AML is pushing businesses to strategically calibrate their internal fraud detection systems between improving customers experience and increasing inconveniences.
Companies need to increase their understanding of the emerging payment technologies to better adapt their business to it.
Cryptocurrency trend is putting regulators and financial institutions under pressure.
Blockchain technology can increase transparency in financial transaction by the mean of a public distributed ledger.
Clarke Global - Digital Securities OverviewKadeemClarke3
Comprehensive deck overviewing asset tokenization, securities regulation, blockchain, and future opportunities with digital securities. Created by Kadeem Clarke, founder of Clarke Global and former blockchain VC investor
As a recent example from Switzerland, a tighten regulatory corset was imposed on the financial market players due to financial crisis in the country. Hence we can witness a structural fundamental change in the country due to parallel digitalisation and accelerated competetion in the new technologies. This has led to an explosion of opportunities in the small business sectors. Amongst other factors, Distributed Ledger Technologies (DLT), which enable new forms of digital transactions, offer a large potential for new business opportunities.
B11: Central IP & IT Court | FinTech: Legal and Regulatory Challenges (7 Aug ...Kullarat Phongsathaporn
"Special seminar on Memorial Day for Thailand's Father of Law" by Central IP & IT Court, Panelist for "FinTech: Legal and Regulatory Challenges" (7 Aug 2019)
The document provides an overview of Malta's Virtual Financial Assets Act, which aims to regulate cryptocurrencies and initial coin offerings (ICOs). Some key points:
- The Act defines terms like virtual tokens, virtual financial assets, and the financial instrument test to determine the classification.
- It establishes a licensing framework for ICOs, virtual financial asset service providers, and virtual financial asset agents who will guide companies.
- ICOs must publish a whitepaper meeting extensive disclosure requirements and be registered through a licensed VFA agent.
- It outlines different classes of licenses for services like exchanges, custody, and advice and exemptions from licensing.
- Rules propose capital and insurance requirements for
Case Study |How Nelito Systems helped Absa Bank (Mauritius) Limited(Barclays Bank) make FinancialRegulatoryReporting more consistent, accurate and efficient using Robotic Process Automation (RPA) Technology
This document provides a summary of smart securities and the state of the industry in 2019. It discusses the evolution of capital formation methods like equity crowdfunding, ICOs, and now smart security offerings. Smart securities use blockchain technology to automate securities offerings and compliance while enabling a large investor base to participate. They represent programmable ownership of traditional assets like real estate, private placements, and more. The document outlines benefits of smart securities like fractional ownership, 24/7 global markets, automated compliance, and increased liquidity. It also provides examples of smart security asset classes and the typical launch process. In 2018, there were accomplishments like the first publicly traded smart security and tokenized real estate offering.
"APAC Technology Conference" by BM APAC, Panelist for "Key challenges and opportunities facing technology businesses in Asia Pacific - Session: Innovation through M&A and Partnering" (31 July 2018)
AML is pushing businesses to strategically calibrate their internal fraud detection systems between improving customers experience and increasing inconveniences.
Companies need to increase their understanding of the emerging payment technologies to better adapt their business to it.
Cryptocurrency trend is putting regulators and financial institutions under pressure.
Blockchain technology can increase transparency in financial transaction by the mean of a public distributed ledger.
Clarke Global - Digital Securities OverviewKadeemClarke3
Comprehensive deck overviewing asset tokenization, securities regulation, blockchain, and future opportunities with digital securities. Created by Kadeem Clarke, founder of Clarke Global and former blockchain VC investor
As a recent example from Switzerland, a tighten regulatory corset was imposed on the financial market players due to financial crisis in the country. Hence we can witness a structural fundamental change in the country due to parallel digitalisation and accelerated competetion in the new technologies. This has led to an explosion of opportunities in the small business sectors. Amongst other factors, Distributed Ledger Technologies (DLT), which enable new forms of digital transactions, offer a large potential for new business opportunities.
B11: Central IP & IT Court | FinTech: Legal and Regulatory Challenges (7 Aug ...Kullarat Phongsathaporn
"Special seminar on Memorial Day for Thailand's Father of Law" by Central IP & IT Court, Panelist for "FinTech: Legal and Regulatory Challenges" (7 Aug 2019)
The document provides an overview of Malta's Virtual Financial Assets Act, which aims to regulate cryptocurrencies and initial coin offerings (ICOs). Some key points:
- The Act defines terms like virtual tokens, virtual financial assets, and the financial instrument test to determine the classification.
- It establishes a licensing framework for ICOs, virtual financial asset service providers, and virtual financial asset agents who will guide companies.
- ICOs must publish a whitepaper meeting extensive disclosure requirements and be registered through a licensed VFA agent.
- It outlines different classes of licenses for services like exchanges, custody, and advice and exemptions from licensing.
- Rules propose capital and insurance requirements for
Case Study |How Nelito Systems helped Absa Bank (Mauritius) Limited(Barclays Bank) make FinancialRegulatoryReporting more consistent, accurate and efficient using Robotic Process Automation (RPA) Technology
This document provides a summary of smart securities and the state of the industry in 2019. It discusses the evolution of capital formation methods like equity crowdfunding, ICOs, and now smart security offerings. Smart securities use blockchain technology to automate securities offerings and compliance while enabling a large investor base to participate. They represent programmable ownership of traditional assets like real estate, private placements, and more. The document outlines benefits of smart securities like fractional ownership, 24/7 global markets, automated compliance, and increased liquidity. It also provides examples of smart security asset classes and the typical launch process. In 2018, there were accomplishments like the first publicly traded smart security and tokenized real estate offering.
"APAC Technology Conference" by BM APAC, Panelist for "Key challenges and opportunities facing technology businesses in Asia Pacific - Session: Innovation through M&A and Partnering" (31 July 2018)
Regulation E protects consumers who use electronic fund transfers. As a FinTech, you are responsible for assisting customers who report errors impacting their account balances or unauthorized transactions. Regulation E covers electronic fund transfers including point of sale purchases, ATM withdrawals, ACH transfers, and overdrafts. It requires disclosures of fees and limits, as well as procedures for error correction, liability, preauthorized transfers, and receipts. Transactions not covered include paper checks, wire transfers, and intra-bank automated transfers between a consumer's accounts at the same bank.
BizDay: Trusted Data Exchange for Corp and Supplier Onboarding, CapgeminiR3
This document describes a new platform called Blue Catalyst that Capgemini and R3 are bringing to market. Blue Catalyst is a distributed blockchain-based platform that enables consent-based sharing of sensitive customer and supplier data to streamline onboarding processes. It allows each legal entity to own and control a digital vault of information and securely share data with consent. This improves traceability, reduces duplication of efforts, and helps ensure compliance with regulations. Use cases discussed include know your customer (KYC) and know your supplier (KYS) onboarding as well as opportunities in supply chain finance.
The document discusses FinTech markets and laws in Thailand. It provides an overview of the FinTech landscape in Thailand, including developments in areas such as digital banking, lending, fundraising, investments, payments and remittance, capital markets, and blockchain initiatives. It then examines the regulatory framework for FinTech, including laws governing electronic transactions, digital development, cybersecurity, data protection, and specific financial laws. Finally, it discusses regulations for payment services, digital consumer finance, digital assets, and key legal issues such as customer onboarding, national digital ID, and electronic signatures.
This document summarizes a presentation on digital assets and securities token offerings (STOs). It defines digital assets and different types of tokens like security, utility, and asset-backed tokens. It discusses regulations around digital assets in different countries. It provides examples of how STOs could simplify equity, debt, and real estate investment trust (REIT) offerings. Benefits of STOs include efficiency, investment options, and compliance capabilities, while challenges include cyber threats, legal issues, and socioeconomic impacts.
This document provides an overview of identity theft risks and regulations for FinTech employees. It discusses how identity theft can occur through the creation of illegitimate accounts with stolen or synthetic identities, or the takeover of legitimate accounts. It outlines the responsibilities of FinTechs in verifying customer identities and authenticating users throughout the financial account lifecycle. Finally, it summarizes regulations under the Fair and Accurate Credit Transactions Act that require financial institutions and certain businesses to implement identity theft prevention programs to safeguard consumer information.
The document provides an agenda for a conference on 25th September 2019 focusing on digitization and blockchain in trade. The schedule lists presentations from companies such as Capgemini, Dun & Bradstreet, Infosys Finacle, BNP Paribas and Standard Chartered on topics including trusted data exchange, reimagining trade processes with blockchain, and the future of trade finance. It also includes speaker details and notes on expected business value from blockchain technologies.
This document provides training material on UDAAP (Unfair Deceptive or Abusive Acts & Practices) compliance for FinTech employees. It describes the background and history of UDAAP regulations, explaining that while FinTech companies may not be directly regulated as banks, they are still responsible for UDAAP compliance due to their role in financial services and interactions with customers. The objectives are to help recognize unfair, deceptive or abusive practices and provide steps to avoid UDAAP claims. It also notes that UDAAP applies to both consumer and commercial customers but is enforced differently, and that FinTech companies have a first-line role in UDAAP compliance due to their position between customers and partner banks.
Electronic Signatures Workshop - Learn How to UseOdoo
This document discusses Odoo Sign, a digital transaction management solution. It covers basic concepts of digital and electronic signatures, legal aspects of signatures in the EU and US, configuration options, features, and how to use Odoo Sign. The digital transaction management market is expected to reach $50 billion by 2025, and Odoo Sign is part of Odoo's enterprise applications.
This document provides an overview of privacy regulations for FinTech employees, specifically the Gramm-Leach-Bliley Act (GLBA) and the California Consumer Privacy Act (CCPA). It defines key terms, explains the scope and requirements of each regulation, and how FinTechs must protect non-public personally identifiable information (NPPI). The GLBA applies to financial institutions and requires them to communicate how customer data is shared and protected, while the CCPA has a broader scope and applies to for-profit companies in California that meet certain criteria. FinTechs must comply with both as the "front-end" interacting directly with customers of their partner bank.
This document provides an overview and objectives of training material for FinTech employees on BSA/AML and OFAC regulations. The objectives are to give FinTech workers basic understanding of these compliance obligations and provide guidance on fulfilling them, even though FinTechs may not directly handle customer funds. FinTechs still bear responsibility for implementing customer due diligence and suspicious activity monitoring processes. The training material explains key concepts like know-your-customer procedures, suspicious activity reporting, and how FinTech obligations differ depending on whether they are directly registered as a money services business or partner with a bank.
This document provides information about the International Association of Commercial Administrators (IACA) and summaries of their recent and upcoming conferences. It discusses that IACA is a non-profit organization established in 1978 to improve administration of business organizations and secured transactions through cooperation and education. The document summarizes the 37th annual IACA conference held in Milwaukee in 2014, and provides an overview of the planned agenda and activities for the 38th annual conference to be held in Savannah, Georgia in 2015.
DLT registration process and documents list.pdfShree Tripada
Navigating the DLT registration process can be a complex and time-consuming task for businesses. Shree Tripada is here to help by providing free DLT support and the cheapest bulk SMS services. With our comprehensive understanding of the registration process and the required documents, we make it easy for businesses to stay compliant with regulatory requirements and enjoy the benefits of bulk SMS services. Our team is dedicated to helping you navigate the intricacies of DLT registration and ensuring that your SMS campaigns are compliant and effective. https://www.shreetripada.com/free_dlt_support.php
Securitisation Token Offering - Old Concept in a New FormatMario Buttigieg
This document discusses security token offerings (STOs), which involve tokenizing traditional securities and offering them to the public using blockchain technology. It explains that STOs are subject to securities laws and regulations. Ricardian contracts are recommended for STOs as they are human-readable, programmable, and signed contracts that address limitations of smart contracts. The choice of vehicle, jurisdiction, and legal structure are also important considerations for STOs.
This document provides guidance for customers on accessing and using the Technology Services Agreement. It outlines the 11 lots of services available under the agreement, including help desk support, desktop support, network management, and asset disposal. It describes who is eligible to use the agreement, the benefits of doing so such as reduced procurement timelines and choice of suppliers. The document provides directions on running a mini-competition with suppliers to identify the best solution for customers' requirements. It also encourages customers to do discovery days with suppliers in complex procurements to help define requirements and solutions.
Finra - implications of blockchain for the securities industryIan Beckett
This document provides an overview of distributed ledger technology (DLT) and its potential applications and implications for the securities industry. It discusses DLT applications being explored, the potential impacts on the securities industry, and key implementation and regulatory considerations for broker-dealers relating to FINRA rules. The document requests comments from interested parties on these topics and related matters.
Hyperledger is an open source blockchain project started by the Linux Foundation. It includes distributed ledger technology (DLT) frameworks and tools. Hyperledger Fabric is one of the DLT frameworks and is geared towards business applications. It uses a permissioned network, supports confidential transactions, and does not require cryptocurrency. Assets are represented digitally and transactions are validated using chaincode, which defines the business logic and asset structure. All participants maintain a replica of the distributed ledger to track asset transactions.
Regulation E protects consumers who use electronic fund transfers. As a FinTech, you are responsible for assisting customers who report errors impacting their account balances or unauthorized transactions. Regulation E covers electronic fund transfers including point of sale purchases, ATM withdrawals, ACH transfers, and overdrafts. It requires disclosures of fees and limits, as well as procedures for error correction, liability, preauthorized transfers, and receipts. Transactions not covered include paper checks, wire transfers, and intra-bank automated transfers between a consumer's accounts at the same bank.
BizDay: Trusted Data Exchange for Corp and Supplier Onboarding, CapgeminiR3
This document describes a new platform called Blue Catalyst that Capgemini and R3 are bringing to market. Blue Catalyst is a distributed blockchain-based platform that enables consent-based sharing of sensitive customer and supplier data to streamline onboarding processes. It allows each legal entity to own and control a digital vault of information and securely share data with consent. This improves traceability, reduces duplication of efforts, and helps ensure compliance with regulations. Use cases discussed include know your customer (KYC) and know your supplier (KYS) onboarding as well as opportunities in supply chain finance.
The document discusses FinTech markets and laws in Thailand. It provides an overview of the FinTech landscape in Thailand, including developments in areas such as digital banking, lending, fundraising, investments, payments and remittance, capital markets, and blockchain initiatives. It then examines the regulatory framework for FinTech, including laws governing electronic transactions, digital development, cybersecurity, data protection, and specific financial laws. Finally, it discusses regulations for payment services, digital consumer finance, digital assets, and key legal issues such as customer onboarding, national digital ID, and electronic signatures.
This document summarizes a presentation on digital assets and securities token offerings (STOs). It defines digital assets and different types of tokens like security, utility, and asset-backed tokens. It discusses regulations around digital assets in different countries. It provides examples of how STOs could simplify equity, debt, and real estate investment trust (REIT) offerings. Benefits of STOs include efficiency, investment options, and compliance capabilities, while challenges include cyber threats, legal issues, and socioeconomic impacts.
This document provides an overview of identity theft risks and regulations for FinTech employees. It discusses how identity theft can occur through the creation of illegitimate accounts with stolen or synthetic identities, or the takeover of legitimate accounts. It outlines the responsibilities of FinTechs in verifying customer identities and authenticating users throughout the financial account lifecycle. Finally, it summarizes regulations under the Fair and Accurate Credit Transactions Act that require financial institutions and certain businesses to implement identity theft prevention programs to safeguard consumer information.
The document provides an agenda for a conference on 25th September 2019 focusing on digitization and blockchain in trade. The schedule lists presentations from companies such as Capgemini, Dun & Bradstreet, Infosys Finacle, BNP Paribas and Standard Chartered on topics including trusted data exchange, reimagining trade processes with blockchain, and the future of trade finance. It also includes speaker details and notes on expected business value from blockchain technologies.
This document provides training material on UDAAP (Unfair Deceptive or Abusive Acts & Practices) compliance for FinTech employees. It describes the background and history of UDAAP regulations, explaining that while FinTech companies may not be directly regulated as banks, they are still responsible for UDAAP compliance due to their role in financial services and interactions with customers. The objectives are to help recognize unfair, deceptive or abusive practices and provide steps to avoid UDAAP claims. It also notes that UDAAP applies to both consumer and commercial customers but is enforced differently, and that FinTech companies have a first-line role in UDAAP compliance due to their position between customers and partner banks.
Electronic Signatures Workshop - Learn How to UseOdoo
This document discusses Odoo Sign, a digital transaction management solution. It covers basic concepts of digital and electronic signatures, legal aspects of signatures in the EU and US, configuration options, features, and how to use Odoo Sign. The digital transaction management market is expected to reach $50 billion by 2025, and Odoo Sign is part of Odoo's enterprise applications.
This document provides an overview of privacy regulations for FinTech employees, specifically the Gramm-Leach-Bliley Act (GLBA) and the California Consumer Privacy Act (CCPA). It defines key terms, explains the scope and requirements of each regulation, and how FinTechs must protect non-public personally identifiable information (NPPI). The GLBA applies to financial institutions and requires them to communicate how customer data is shared and protected, while the CCPA has a broader scope and applies to for-profit companies in California that meet certain criteria. FinTechs must comply with both as the "front-end" interacting directly with customers of their partner bank.
This document provides an overview and objectives of training material for FinTech employees on BSA/AML and OFAC regulations. The objectives are to give FinTech workers basic understanding of these compliance obligations and provide guidance on fulfilling them, even though FinTechs may not directly handle customer funds. FinTechs still bear responsibility for implementing customer due diligence and suspicious activity monitoring processes. The training material explains key concepts like know-your-customer procedures, suspicious activity reporting, and how FinTech obligations differ depending on whether they are directly registered as a money services business or partner with a bank.
This document provides information about the International Association of Commercial Administrators (IACA) and summaries of their recent and upcoming conferences. It discusses that IACA is a non-profit organization established in 1978 to improve administration of business organizations and secured transactions through cooperation and education. The document summarizes the 37th annual IACA conference held in Milwaukee in 2014, and provides an overview of the planned agenda and activities for the 38th annual conference to be held in Savannah, Georgia in 2015.
DLT registration process and documents list.pdfShree Tripada
Navigating the DLT registration process can be a complex and time-consuming task for businesses. Shree Tripada is here to help by providing free DLT support and the cheapest bulk SMS services. With our comprehensive understanding of the registration process and the required documents, we make it easy for businesses to stay compliant with regulatory requirements and enjoy the benefits of bulk SMS services. Our team is dedicated to helping you navigate the intricacies of DLT registration and ensuring that your SMS campaigns are compliant and effective. https://www.shreetripada.com/free_dlt_support.php
Securitisation Token Offering - Old Concept in a New FormatMario Buttigieg
This document discusses security token offerings (STOs), which involve tokenizing traditional securities and offering them to the public using blockchain technology. It explains that STOs are subject to securities laws and regulations. Ricardian contracts are recommended for STOs as they are human-readable, programmable, and signed contracts that address limitations of smart contracts. The choice of vehicle, jurisdiction, and legal structure are also important considerations for STOs.
This document provides guidance for customers on accessing and using the Technology Services Agreement. It outlines the 11 lots of services available under the agreement, including help desk support, desktop support, network management, and asset disposal. It describes who is eligible to use the agreement, the benefits of doing so such as reduced procurement timelines and choice of suppliers. The document provides directions on running a mini-competition with suppliers to identify the best solution for customers' requirements. It also encourages customers to do discovery days with suppliers in complex procurements to help define requirements and solutions.
Finra - implications of blockchain for the securities industryIan Beckett
This document provides an overview of distributed ledger technology (DLT) and its potential applications and implications for the securities industry. It discusses DLT applications being explored, the potential impacts on the securities industry, and key implementation and regulatory considerations for broker-dealers relating to FINRA rules. The document requests comments from interested parties on these topics and related matters.
Hyperledger is an open source blockchain project started by the Linux Foundation. It includes distributed ledger technology (DLT) frameworks and tools. Hyperledger Fabric is one of the DLT frameworks and is geared towards business applications. It uses a permissioned network, supports confidential transactions, and does not require cryptocurrency. Assets are represented digitally and transactions are validated using chaincode, which defines the business logic and asset structure. All participants maintain a replica of the distributed ledger to track asset transactions.
To start algorithmic trading in India, trading members must ensure their algorithms comply with regulations. This includes routing orders through Indian broker servers, having proper procedures to monitor algorithms in real-time, maintaining logs of all trading activity for auditing, and tagging orders with unique identifiers. Trading members must apply for permission from the exchange by submitting documents and demonstrating their risk management systems meet requirements. Exchanges may also approve certain vendor algorithms in advance.
Distributed Ledger Technology for the Securities IndustryLaura Anthony, Esq.
Distributed Ledger Technology for the Securities Industry- In addition to general information, during this LawCast series I have been summarizing a report issued by FINRA in January, 2017 discussing the implications of DLT for the securities industry, including FINRA member broker dealer firms. In the report, FINRA specifically discussed some major areas of consideration. In these last two LawCasts in this series, I have been going through each of those topics as summarized in the FINRA report.
Related to Anti-Money Laundering and Customer Identification Programs - DLT allows for global and anonymous participation, and accordingly practices and regulations will need to address anti-money laundering (AML) and customer identification obligations (CIP). The Bank Secrecy Act of 1970 requires controls and procedures to detect and prevent money laundering. FINRA Rule 3310 addresses AML obligations.
In addition, FINRA Rule 2090, the Know Your Customer (KYC) rule, requires firms to “use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.” Technology is already being explored to centralize identity management functions such that once a customer identity is verified, the information can be shared with all network participants. Obviously this would greatly streamline processes for broker-dealers and customers alike.
It is likely that DLT technology will surpass regulatory changes in the AML/CIP/KYC sectors. The FINRA report notes that the current rules allow a firm to outsource functions to third parties, but not overall responsibility. Accordingly, a firm could utilize DLT technology for these functions now if they can fashion internal controls and procedures that comply with the ultimate rule responsibilities....
This document provides a legal and practical analysis of TradeTrust-enabled electronic bills of lading (TT eBLs). It addresses the lack of interoperability between existing electronic bill of lading platforms, which has hindered wider adoption. TradeTrust provides a solution by enabling any party to issue TT eBLs using blockchain technology, allowing them to function similarly to paper bills of lading. This achieves both technical and potential legal interoperability without requiring all parties to use the same platform. The document analyzes how TT eBLs comply with the Model Law on Electronic Transferable Records and the laws of Singapore, England, and several US states. It provides guidance to industry on using TT eBLs and addresses considerations
Blockchain Technology Explained- In addition to the centralization of data, DLT can be used to process transactions by using overlaid software. For example, “smart contracts” can be created that would automatically execute agreed-upon terms in a contract based on certain triggering events. Smart contracts can be used for escrow arrangements, collateral management and corporate actions such as dividends and splits...
This document provides details regarding the tax treatment of software in India. It discusses key court cases that have established that software is considered "goods" for taxation purposes. It also summarizes the applicable goods and services tax rates for different types of software transactions. Specific points covered include the 12% excise duty on packaged software, exemption for customized software and downloads, and the 15% abatement if the MRP system is followed for packaged software.
Philippine Contract Law and Intellectual Property Law serve as the applicable laws on Franchising. Currently, there is no specific law on Franchising that regulates the agreements between the Franchisor and the Franchisee.
Overview of a Reinsurance Smart Contract Deployment on a Private or Public Ethereum Blockchain. This project was created and on the Nivaura Financial Instrument Issuance and Administration Engine.
Ms. Telma Dehghani has over 15 years of experience as a senior business analyst. She led the implementation of the Export Import Control System II (EICS II) project for Global Affairs Canada, which involved replacing two aging legacy systems with a new web-enabled platform. She gathered requirements, created documentation, and assisted with testing. She also implemented a new HRMS solution called SilkRoad for Telesat, which included upgrading the legacy HR system and implementing new reporting and data security functions. Ms. Dehghani has a track record of successfully analyzing requirements, documenting processes, and implementing complex enterprise systems.
ICO: A Digital tokens in thailand ToolLawPlus Ltd.
Kowit Somwaiya presented on the legal framework for digital assets and initial coin offerings (ICOs) in Thailand. Key points include:
- Digital assets like cryptocurrencies and digital tokens are regulated under Thai law and require approval from the SEC to conduct an ICO.
- ICO issuers must be registered companies in Thailand and obtain SEC approval for their registration statement and whitepaper before conducting an ICO through a licensed ICO portal.
- After an ICO, issuers must submit reports to the SEC on results, operations, and significant events. ICO portals must submit transaction summaries.
- Digital asset businesses like exchanges require licenses from the MOF and must meet capital
The document provides guidelines from DATA, a non-profit organization, for consumer practices in the emerging field of digital assets. It recommends that digital asset companies provide transparent disclosures to consumers about products, costs, risks and limitations. Specifically, it recommends disclosing fees, ability to cancel transactions, risks like volatility in value and potential loss of funds, applicable regulations, and public nature of blockchain transactions. The guidelines are intended to ensure consumers understand emerging digital asset products while allowing companies to operate successfully.
Similar to DLT & Smart Contracts - Malta Regulations (20)
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. JUN 18
By: Mario Buttigieg
DLT & Smart Contracts
Malta Regulations
2. The Need for Regulations
Hyperledger and Ethereum are the two major
platforms of DLT-based smart contracts with the
main idea being that the DLT will permanently
store the status of the contract and the program
itself.
The primary goal of DLT with built-in Smart
Contracts is to create self-enforcing
agreements that independently control and
automate the exchange of value according to
predetermined rules based on predefined inputs
recorded into a smart contract. In this way, users
that did not know each other, enter into
software-enforced agreements without any party
able to subsequently alter the contract’s code or
prevent its enforcement.
The below diagram shows a Smart contract’s life
cycle in which the:
• agreement’s terms and conditions are coded
in the smart contract;
• contract is stored on the blockchain and be
accessible to the parties involved;
• self-execution of the smart contract is done on
the network upon meeting the coded condi-
tions; and
• complete transaction, including its parties, is
permanently stored on the blockchain.
Regulatory oversight is being disrupted by these
new technologies, this requiring Regulators to
collaborate with business service providers to
learn how the right outcomes can be achieved.
Doing so will ensure that only well prepared and
bona fide service providers are in business.
Legitimate businesses are in favor of laws and
regulations and this is also the same expectation
of consumers. Regulators have the duty to create
this win-win situation in which business can
prosper and consumers can access the most
cost-efficient and innovative products ensuring
also security of their assets.
Malta was quickly to acknowledge this need.
Leveraging also on its well oiled financial services
laws and regulations, it came out with 3 bills to
regulate this space. One of these bills is
specifically regulating DLT and smart contracts’:
• underlying technology; and
• service providers.
3. Regulatory Framework
The Malta Digital Innovation Authority (“MDIA”)
will be regulating and certifying the innovative
technology arrangements (“ITAs”), including the:
• software & architectures used in designing
and delivering DLT; and
• smart contracts and related applications.
The certification will state the details of how the
innovative technology arrangement is identified
(including any public key or a brand name). Such
certification will only be issued once the MDIA is
satisfied that the:
• legal administrators and shareholders with
25% or more ownership or control are fit &
proper persons;
• software has been reviewed by independent
registered systems auditor/s who will provide
the necessary positive assurances;
• ITA has a registered technical administrator in
office at all times;
• ITA is in a position to comply with:
• the authorisation rules and regulations and
any further conditions;
• applicable laws such as AML, financing of
terrorism & data protection;
• in-built technology features allows the
technical administrator for transparent and
effective interventions in cases of material
loss to any user or breach of law.
• English is the official language used in the
offer (other secondary languages allowed).
System Auditors and Technical Administrators are
required to satisfy the MDIA that they:
• are fit and proper;
• have the necessary qualifications and/or
experience; and
• have sufficient technical resources or third
party support.
Once satisfied, the MDIA will issue a certificate of
registration which the service providers need to be
display on any of their website and in any ITA in
which they are providing their service.
When the ITA applicant is not ordinarily resident in
Malta, they are required to appoint an Agent who is
habitually resident in Malta and who is able and
capable of carrying out the necessary functions.
Such Agent (with some exceptions) is to remain
appointed at all times.
The Agent shall:
• interact between the ITA holder, the MDIA and
other government departments and authorities;
• sign and file all the necessary declarations and
forms;
• act as a judicial representative of the ITA holder.
The Agent shall also have the power to:
• apply for the certification of an ITA or service
provider, this including any such application for
revocation or cancellations;
• pay fees and taxes;
• authenticate documents issued by the ITA
holder or service provider;
• receive formal notifications.
Regulating the Technology Regulating the Service Providers
Appointing a Malta Resident Agent