In a world-first, VAIOT has become the only firm to register its whitepaper with the Malta Financial Services Authority (MFSA). This achievement makes a path for its VAI Token offering under the Maltese regulatory process and advancing its attempts to digitize business processes worldwide.
VAIOT is a developer of AI-powered digital services for both businesses and customers and has now become the first project to be regulated by the Maltese Virtual Financial Assets Act (VFAA).
Back in September, the European Union suggested some laws to turn cryptocurrency into a regulated financial tool. If passed, the ‘Regulation on Markets in Crypto Assets’ or MiCA will come into effect to all 27 member states, providing regulated crypto companies in the industry with passport rights.
Among the first few countries in the EU to issue an organized regulatory structure was Malta, which regulated Virtual Financial Assets and Initial Virtual Financial Assets Offerings (IVFAO) in 2018 as a way to raise funds. This new move is a milestone for cryptocurrency regulation.
VAIOT Has a Running Mobile App
VAIOT’s whitepaper regulation was supported by Grant Thornton Malta, which serves as VAIOT’s VFA agent now. The VFA agent checks, controls, and offers advice during the whitepaper registration process and also beyond the offering phase, exerting its regulatory compliance and acting as a bridge between the two entities.
The VFAA regulatory structure requires VAIOT to keep an external and independent VFA agent permanently. Any customer can access the products or services sold or delivered digitally through a mobile app; those who want to participate can sign up for the beta testing on the official website of the company.
“We are thrilled to successfully register our whitepaper with the MFSA,” says 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.”