In 2009, a seismic shiver ran through the financial sector. The global financial crisis was more than just a practical disaster. On a psychological, philosophical, and ethical level, it exposed crippling uncertainties within the financial arena. Like a weed in the heart of the garden, the roots of this failure ran frighteningly deep.One of the responses to this has been a shift away from centralised banking and towards technologically driven decentralised networks. Enter Blockchain. Blockchain represents an ideological statement that rejects the central ledger approach, and instead gives power to hundreds of thousands of users, each participating in the transaction approval process. Known as decentralised ledger technology (DLT), Blockchain harnesses technological innovation for financial security, stability, and trust.
Virtual currencies, also known by the name crypto currencies, are an entirely digital form of money. They are unregulated by any financial authority, instead being entirely under the control of their developers. National and international banks do not oversee the use of virtual currencies, as there is no physical aspect to them, and they are therefore, not considered to be legal tender.Transactions in a virtual currency involve them being shown on an online platform, which is called a BLOCK. The person sending the money must first purchase Bitcoins, on a platform known as an Exchange. The new BLOCK is then broadcast to all the other users of the network, and is added to the current blocks, making a blockchain. This completes the transaction, with no intermediate banks or transfer fees involved.The Exchanges on which Bitcoins are purchased will eventually all be approved and awarded the relevant licences in the appropriate financial jurisdictions. At present, the Bitstamp exchange has had full licensing since 2016, which means it can be used within the European Union. Regarding security, the blockchain is held over thousands of different networks, making it more difficult to hack than the one central system which holds all the details of one bank's customers and accounts.
Currently there is ample development in the Maltese blockchain industry. Changpeng Zhao, the billionaire that is behind one of the largest cryptocurrency companies in the world, Binance, is behind the planning of the new decentralised bank in Malta. The bank will be called Founders Bank, and there is a reason to it. One of the main features that makes the bank unique and special, is the fact that it will not belong to any single entity or individual.
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.
In 2009, a seismic shiver ran through the financial sector. The global financial crisis was more than just a practical disaster. On a psychological, philosophical, and ethical level, it exposed crippling uncertainties within the financial arena. Like a weed in the heart of the garden, the roots of this failure ran frighteningly deep.One of the responses to this has been a shift away from centralised banking and towards technologically driven decentralised networks. Enter Blockchain. Blockchain represents an ideological statement that rejects the central ledger approach, and instead gives power to hundreds of thousands of users, each participating in the transaction approval process. Known as decentralised ledger technology (DLT), Blockchain harnesses technological innovation for financial security, stability, and trust.
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.
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.
You will need somewhere safe to store Bitcoin, before you go about buying any. This storage space is known as a ‘wallet’. It doesn’t actually hold the Bitcoins in it, but instead, it stores the private key that is required to access the bitcoin address – also known as your public key. Depending on which wallet method you decide to use, it may look like the bitcoins are actually in it which makes using them more straightforward. Wallets can hold more than one key, and usually hold many, and you are not limited to having just one wallet – indeed it is common to own several. There are a variety of wallet types that we will take a look at here.
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.
