We are proud to announce the successful registration of VAIOT’s White Paper with the Malta Financial Services Authority (MFSA). The AI-powered digital services provider has become the first project to be regulated under the Maltese Virtual Financial Assets Act (VFAA), thus paving the way for similar endeavors. VAIOT’s digital platform allows its users to utilize a set of technologies called Intelligent Contracts to create legal agreements. The platform combines artificial intelligence (AI) and blockchain technology to facilitate these documents securely. VAIOT’s next step will be to issue an ICO (Initial Coin Offering) of its VAI Token.
In a statement to the international media, Christoph Surgowt, CEO of VAIOT, said that he is "thrilled to successfully register our whitepaper with the MFSA," thanking Grant Thornton Malta for supporting the company throughout the registration process in its role of a Virtual Financial Asset (VFA) Agent. VFA Agents are regulated by the provisions of the Virtual Financial Assets Act (VFAA). They are the sole entities authorised to act as intermediaries between potential issuers and/or licensees and the MFSA. The role of a VFA Agent is a delicate one. Companies intending to launch a virtual financial asset offering or list their VFA on an exchange must appoint a VFA Agent to guide them through the offering/listing procedure and act as an intermediary with the MFSA. Such companies must retain the services of a VFA Agent on an ongoing basis for as long as its VFAs remain listed.
Malta was one of the first countries to adopt bespoke regulation on digital assets in 2018 with its Virtual Financial Assets and Initial Virtual Financial Assets Offerings (IVFAO) as a method of raising funds, thus regulating aspects relating to certain DLT Assets and pre-empting EU regulation in this regard. Organs within the EU are proposing the Regulation on Markets in Crypto Assets (MiCA). If approved, the MiCA will boost Europe’s competitiveness and innovation in the financial sector, paving the way for Europe to become a global standard-setter, and will provide a harmonized regulatory environment for crypto assets.
Dr. Wayne Pisani, partner responsible for regulatory and compliance services at Grant Thornton, added that it was exciting to break new ground. The firm looks “forward to engaging with, assisting, and advising the industry, as well as influencing the debate over how these virtual assistants and digital financial assets will evolve going forward.”