YOVO, the world’s first blockchain mobile phone network has that confirmed it will be moving its headquarters to Malta, with an investment of €20 million and a team of thirty members. With this mobile network company, you will be able to buy your tokens with over 40 different types of crypto currencies.
The last few years will be remembered as those which saw the introduction of Bitcoin to the general public. Although cryptocurrencies have been discussed in the media for a while, it was only recently that the terminology became commonly used and more importantly understood, by the average person on the street. Here, we will look at the way cryptocurrencies taxes are treated in Malta for the purposes of income tax and the reasons a person may invest in cryptocurrency.
You’ve probably heard of cryptocurrencies such as Bitcoin or Ethereum whilst you’ve been going about your everyday life but do you really know what they are? These are two of the most popular cryptocurrencies on the market, they are basically a digital currency which utilizes encryption techniques in order to enhance security during the trading process. Cryptocurrency in Malta is sometimes referred to as virtual currency, is made up of a number of virtual coins which can be generated using a process called mining, this involves solving a series of complex mathematical algorithms. Coins can be used to pay for goods and services in a similar way to any other form of electrical payment using a blockchain platform, which is a peer-to-peer technology that ensures transparency and accountability during trades.
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.
As the financial technology industry has developed greater and faster tools with the internet, blockchain technology was created. This has created the ability to pay for services and goods online with completely digital money. It is commonly referred to as Cryptocurrency.
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.
The conference was opened by Parliamentary Secretary, Silvio Schembri who expressed the opinion that the Maltese Government was planning to launch a new Digital Innovation Authority Bill (DIA) which will operate as the only regulator for ‘Innovative Digital Technology’. The Technology Arrangements and Services Bill (referred to henceforth as TAS) was also mentioned by Dr Schembri, as was the keenly anticipated Virtual Currency Act. The triumvirate of bills will form the foundation of the Maltese Blockchain and Cryptocurrency Regulation.
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.
To maintain its place at the forefront of the cryptocurrency sector, the University of Malta is to provide a €300,000 scholarship fund for students of blockchain and distributed ledger technology.The fund will start this year and will be split over three years to support students who will specialise in ICT, law, finance and engineering.
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?
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.
