We've all seen the movies and read the sci-fi books about machines and robots taking over the world. But how close are we to that becoming a reality? Smart contracts are becoming more and more commonplace in our society. Will they replace lawyers, accountants, and other officials completely or is this still just a fantasy?
The path of crypto-currencies has not run smooth since the outset of 2018. Many digital currencies, some of which had soared to their highest ever levels at the end of 2017, dropped to record lows once the new year began. Bitcoin, IOTA, Ethereum and Ripple, considered to be leaders among the crypto-currencies, lost massive amounts of value. The naysayers felt justified, and some were even waiting for the end. National banks which had warned against crypto-currency value spikes fuelled by speculation, felt they’d been proven right. The truth is, however, that crypto-currencies often plummet around the new year period. Why is this? Some believe it’s because of the changes in routine at the start of a new year. Many crypto-currency watchers have observed that digital currencies with strong connections to the Asian market tend to go very quiet when festivals are on. Once the Asian traders are back at work, the action is sure to begin.
The rapid increase in blockchain technology has given many smaller countries the opportunity to attract companies and investors from a range of specialised online industries as they bid to improve their financial resources. The selling of domain names, online gambling and financial enterprises involving digital blockchain cryptocurrencies are just some of the entrepreneurial schemes and investments that small island territories in particular are keen to encourage.
Malta asset-backed tokens are among the best uses of blockchain technology to real-world assets, increasing liquidity and price consciousness for illiquid assets, with the possibility of freeing up trillions.
Until relatively recently, the tiny island nation of Malta was perhaps best known as a favourite holiday destination for many a European tourist. In fact, this Mediterranean hotspot is still said to host three times as many tourists as actual Maltese residents at any one time. However, while the hotels and beaches are still bursting at the seams with sun-seekers, Malta’s economy has been steadily diversifying and expanding in interesting new directions. One such direction has been a movement into the digital realm, with Malta becoming a pioneering player in this respect. As attention on cryptocurrencies increases so has the discussion surrounding regulation. As such, cryptocurrency regulations in Malta are a hot topic.
Blockchain is one of the hardest things to explain about cryptocurrency and Ethereum's smart contracts can be every bit as confusing. Part of this comes from the fact that the term confusingly describes the base interaction. They are a new interaction that comes with Etherum. A normal contract gives the terms of a relationship is backed by law. A smart contract does the same but the binding is backed by the cryptographic code. This means that a smart contract is a program which has been created to carry out exact tasks and set by the creators. They allow for goods like money or shares to be exchanged without requiring a third party.
Blockchain, at its core, is designed for the distribution of information. Wikipedia is a good example to use for comparison when tackling the subject of ‘what is blockchain technology’. At a glance, the two systems have much in common like the fact that they are both published by many people. No one person is tasked with the role of distributing information on Wikipedia. The same goes for blockchain – a group of individuals is allowed to post entries into the ledger.
Navigating the legal landscape of a new country can be daunting, especially if there's a language barrier. In Malta, a country that's become a hub for expats, the need for English-speaking lawyers has risen substantially. Whether it's for business, residency, or personal matters, finding a lawyer who can communicate effectively in English is essential. This article explores the world of legal services in Malta, tailored specifically for those who prefer to converse in English.
At the beginning of November 2018, a guideline on how to treat stamp duty, income tax and VAT on transactions that involve Digital Ledger Technology assets was issued by the Malta Commissioner for Revenue as part of the VFA tax Act. In the guidelines, the DLT assets were classified into coins and tokens, with the tokens further being classified into financial tokens and utility tokens. The guidelines came in three sets, with each set covering either the income tax, stamp duty or the VAT.
You may have been toying with the idea of investing in cryptocurrencies but maybe have been a little in the dark as to what they're ll about. You will undoubtedly have heard of Bitcoin and Ethereum. It's important to recognise that advocates of such cryptocurrencies, or virtual currencies if you like, strongly believe that they have the potential to become so dominant in the future that they will even substitute the Dollar, the Euro, the Pound and so on, becoming the currency of choice globally.
Raise capital for your venture by registering an ICO. Let us guide you through the entire process from assessing your tokenomic model, creating smart contracts, legal document requirements, marketing and tax planning.
Let us guide you through launching your STO and help you getting started with issuing security tokens backed by a real world assets. Digitize your business by using the blockchain to raise capital for your business.
A cryptocurrency exchange has the toughest requirements from the VFA services regulated in Malta. When holding clients money, VFA’s and cryptographic keys the regulation takes great care of protecting users. Let us guide you through the complete registration of registering your cryptocurrency exchange.
The VFA agent is central in conducting crypto and blockchain related business in Malta. The agent is the bridge between your business and the authorities. Our experience as VFA agent will guide you through the fit and proper tests, financial instruments tests and ensure your business remains compliant.
Contact us via telephone or fill out the form below to discuss your blockchain and crypto needs.
