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The dawn of legitimate crypto-finance - 06/07/2020
The development of the digital economy has sometimes become a commonplace in public policy. And often, beyond speeches and "magic thinking", the actions of States are often limited to the digitisation of existing services; the creation of applications facilitating the access and the use of traditional services; the interconnection of public networks and the centralisation of "Data". It is more a question of "scanning" the old world than adopting the revolution under way and enabling the creation of new wealth.Likewise, few people are aware of the shock wave created by distributed register technology (DLT) and how it is already changing the world around us.
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FATF and Digital Asset Regulation : An Imperative Recommendation to States - 31/10/2019
"Whoever straddles a tiger does not descend easily" says a Chinese proverb, and it seems that the Financial Action Task Force (FATF) has chosen to mount the mount of "virtual assets" and that this ride leads them to drag all countries in its wake in an inevitable movement to regulate these "digital assets".In June 20141, the Financial Action Task Force (FATF) discovered, five years after their creation, the Bitcoin/Altcoins. Its report on virtual currencies distinguished between "Virtual Currency" and "Digital Currency". The latter being the numerical representation of the former. The FATF then defined Virtual Currencies as the digital representation of a value that can be exchanged digitally, serve as a means of exchange; and/or as a unit of account; and/or as a reserve of value, but which does not have "per se" legal or discharge value in any jurisdiction.
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Smartcities, Blockchain & Digital Economy - 16/05/2019
Modern urban planning faces problems that are also opportunities for development: traffic congestion that triggers new mobility, sensors that make the detail of urban activities visible, intelligible and usable, or the development of e-administrations.
Among the immediate foreseeable futures, is a future in which the city becomes sustainable, respects “human digital rights” and creates a new digital metropolitan economy.
In this future, the Digital Metropolis will produce a continuous flow of data through the interactions of its users, captured by urban installations and fed by IoT[1].
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Monaco – Waiting for the ICO legislation - 14/05/2019
In this context, Frédéric GENTA, interministerial delegate in charge of the digital transition of the Principality of Monaco was able to broadly outline the future law on ICO (digital fundraising) on the occasion of the third edition of the MIB (Monaco International Blockchain) on May 7, 2019.
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General trends of bitcoins’ taxation - 11/02/2019
The sale or exchange of virtual currency, like Bitcoin, or their use to pay for goods or services in a real-world economy transaction, has tax consequences that may result in a tax liability. This article will examine general trends of the tax treatment of bitcoins and will describe some recent developments in this area in EU (I) and at the national level of some non-European countries (II).I/ European approach: If there is currently no tax legislation on virtual currencies at the level of the EU (1), the CJUE has already had the opportunity to apply EU VAT legislation to some bitcoins transactions (2).
1/ EU regulation: The European Central Bank defines a virtual currency as ‘a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money .
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ICOs: a matter of security - 29/01/2019
Trust is a vital element of the economy . Traditionally it is based on centralised and established components such as companies, institutions, states, and currencies. However recent crises (subprime, Greek public debt, etc.) have weakened this trust and the entire model it supports. At the same time, distributed ledger technology (DLT, or blockchain) began to develop and "dispenses with the need for trust in other parties, which is based instead on a network of nodes (servers) that validate all sorts of transactions and information, with or without legal value, in a secure manner and in real time (or almost)". Rather than placing trust in a single, fallible entity, it spreads the trust among independent players that control one another. This new version of trust that many would describe as disruptive has uberised fundraising and financing of all types of activities via initial coin offerings (ICOs). ICOs are inherently compliant with DLT and finance the development of activity not by increasing capital, but by the presale of goods, rights or services.Read the full article here.
Malta: Regulations on Distributed Ledger Technology Platforms (DLT) - 23/05/2018
On the 22 May 2018, the Government of Malta published the three anticipated bills which will give the various stakeholders a clear picture of the legal framework which will regulate distributed ledger technology platforms (DLT) and their underlying assets.
The government’s vision is to attract more blockchain businesses’ to Malta, “The Blockchain Island.” Malta is the first in providing legislation in the emerging new sector while providing legal certainty for organisations wanting to be regulated. Malta’s pro-business approach has clearly attracted a number of top players already within the industry which have consequently relocated in Malta.
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