A truly digital economy

Authors: Max Ganado, Leonard Bonello
Published on March 2, 2018
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Practices: E-Money & Payment Services, Financial Markets Regulation, Prevention of Money Laundering
Not a day passes that social media feeds are not inundated with tons of posts relating to cryptocurrencies. Typically, the views are highly polarised, ranging from how individuals have become overnight millionaires by investing all their life savings into cryptocurrencies to comparisons with practically every major financial crash in the history of mankind and opinion posts of how cryptocurrencies could drop to zero at any time.

Blockchain and Smart Contracts – Disrupting or complementing the legal community?

Authors: Jens Buedinger, James Debono
Published on October 27, 2017
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Practices: E-Money & Payment Services, General Commercial & Contract Law, Intellectual Property & Telecoms, Media & Technology
Currently blockchain technologies are disrupting and revolutionizing various industries on a global level through the use of immutable public ledgers spread over a distributed network. The blockchain’s main disruptive element in today’s commercial and economic ecosystem is its ability to eliminate the (often taken for granted) necessity to trust intermediaries to certify a transaction.

Blockchain compliance training for service providers

Authors: Max Ganado
Published on April 24, 2019
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While we live in an age of exponential technological in­novation, true black-swan breakthroughs are still rare. Most of our technological development is either incremental, or developing along predictable lines. But blockchain is one of those rare breakthroughs that are as innovative as they are unexpected, as timely as they are revolutionary.

Blockchain: Some legal considerations relating to Security Token Issuance

Authors: Max Ganado
Published on July 12, 2019
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Practices: Fintech & Blockchain
1. Introduction and background

Blockchain hit the world in 2008 at the time of the financial crisis. It was a reaction to the context at the time. It was motivated by all sorts of political theories and social philosophies but promoted a technology which quickly started to inspire many because of its features and qualities. It had a lot to do with failure of trust in intermediation services by banks and investment services providers, gaining traction around the concept of disintermediation and cutting out the abuse of monopolistic sectors, including those appropriating private data to their own benefit. Decentralisation and autonomy were novel concepts with powerful appeal as methods to reestablish trust through technology.

GANADO Advocates featured in Bloomberg News on Blockchain and Securitisation

Authors: Nicholas Curmi
Published on June 12, 2018
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In an article entitled "Blockchain Comes to Asset-Backed Debt With First Bonds in Sight" published on 6 June 2018 on, GANADO Advocates lawyer, Nicholas Curmi was interviewed alongside other securitisation specialists from global law firms Morgan, Lewis & Bockius LLP and DLA Piper, ahead of their panel discussion at the Global ABS 2018 conference, which focused on the potential for blockchain in the ABS space.

Legal Personality for Blockchains, DAOs and Smart Contracts

Authors: Max Ganado
Published on June 4, 2018
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Practices: E-Money & Payment Services, Financial Markets Regulation, Fintech & Blockchain
This paper was published in the Corporate Finance and Capital Markets Law Review No. 1 - 2018 and authored by Steve Tendon, Director at ChainStrategies, and Max Ganado, Senior Partner at GANADO Advocates.

To read/download the entire article, click on the link below.

Malta, blockchain and the prevention of money laundering

Authors: Max Ganado
Published on April 16, 2019
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Practices: Fintech & Blockchain
Co-authored with Patrick Young

This is a time of unprecedented reputational risk in financial markets. From a relatively niche activity, anti-money laundering has become a massive focal point throughout the financial system. Malta is not alone in facing the issues of how to deal with AML and the process of Knowing Your Client, albeit often the lens appears acutely focused on our islands.

Maltese Technology Foundations – Initial Thoughts on an Important Proposal

Authors: Max Ganado
Published on August 28, 2018
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Practices: Fintech & Blockchain, Trusts & Foundations
Executive Summary

Over the past year the Government of Malta has been fully supportive of initiatives taken in the blockchain space culminating in three Acts of Parliament which will come into effect in October 2018. The idea of extending legal personality to innovative technology arrangements has been under study since November 2017 and is the subject of planned legislation. Innovative technology arrangements, which are referred to in Maltese law as a combination of DLT and smart contracts, provide a context which is very similar to that of other operating assets which in the past were afforded legal powers and considered as legal persons to support them in achieving their declared purpose, addressing the important issues of legal capacity and liability, apart from other important issues. There are some disagreements on whether a centralised legal device is a good solution for decentralized technology. Some policy choices in support of legal certainty are also proposed, particularly limiting the benefits deriving from the concept of legal personality for innovative technology arrangements only to registered Maltese innovative technology foundations.

Snapshot Summary Of Three Bills Related to Blockchain Technology

Authors: GANADO Advocates Blockchain Team
Published on June 11, 2018
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Malta has lately garnered an even faster momentum in pushing forward its status as Blockchain Island. Effectively quenching start-ups’ craving for regulation, the Maltese Parliament is currently running through the second reading of three proposed bills, setting the stage for a robust and comprehensive principles-based regime.

The Financial Instrument Test under the Virtual Financial Assets Act, 2018

Authors: GANADO Advocates Blockchain Team
Published on June 18, 2018
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The thrust of the Bill providing for the Virtual Financial Assets Act (the VFAA) proposed by Government is to “regulate the field of initial virtual financial asset offerings and virtual financial assets (VFAs) and to make provision for matters ancillary or incidental thereto or connected therewith.”

VFA Agent – MFSA’s New Guard And Sentry

Authors: Leonard Bonello, James Debono
Published on September 20, 2018
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Practices: Fintech & Blockchain
The new legal and regulatory dimension of initial virtual financial asset offerings (VFAOs) which is shaping up in Malta seeks to unveil the legal uncertainty clouding the crypto market while safeguarding investors’ interests by mitigating the legal and platform risks therein.