at this year’s SiGMA Expo Conference

This year, SiGMA Expo is marking its 5th edition of its annual iGaming convention at the MFCC in Ta’ Qali. Dubbed ‘The World’s iGaming Village’, today SiGMA represents Malta’s largest iGaming event, gaining popularity among many foreign gaming companies which have settled in Malta’s booming economy. In fact, the number of iGaming companies that choose Malta is increasing. In 2017, the Malta Gaming Authority (MGA) received 220 applications from remote gaming companies applying for a licence.

Malta is undoubtedly the iGaming hub of Europe with many companies selecting it over other jurisdictions. This is reflected in SiGMA’s attendance, with around 12,500 attendees flying in from 80+ countries around the world. The venue selected is MFCC, Malta’s biggest events and conferences building. It is expected that around 400 companies are set to showcase their services at the exhibitors stands, with 200 speakers in line to discuss the various issues and advancements that have been made within this space.

E&S Group is joining other leaders in the industry at SiGMA. A group of delegates will attend this year’s event happening between the 27th – 30th November.

Kindly get in touch on [email protected] should you wish to schedule a meeting.

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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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The Pharma Counterfeit Problem on a Global Scale

Categories Blockchain, Cryptocurrency, Regulatory, ICOs, Malta, Law, E&S Group, Conference, Blockchain Leadership Summit

The Pharma Counterfeit Problem on a Global Scale

The investments into blockchain technology in the healthcare industry are growing rapidly, reaching $200M according to a recent report of the major consortium R3. The implementation of the DLT technology in the healthcare industry is caused by the emerging problem of pharma counterfeit and ineffective supply chains.

Anything that makes money will be counterfeited. This affects patented medications as well as generics. Expensive, prescription drugs, such as those used in AIDS or cancer therapy, are especially lucrative for dubious businesses. Antibiotics are the most commonly counterfeited drugs, particularly in low-income nations where medicines are prohibitively expensive for many people. In high-income countries, there is a growing trend toward fake “lifestyle” medications.

Illegal trade takes place around the world. The World Health Organization (WHO) estimates that counterfeit medicines worth 73 billion euros are traded annually. Dubious online pharmacies that conceal their true location deliver globally – reaching countries such as Germany, UK, Italy, Spain etc. or the USA. Supplies from illegal internet pharmacies – those without appropriate certification – are up to 50% counterfeits.

The extent of the problem varies greatly between regions and individual countries, and also depends largely on temporary supplies. The problem is highly dependent on how tight legal controls are. The WHO estimates that in some areas in Africa, Asia, and South America, more than 30% of medicines in circulation are fake. In some countries in Eastern Europe, the proportion of fake medicines can be more than 20%.

The current state of healthcare and pharma records is incoherent and irrational due to a lack of common architectures and standards that would allow the safe transfer of sensitive information among stakeholders in the system. Blockchain application in the healthcare industry, while still at the early stage of development, it presents various opportunities such as:- keeping track of patients’ health, new insights on population health; and supports the direction toward value-based care.

There are already several use-cases in the pharma industry: blockchain can help with verifying the authenticity of returned drugs and compliance in the pharma supply chain. Merck in partnership with SAP has developed the SAP Pharma Blockchain POC app for the use-case. Blockchain protocols in clinical trials can provide transparency and traceability of consent.

Another groundbreaking use-case in pharma is the prevention of counterfeit drugs and medical devices. One of the largest pharmaceutical companies in the world based in Basel, Switzerland, Novartis AG, has made a tremendous progress in this direction. They have been experimenting with blockchain since 2016 and have run various proofs of concept (PoCs). Today, their primary tech development is aimed to identify counterfeit medicines and track temperature with real-time visibility for all participants in the supply chain, using Blockchain and IoT.

They are also working on a public-private partnership between the European pharmaceutical industry and the EU – the IMI Blockchain Enabled Healthcare program. The program aims to partner the pharma industry with a consortia made up of SME blockchain companies, universities, clinical labs, hospitals, patient representatives and others. It’s a wide-ranging project that includes counterfeit drug detection, supply chain, patient data, and clinical trials.

The potential of the blockchain implementation in the healthcare industry will be discussed on Blockchain Leadership Summit in Basel. If you would like to attend one of the most significant events of the year with us, E&S Group will be happy to give you an exclusive 50% discount for any ticket. All you have to do is to use the promo code: BLS2018_exclusiveE&SGROUP. If you would like to get further information on this event please send us an email on [email protected].

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Why is Malta a jurisdiction of choice for aircraft registration?

Categories Tax, Aviation, Malta, E&S Group, Jurisdiction, Aircraft Registration

Why is Malta a jurisdiction of choice for aircraft registration?

Amongst all of the blockchain/iGaming and FinTech hype that is prevalent in Malta, people sometimes forget that the country is also a prime jurisdiction for various other types of business. Malta is well known for its long history with the maritime sector, but have you also known that it offers great incentives for those individuals or businesses that are looking to register an aircraft?

In 2010, The Aircraft Registration Malta Act came into force with the aim of regulating the aviation industry in Malta. The Act focused on the registration and enforcement of aircraft mortgages, the interface of aircraft protocol with Maltese law, as well as the implementation of the Cape Town Convention.

So what are the main advantages of registering an aircraft in Malta?

Fiscal

  • Malta offers an attractive corporate taxation regime including a full imputation system on the distribution of dividends meaning the rate of tax paid can be as low as 0% in certain circumstances.
  • Malta is part of an extensive network of double taxation treaties.
  • Malta encourages the development of both finance and operating aircraft leases as well as clarity on the tax treatment of final charges, tax deductions and capital allowances.
  • Malta does not charge withholding tax on lease payments as long as the lessor is not a Malta tax resident.
  • Malta does not consider that the use of aircraft by a person who is not resident in Malta and is not an employee of, or involved with a company which owns, leases, or operates aircraft, is a taxable fringe benefit.

Registration

  • Malta offers a broad range of registration possibilities for aircraft that are registered privately and not for commercial use.
  • Malta offers owners to register an aircraft whilst it is still under construction.

Ownership

  • Malta recognizes fractional ownership of aircraft so the title can be effectively divided between numerous co-owners into fractions or percentages which can each be financed by different creditors.
  • Malta offers a wide range of top-quality airline services such as maintenance, repair, overhaul, management, training and other ancillary services, all within the country.
  • In Malta, an owner operating an aircraft, an owner of an aircraft under construction, the owner of an aircraft currently not being operated, the owner of an aircraft under a temporary title, or a trustee is able to register an aircraft in Malta.

If you are interested in registering a commercial or private aircraft in Malta, contact us today by sending us an email 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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ICO numbers significantly fell during Q3

Categories ICOs, Malta, Technology, Trading, Cryptocurrency Exchange, Statistics

ICO numbers significantly fell during Q3

Market analysis by a leading cryptocurrency organisation has yielded the expected result that ICO numbers significantly fell during the third quarter of 2018.

A report published by CoinGecko shows that the number of Initial Coin Offerings in the third quarter of the year did not match, or exceed the announced projects or funds raised in Q1 or Q2.

During the second quarter, 606 projects were announced and 267 succeeded, raising a total of $7.73 billion. In contrast, the number of projects launched in Q3 was just 388 with 193 successful bids, raising a total of $1.59 billion. It is worth noting however that EOS ran a year-long project and gathered $4 billion, meaning that some of the funds gathered, would have gone to that project.

The report also mentions that out of 34 projects registered in the last quarter, nearly all were then registered on a cryptocurrency exchange, but only seven were able to find a trading value that exceeded the money the fund had raised.

The report shows that for every $100 that an investor held in tokens for these 34 projects, the market valuation would be $740. Additionally, most of these projects were based in Singapore or Malta and the UK. In fact, the UK is showing high numbers of in-country based projects.

This comes at the end of a year that saw the value of Bitcoin drop 78%, EOS – 25% and Ether – 30% signalling, as many believe a maturing of the market with values that reflect better long-term growth rates.

When it comes to ICOs, it is hoped that their popularity will pick up in the last quarter of 2018 due to countries such as Malta enacting a legal framework to legitimise the industry. Such moves are expected to instil confidence in investors and encourage the development of new projects, in a safer environment.

To find out more about Malta’s newly enacted cryptocurrency, blockchain, and ICO related legislation, or to discuss setting up an ICO with Malta as a base, contact E&S Group on [email protected]. We make things happen!

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