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VAIOT Becomes the First Regulated Blockchain Project under Malta’s VFA Act

Crypto 2020/10/29 18:26 by Guest Author

VAIOT, a novel blockchain and AI-based intelligent contracts platform, has created a milestone by becoming the first digital services business to register its whitepaper with the Maltese authorities under its new regulatory framework for regulating digital assets. The successful registration of the project’s documents with the Malta Financial Services Authority (MFSA) ensures the upcoming VAI token offering is regulated under the Maltese Virtual Financial Assets Act (VFAA), offering much-needed security and peace of mind to potential investors.

Built on a proprietary blockchain that’s based on the open-source Cosmos SDK framework, VAIOT combines the functionalities of a blockchain programmer and personal assistant through intertwined blockchain, AI and natural user interface. The platform is designed to serve as a virtual legal assistant and an AI-backed digital service distribution channel catering to the needs of businesses and consumers alike, ensuring 24/7 access to services and distribution channels. To begin with, VAIOT will be focusing on offering its solutions to the insurance industry, helping automate sales and services channels.

The VAIOT platform is fueled by its native VAI token, which serves as a utility as well as payments token within the ecosystem.

The VAI token offering is scheduled to go live later this year, and the registration of VAIOT’s whitepaper with MFSA is in compliance with Malta’s regulatory framework for Virtual Financial Assets and Initial Virtual Financial Assets Offerings (IVFAO). These regulations are in line with recently proposed EU legislation for Regulation on Markets in Crypto Assets (MiCA), applicable across all member states. The registration of VAIOT whitepaper was supported by Grant Thornton Malta – a leading independent audit, tax and advisory service in the country, which is also acting as the project’s VFA agent.

Commenting on the milestone achievement, CEO of VAIOT Christoph Surgowt said, “We are thrilled to successfully register our whitepaper with the MFSA. 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.”

On the same topic, Dr. Wayne Pisani Partner, Regulatory and Compliance Services at Grant Thornton said, “It’s always exciting to break new ground.” Further adding, “VAIOT is pioneering one of the first IVFAOs, pushing forward a novel asset class in addition to its product. We look 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.”

As VAIOT’s independent VFA agent, Grant Thornton Malta was responsible for conducting extensive due diligence of the project along with MFSA. As a part of the registration process, VAIOT had to prove it has all proper AML procedures in place and undergo a thorough security and smart contract audit by an authorized Systems Auditor. Meanwhile, last month, VAIOT launched the beta version of its first intelligent virtual assistant for car insurance, which can be accessed by users after signing up for beta-testing access on the website.


Image by Sofia Arkestål from Pixabay

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