For the past decade, legal entities and government organizations have had a love-hate relationship with cryptocurrencies and blockchain-based assets. Different interpretations of the status of digital tokens exist. Some treat cryptocurrencies as purely digital assets, some set these as financial instruments and others outright declare cryptos to be in violation of regulatory rules and regulations.
In the midst of all this, cryptocurrencies and their developers are facing increasing difficulty as regulatory bodies scramble to update existing laws or create new frameworks to accommodate the changing landscape. For VAIOT, a blockchain startup, the regulations are not a hurdle, but an opportunity.
VAIOT is a blockchain and AI-powered virtual assistant platform that has its whitepaper successfully registered at the Maltese Virtual Financial Services Authority and is the first blockchain project that will be regulated under the Virtual Financial Assets Act of Malta. The registration allows VAIOT to hold coin offerings that are in line with regulators and the central bank of the country.
Christoph Surgowt, the CEO of VAIOT was clearly excited about the registration,
“We are thrilled to successfully register our whitepaper with the MFSA. The Maltese government has taken major steps towards introducing a clear regulatory framework […] 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.”
The European Union has already set in motion a legislation process that seeks to classify cryptocurrencies and digital assets as a regulated financial instrument. The Markets in Crypto Assets (MiCA) regulation, if approved, will be applicable across all 27 member countries. This means that with the MFSA approval of VAIOT, it will need not apply for other regulatory compliance bodies within the EU. It will be able to have its token offering and services available to the whole EU.
Under the regulations, VAIOT is required to have an independent third-party VFA Agent which will not only guide, but ensure that the applicant will have all of its process audited and is in compliance with the regulations. The VFA agent’s role doesn’t end here though. The firm will also be sure that the blockchain company is always in compliance of rules. To achieve this, VAIOT partnered up with one of the leading audit and tax advisory firms, Grant Thornton Malta.
During the registration process, Grant Thornton Malta played a crucial role as VAIOT was tasked with proving that it had protocols and systems that guaranteed it had taken the right steps to mitigate chances of money laundering, terrorist financing and prevention of other financial frauds.
Grant Thornton’s partner, Dr. Wayne Pisani, was the representative of VAIOT for regulatory compliance and he was happy to be a part of blockchain regulatory history,
“It’s always exciting to break new ground… 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.”
VAIOT is a blockchain-based platform that not only leverages decentralization but also uses artificial intelligence to create a virtual assistant and services channels for businesses. Through VAIOT, users of the platform will be able to have a:
- Virtual AI Legal Assistant: Focusing on law firms and businesses, the Virtual AI Legal Assistant will enable the creation of traditional paper-based and smart contracts. There is no need for technical or legal expertise or knowledge needed as the assistant will take all of this.
- AI Backed Digital Service Distribution Channel: Customer experience is taken on a whole new level with an AI powered channel that deals in providing assistance to customers, answering their queries and even runs whole sales and marketing services.
VAIOT offers an extreme level of ease and comfort through giving a natural and intuitive interface for its users who can access the services even on their mobiles, allowing them to create legally compliant contracts or distribution channels on the go.
VAIOT’s native VAI token will be available during a token offering event later on. However, uses can get early access to the tokens through taking part in the beta testing of the VAIOT mobile app. The beta version contains the VAIOT’s intelligent sales channel and beta testers can take part in it by signing up and helping in improving the app. The most active users will be awarded with VAI tokens, which will be eventually redeemable on different exchanges.
To know more about the blockchain and AI powered contract and distribution channel platform, visit the VAIOT website.