VAIOT, a developer of AI-powered digital services for businesses and consumers, has announced the successful registration of its whitepaper with the Malta Financial Services Authority (MFSA), becoming the first project to be regulated under the Maltese Virtual Financial Assets Act (VFAA).
The fintech startup says the move paves the way for the future offering of VAIOT's VAI Token under the robust framework by which the MFSA regulates public offerings of Virtual Financial Assets (VFA). VAIOT plans for its public offering to take place later this year.
In September the EU proposed legislation to turn cryptocurrency into a regulated financial instrument. If passed, "Regulation on Markets in Crypto Assets" (MiCA) will apply to all 27 member states, giving passport rights to all regulated crypto companies across the bloc.
The Maltese government has taken major steps towards introducing a clear regulatory framework surrounding IVFAOs."
One of the first of the few countries in the EU to introduce an organized regulatory framework was Malta, which in 2018 set out to regulate Virtual Financial Assets and Initial Virtual Financial Assets Offerings (IVFAO) as methods of raising funds.
Now, for the first time, successful registration of a project's whitepaper under the VFA Act has occurred, marking a milestone for cryptocurrency regulation.
The registration of VAIOT's whitepaper was supported by Grant Thornton Malta, a member of one of the world's leading organizations of independent audit, tax, and advisory services, which acts as VAIOT's VFA agent.
"We are thrilled to successfully register our whitepaper with the MFSA," said Christoph Surgowt, CEO of VAIOT.
"The Maltese government has taken major steps towards introducing a clear regulatory framework surrounding IVFAOs. We will be able to offer our token in an ecosystem that will not only support the development and evolution of virtual financial assets and innovative solutions, such as VAIOT, but protect investors and token traders."