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The MFSA has published further material with regards to the Virtual Financial Assets Regulations. The rules place heavy emphasis on the level of competence that prospective VFA Agents are required to have, both in terms of the traditional financial services framework as well as the regulatory framework developed under the Virtual Financial Assets Act.

Grant Thornton Malta mobilized some 60 members of its team at several cleanup sites simultaneously as part of the firm’s annual CSR event. Malta’s Grant Thornton Save the Ocean initiative is part of an international campaign focused on keeping trash out of oceans, bays, rivers and lakes. In Malta’s case, the cleanup activities were carried out in Pretty Bay, St Peter’s pool, Xorb l-Ghagin, St Thomas Bay, Fomm ir-Rih, Sliema, Bahar ic-Caghaq and Pembroke.

Commerce is increasingly digital. Yet, the global tax system is still geared to the needs of a traditional ‘bricks and mortar’ economy. The OECD’s Base Erosion and Profit Sharing (BEPS) Action Plan recognises the need for modernisation and has achieved quite a lot since the issue of its reports in October 2015. However, specific recommendations on digital taxation have been limited and the OECD’s calls for an international consensus on the way forward have so far been unheeded.

Cryptocurrency is digital or ‘virtual’ money, which uses cryptography to secure its transactions, to control the creation of additional currency units, and to verify the transfer of assets. Cryptography itself describes the process by which codes are written or generated to allow information to be kept secret.

Despite Malta’s size and limited resources, Malta has been determined to be at the forefront of the blockchain technology, providing a regulated and tech-friendly framework for the blockchain and fintech industry. This has ensured a constant and ever-growing interest by international businesses and start-ups who are looking at investing in this sector, including the likes of Binance, OKex, Tron and BigOne.

Global business concerns over a shortage of skilled workers hit a record high in the second quarter of 2018, according to research from Grant Thornton’s International Business Report (IBR). Some of the world’s largest economies, drivers of global trade, report significantly higher fears. Business leaders struggling to recruit skilled staff should consider automating processes where skilled worker problems are most acute.

Grant Thornton have signed a sponsorship agreement with Għaqda Studenti Tal-Ligi (Malta Law Students’ Society), a faculty-based non-profit organisation at the University of Malta that represents all law students within the Faculty of Laws.

The dip in optimism suggests that the global economic cycle may have peaked. Business leaders should therefore consider using increased revenue to structurally invest at this stage of the cycle to ensure long-term prosperity.

Looking at the Maltese scenario, in 2017 only 18% of respondents sold their products online and of these, the majority said that total online sales accounted to less than 10% of their total sales. Yet for the 19% of those who sell online, online sales accounted for more than 50% of their sales, which is a remarkable percentage.

The first of their kind in the world, three bills have come into force in Malta governing cryptocurrencies, blockchain and distributed ledger technology (DLT). The bills include the Malta Digital Innovation Authority Act which will bring about the establishment of the Malta Digital Innovation Authority as a driving regulator of the industry, as well as the Innovative Technological Arrangement and Services Act and the Virtual Financial Asset Act.

Grant Thornton Japan completed a significant expansion on 2 July 2018 when it welcomed the Yusei Audit Co. and Yamada & partners Certified Public Tax Accountants’ Co. to the network. The transaction adds 200 new audit staff and a 700 person tax company to the network, in addition to on-going discussions to agree a business alliance with one of Japan’s leading Consulting firms.

Grant Thornton is pleased to announce that it has been appointed as Corporate Advisors for Luxury Living Finance p.l.c. in respect of an issue of €8,000,000 5% Unsecured Bonds 2028.

Grant Thornton’s partner responsible for tax and regulatory services, Dr Wayne Pisani, has recently been appointed as President of Malta’s Institute of Financial Services Practitioners, taking over the role from Ms Juanita Bencini.

The Malta Financial Services Authority (MFSA) has released a Consultation Paper on the proposed introduction of a Financial instrument Test relating to its ongoing cryptocurrency regulation. The new consultation paper describes the introduction of a 'Financial Instrument Test' that would legally define virtual tokens.

How about €30,000 to finance your great business idea? The PowerUp! competition offers a €30,000 cash prize to European startups with a focus on energy, mobility, cleantech & cybersecurity projects.

Grant Thornton is committed to giving back to the local community by supporting organisations whose shared goal is to improve the lives of individuals from all walks of life. As part of their ongoing Corporate Social Responsibility efforts, Grant Thornton Malta’s team has recently collected €1,000 which is going towards efforts of the local Down Syndrome Association in its mission to promote awareness about Down Syndrome.