Principle of Revolution Market Capital Chairman Blockchain Malta...

Patrick L Young● Fintech Pioneer - author “Capital

Market Revolution!” (1st ‘fintech’ bestseller - FT Prentice Hall 1999)

● Former exchange CEO - SIBEX● Former board member Liquidnet, Swiss Futures &

Options Association, cofounder Intrade/GSX etc● An inventor of prediction markets / single stock futures● Principle of Revolution Market Capital● Publisher of the industry daily Exchange Invest● Chairman Blockchain Malta (etc).

Blockchain / DLT/ Crypto and Exchanges

Patrick YoungJoshua Ellul28th August 2018

The good old days of services-with-a-smilePre-1995: Services at geographical locations

Along came the InternetMid-90s:

Start of the Internet Revolution (e-Services)Services made available from your office/home

In our pocketsMid-2000s:

Start of the mobile revolution (m-Services)Services made available, wherever you are

Blockchain? What the heck is Blockchain?Mid 2010s:

Start of the blockchain revolution

How does this change the way we interact with services?



How does this change the way we interact with services?It doesn’t.




So what is changing?

Blockchain? What the heck is Blockchain?

Blockchain Research GroupUniversity of Malta

Mid 2010s:Start of the blockchain revolution


So what is changing?Trust.

How are services provided?

How are payments made now?I want to send Alice, €10,000

How are payments made now?

I’d like to send Alice €10,000

from my account


What is it for?


I would rather not say, it’s

private.


I’m sorry we cannot do it

Where it started: Trust and Money

But, it’s my money!

Where it started: Trust and MoneyI wish there was a way I

could send money to Alice, without having to trust a

bank with my money.

Where it started: Trust and MoneyThis was Bitcoin’s aim:

● Peer-to-peer (person to person)● transactions between users● without intermediaries

Easy to do:

● Each bank keeps their own database of all accounts of their clients.

● When John sends money to Mary and they use the same bank, just deduct amount from John’s and add to Mary’s.

Centralised Digital Money

Easy to do:

● Each bank keeps their own database of all accounts of their clients.

● When John sends money to Mary and they use the same bank, just deduct amount from John’s and add to Mary’s.

● When Dave sends money to Lucy, who uses a different bank, actually transfer funds to other bank (or keep IOUs).

Centralised Digital Money

Not easy to do:

● No central authority.● Every node, needs to have the complete

list of balances of all accounts.● When a transaction takes place, we have

to update the balances on every node.● How can we make sure this happens?

Decentralised Digital Money

Not easy to do:

● No central authority.● Every node, needs to have the complete

list of balances of all accounts.● When a transaction takes place, we have

to update the balances on every node.● How can we make sure this happens?

“The solution is a cunning ledger called the blockchain”.

The End of Money, New Scientist


Every node, has all data and transactions recorded in the blockchain:

● In fact, it is a ledger: a list of transactions;● One can only append transactions to it;● Transactions that have been recorded can

never be changed (immutability).


Can be seen as a ledger which enforces:

● Only the owner of resources can transfer their resources

● Only one transaction performed at a time

● Old transfers cannot be manipulated or lost

Bitcoin: It’s a Ledger






Joshua: 10 BTC

Gordon: 3 BTC

Alice: 6 BTC






Joshua: 7 BTC

Gordon: 6 BTC

Alice: 6 BTC

From To Amount

Joshua Gordon 3 BTC

-3

+3






Joshua: 7 BTC

Gordon: 6 BTC

Alice: 6 BTC

From To Amount

Joshua Gordon 3 BTC






Joshua: 6 BTC

Gordon: 6 BTC

Alice: 7 BTC

From To Amount

Joshua Gordon 3 BTC

Joshua Alice 1 BTC

-1

+1






Joshua: 6 BTC

Gordon: 6 BTC

Alice: 7 BTC

From To Amount

Joshua Gordon 3 BTC

Joshua Alice 1 BTC

How can I use Bitcoin (or any other blockchain)?Install a Bitcoin full node (a piece of freely available software) on your computer.

● The ‘full node’ will have the whole list of transactions

● You can then send money in a trusted manner by adding the transaction to your node

How can I use Bitcoin (or any other blockchain)?Or: Communicate with a trusted Bitcoin node, e.g. by using a wallet or exchange

Note: you are trusting the wallet/exchange to perform the transaction

Does everyone see my Bitcoin?Every ‘node’ or computer in the blockchain, can see all transactions and data

Does everyone see how much Bitcoin you own?> Yes and No;

Yes: all accounts, all balances, and all transactions are available for all to seeNo: Bitcoin only lists your account address (no name associated with account)

Key point: all data is available for all on the blockchain to see

Bitcoin is a public blockchain: anyone can download, and be part of the system

So, what about confidential information?

Permissioned...Some systems require more confidentiality; Not all data should be public

Permissioned/private Blockchains can limit who gets access to the Blockchain (and data)

Some Terminology

Bitcoin

Some Terminology

Cryptocurrency

Bitcoin

Instance of

Some Terminology

Blockchain

Cryptocurrency

Application of

Bitcoin

Instance of

Some TerminologyDLT

Blockchain

Cryptocurrency

Type of

Application of

Bitcoin

Instance of

Some TerminologyDLT

Blockchain DAG, Hashgraphs, ...

Cryptocurrency

Type of

Application of

Bitcoin

Instance of

Type of

...

Some TerminologyDLT


Cryptocurrency

Type of

Application of

Bitcoin

Instance of

Type of

...Each DLTcould be:

Public Private or Permissioned

Some TerminologyDLT


Cryptocurrency

Type of

Application of

Bitcoin

Instance of

Type of

...Each DLTcould be:

Public Private or Permissioned

Publicis

Summary of what blockchain guarantees•

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Patrick L YoungCryptoCurrency / ExchangesVFA Course: Xara Lodge, August 28th 2018

Copyright Patrick L Young, 2018

Pat

rick

L Y

oung

Michael Spencer CEO NEX

Jeff Sprecher Chairman NYSE

Today: Crypto Currency & Exchanges

● Some Crypto Currency History

● Exchanges - History / Devs / DLT/Crypto/Tokens/ICO et al

● Understand / Appreciate Exchanges & therefore how they impact VFA era.

A New Era of Money

● Historical : e.g. Beenz / eGold

● QV “Capital Market Revolution!”

● Arrival of Distributed ledger

Heliocentricity

the Bitcoin universe delivered the Model T

experience…

Conclusion

Crypto Currency is the Future

Bitcoin Will Not Be Alone

2013/4: The Coin / Token Explosion

e.g.

2013/4: The Coin / Token Explosion

First token sale (ICO) Mastercoin in July 2013. Ethereum (2014), raising 3,700 BTC in its first 12 hours, approx $2.3m.

What Is ICO?

● A form of participation● May be ‘utility’ in nature● Or Bond / Equity / hybrid

What Is ICO?

● Initially for IT systems / protocols etc.NB Early role of foundations

● Now more broadly based around companies / corporate entities

Cryptocurrency Vs DLT

A Significant Divergence…

● Cryptocurrency: a Byproduct of DLT

● DLT = a ‘database’ with the potential for decentralisation & Immutability…

AKA In financial terms:

Distributed Ledger: the new double entry book-keeping?

Exchanges

Exchanges

● History

● Types / Definitions

● Regulation

● Operation

Exchange Origins

● Ancient Markets: Agora

● Creation of “Clubs” - Coffee Shops etc.

● Coastal & Centralisation

● Deregulation of Commission

● Modern Demutualised Age

An Endangered Species?

Market Types

● Cash Markets

● Derivatives Markets

Market Types

● Cash Markets:SharesBondsCommoditiesForex

Market Types

● Derivatives Markets:Anything!

Simple Definition

● Derivative products provide:

The right or obligation to buy or sell a product in the future.

Market Definitions

● Primary Market:Where “issuance” happens

e.g. share IPO, bond listing etc.

Market Definitions

● Secondary Market:

A Venue For Trading(can be cash or derivative)

OTC Markets

● A number of markets may be defined as “OTC” i.e. they are not centralised like traditional exchanges but trade “Over The Counter” or perhaps in small pockets of marketplaces are operated by broker-dealers.

The Quirk of Exchange Definition

Almost anything can be termed an exchange in or beyond investment-related financial markets.

E.g. furniture, cars, telephone.Hence there is no clear prohibition onUsing the word exchange (qv ‘bank’).

Major Market Participants (include)

● Brokers● Broker-dealers● Market Makers● Traders● Arbitrageurs● Funds● Corporates● Governments

Major Market Participants (division)

● Buy Side

● Sell Side

Types of Trading

● Continuous markets…

● Periodic i.e. Auction / ‘fixing’ Markets

Types of Continuous Markets

● Market Maker Specialist

● Order Driven (w / w-out market makers)

Types of Auction Markets

● Continuous markets…

● Periodic i.e. Auction / ‘fixing’ Markets

Exchanges Offer Standardisation

● Contract or “lot” size● Tick Size● Trading Procedures / Market Access● Specific Settlement / Delivery Processes● Quality● All according to an agreed, public rule book,

independently overseen by the exchange.

Technology Driving Change

● Order Matching: New era of algorithms:○ Proportional (traditional)○ FIFO - “First In First Out”

● Latency & Access:○ Co Location○ High Frequency (HFT)

The Question of Speed:

From one perspective

A normal exchange:

C19th HFT

Technology Driving Change (2)

● Product Growth○ “It’s a derivatives world”

● DATA!○ Exponential Growth○ Driven by Technology○ Regulatory Requirements○ Customer demand drives customer demand

Defining Exchanges

● Various US & UK acts

● EU: MIFID, MIFID II

○ (and much else besides)

Regulated Market Types:

● A Regulated Market

● An MTF

● (also OTF: bonds, structured products, emission allowances or derivatives).

Regulated Markets

● Have (Regulated) Members○ Can be proprietary or agency

● Key provisions in primary market delivery○ No direct access unless a member

Legacy exchanges e.g. London SE or Malta SE are regulated markets.

MultiLateral Trading Facilities (MTFs )

Still regulated but more flexible:

● Can have direct access (aka not via regulated members)

● NOT primary listing venues for large cap stocks

● Can list SMEs, Bonds etc

Other Types of Trading ‘Platforms’

● Systematic Internalizers

● Broker-Dealer Platforms

● InterDealer Brokers

● “Dark Pools”

● Crowdfunding Platforms

Key Point:

● Anything which is generally recognised as an exchange whether a “regulated market” or an “MTF” must be an open, level playing field which does not discriminate amongst those who are entitled to be part of the market.

Key Point:

● AKA SI’s, Broker Dealers etc can havea more ‘caveat emptor’ approach!

EXCHANGES Operate Non DiscriminatoryOrder Matching Facilities

Key Point (2):

● NB Traditionally ‘exchanges’ are Centralised

● OTC / forex etc - ‘essentially not”

Dodd Frank / EMIR et al

NB After the collapse of 2008, OTC markets in interest rate derivatives came under regulatory pressure to be traded on platforms / exchanges.

Dodd Frank / EMIR et al

● Resulted in Dodd Frank (US) EMIR / MIFID II etc.

● New platforms e.g. SEF (US) OTF (EU)

● Hence e.g. bond platform growth…(anyway a natural aspect of electronification?)

Exchange Businesses

Exchanges (Many Still Co-Ops!)

Young’s Pyramid:

QV The London Stock Exchange:

● Maxim:

“My word is my Bond.”

However, (reminber):

In reality a lot of businesses can be called exchanges but they may not adhere to the

core principles of being unbiased marketplaces.

However:

...Again: “exchange” a different word to legislate (from telephony across many

sectors…).

Regulating Crypto Marketplaces

● The phrase “Exchange” is used in the cryptocurrency / token / DLT space to cover a variety of models…

● ...& frankly a multitude of ‘sins!’

Definitions (Malta law):● "DLT exchange" means any trading and, or

exchange platform or facility, whether in Malta or in another jurisdiction, on which any form of DLT asset may be transacted in accordance with the rules of the platform or facility.”

Definitions (2):● "VFA exchange" means a DLT exchange

operating in or from within Malta, on which only virtual financial assets may be transacted in accordance with the rules of the platform or facility, which is licensed by the competent authority under this Act to provide such services;

Definitions (3):

● "VFA exchange operator" means a person or persons who manages and, or operates the business of a VFA exchange and may be the VFA exchange itself;

Definitions (4):

● "virtual financial asset" or "VFA" means any form of digital medium recordation that is used as a digital medium of exchange, unit of account, or store of value and that is not -

Definitions (5):

(a) electronic money;(b) a financial instrument; or(c) a virtual token;

Definitions (6):● "virtual token" means a form of digital

medium recordation whose utility, value or application is restricted solely to the acquisition of goods or services, either solely within the DLT platform on or in relation to which it was issued or within a limited network of DLT platforms:

Definitions (7):● Provided that the term ''DLT platform''

referred to in this definition shall exclude DLT exchanges:

● Provided further that a virtual token which is or may be converted into another DLT asset type shall be treated as the DLT asset type into which it is or may be converted;

Definition Note● “Therefore, exchanges on which only

financial instruments are traded, shall not be licensable in terms of the VFA Act but will fall within the remit of the Investment Services Act.” - Mamo TCV

Purpose of Financial Instrument Test:

to determine classification of a DLT asset as either:● [i] Electronic Money

○ (3rd Schedule to the Financial Institutions Act);● [ii] a Financial Instrument

○ (2nd Schedule to the Investment Services Act;● [iii] a Virtual Financial Asset (VFA Act); or● [iv] a Virtual Token (VFA act)

...Token Types

● Token types / categorisation will be dealt with fully in a later lecture.

● For today I merely want to introduce the basic concept that there are ‘utility’ tokens and other (‘investment’) tokens.

Therefore Key Point (for Today)

● “Utility” tokens are not financial instruments

● ANY financial instruments come under the ESMA (MIFID) regime and thus require full investment licensing.

Key Point (for Today) (2)

● Any Maltese “Utility” tokens which pay for a listing on any exchange will be regarded as an investment token, even if they otherwise would be categorised as utility tokens.

Regulating Crypto/DLT Exchanges

● Discussion paper not published at time of writing.

● Likelihood is, devil will be in the details…

a> Categorisations…

b> Therefore category caveat emptor!

Regulating Crypto/DLT Exchanges● Regulated markets (?)

● MTFs - ‘open’ / ‘lit’

● MTFs (‘dark’)

● Systematic internalisers

● Broker Dealer Platforms

● ...Casinos / etc.

“VFA” Exchange Listing Problems

● Fraud / Misrepresentation● “Pump & Dump”

○ Hence need for White Papers, oversight etc.

“VFA” Exchange Problems

Potential (legacy) VFA/DLT/Crypto exchange problems for clear regulation include:

● Lack of Independent price formation○ (market makers tied to platform)○ Liquidity management pools…○ Front running risk as a result...

● ‘Fake’ Volumes (70% wash?)

Likely Impact of Regulation

● Reduction in front running & other actions pertaining to non-independent markets.

● More orderly, balanced markets are paramount for new markets to succeed.

● Some ‘exchanges’ will likely exit the business or restructure as broker dealers.

Key Factors To Consider

● Broker intervention

● Dealer intervention

Core Exchange Revenue Streams

● Listing Fees● Transaction Fees● Data Sales

○ Historical etc.● Membership / Access Fees

○ Co location● Clearing & Settlement

NB:

Exchanges are rarely identical.

● QV Department stores...

● Anna Karenina syndrome?○ “Happy families are all alike; every unhappy family is

unhappy in its own way”

Some Key Exchange Functions

● Members / Client Relations● Compliance● Surveillance● IT ● Data● Listing● Market News● Product Development

Centralization Vs Decentralization● Issues with decentralized exchanges are

moot:1) Malta law essentially enables Near DLT

2) because: ESMA

Decentralization (DEX)A trendy current topic but:

● Pure Decentraliation hard to regulate○ Hence Augur!

1) Malta law essentially enables “Near DLT”

2) because: ESMA

Decentralization (DEX)● Often No funds under custody ● on-chain transactions for order fulfillment

and rule enforcement.● Server operators collect no matching fee.● Orders placed on the exchange can be

internally regulated via rules enforced by the clients & server.

Decentralization (DEX)

● Therefore pure decentralization appears difficult to regulate…

a. Issue of ‘control’b. Issue of Responsibilityc. Issues of “busting’ trades / error process.

Clearing & Settlement

● Clearing - the management of risk post trade but pre settlement

● Settlement - completing the trade itself.● Delivery: particularly where there is e.g. a

physical commodity to be handed over...

Clearing & Settlement (2)

A Key Principal of Settlement is “DvP”:

Delivery Versus Payment

Clearing & Settlement (3)

Traditionally settlement of securities trades has been a lengthy process until recently...

1700s Amsterdam & London T+10

‘T+Forever’ Legacy● Pre-1994: Europe T+20● 1995 UK T+10 to T+5● 1996 US T+5 to T+3● N.B. France T+3 really meant T+20● 2001 Europe: T+3● 2015 T+2… (US only in 2017)

Pre-crypto: A Brief History of T+0● Russia● Kazakhstan

(both went to T+2 for Clearstream / Euroclear Access)

● Nepal

Settlement time is Approaching

Zero Hour

...Zero Hour is Coming...


Zero Hour

CCP Clearing

● Derivatives are generally held in a clearing house before their contracts expire.

● A clearing house matches every buyer to every seller - reducing risk for counterparties.

● Using clearing margin enables leverage.


Zero Hour

The Future Of Clearing & Settlement

● DLT / Crypto enables real-time clearing & settlement

● Possible new derivatives clearing models● & new “CSD” models (even a decentralised

securities depositary?)


Zero Hour

The Future Of Clearing

However the importance of CCPs / CSDs means regulators may struggle to endorse decentralization & / or concentration risks on less capitalised networks...


Zero Hour

Conclusion

● Alt currencies are powering the “Capital Market Revolution!”

● Likewise DLT is powering the CMR in clearing & settlement

● Regulation will impact moves towards a lot of financial decentralization


Zero Hour

Conclusion

● At the same time, <<plus ca change…>>● AML / KYC / DD all as vital as ever...● For VFAs understanding exchanges will

involve keeping ahead of developments & being able to discern an emergent sector of ‘blue riband’ exchanges through more dubious actors...


Zero Hour

Conclusion

● In due course, exchanges will fail...● ...Leaving risks to Investors (qv Mt Gox) ● Again VFAs will need to remain diligent to

avoid a plethora of potential risks / issues to outright scams.

Pat

rick

L Y

oung

@FrontierFinanceThank You

Summary of what blockchain guarantees•

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It’s actually all about ownership

Digital assets, and their owners can be stored, and passed around...

But it’s not just about money



For example in a national property register.

Owner Property

JoshuaFlat 3, 212, Triq Il-Belt, Floriana

Gordon17, East Street, Msida

Alice33, Old Mint Street, Valletta




For example in a national property register.

Owner Property

JoshuaFlat 3, 212, Triq Il-Belt, Floriana

Gordon17, East Street, Msida


But it’s not just about moneyJoshua sells his property

to Gordon


Digital assets, and their owners can be stored, and passed around,

for example in a national property register.

Owner Property

Joshua

Gordon17, East Street, MsidaFlat 3, 212, Triq Il-Belt, Floriana



Joshua sells his property to Gordon

Tracking of rights and ownership of MPPs

We could keep track of Malta Parking Passes (MPPs):

● Everytime you use a bus you get 1 MPP;● If you do not use an MPP for a whole week

you get 3 MPPs;● You can park in reserved MPP parkings by

using up 5 MPP;● You can trade/sell MPP to anyone.

We could keep track of Malta Parking Passes (MPPs):

● Everytime you use a bus you get 1 MPP;● If you do not use an MPP for a whole week

you get 3 MPPs;● You can park in reserved MPP parkings by

using up 5 MPP;● You can trade/sell MPP to anyone.


Owner Owns

Joshua 5 MPP

Gordon 1 MPP

Alice 10 MPP

Malta Parking Pass 0 MPP

e.g. Alice uses 5 MPP to park in a reserved MPP space.

Owner Owns

Joshua 5 MPP

Gordon 1 MPP

Alice 10 MPP

Malta Parking Pass 0 MPP



Owner Owns

Joshua 5 MPP

Gordon 1 MPP

Alice 10 MPP 5 MPP

Malta Parking Pass 0 MPP 5 MPP



But, how can you trust that Malta Parking Pass Ltd. will really give you 3 MPPs if you do not use your car for a week? Or that you will really get 1 MPP each time you buy a bus ticket?

Owner Owns

Joshua 5 MPP

Gordon 1 MPP

Alice 10 MPP 5 MPP

Malta Parking Pass 0 MPP 5 MPP


Smart ContractsSzabo (1996) machine executable transactions which enforce certain behaviour: “robust against nai ̈ve vandalism [and] against sophisticated, incentive compatible breach”

Lessig (1999) “Code is law”

Ethereum (2013) “A blockchain with a built-in programming language, allowing anyone to write smart contracts”

In gods we trust, all others pay cash...

In gods we trust, all others pay cash...

● Solution 0: Sign a contract between customer and the company, making the company liable.

● Solution 1: Add a trusted third party to enforce the contract – to receive and distribute the funds.

● Solution 2: Use a smart contract.

Smart Contracts● Can store digital assets● Can execute executable logic● All this is done in a trustless

manner, on the blockchain

contract TenPercent:

Initial company balance is 0.

[A] Payment of <amount>:

Anyone may transfer <amount> in

cryptocurrency to this contract –

* 10% is immediately sent to the charity.

* 90% is added to the company’s balance.

[B] Withdrawal of <amount>:

May be done only by the company and if

<amount> does not exceed its balance –

* Reduce company’s balance by <amount>.

* Send <amount> from the contract

to the company’s address.

Do I really need a DLT and smart contracts?● Do you require trust?

○ Have no centralised trust.○ Participants control and transfer resources.○ Participants want proof of contract logic e.g. they can

always take the money back if the deadline has passed.● Do you require decentralisation?● Why wouldn’t a central server be an option?

Where can we use Blockchain and Smart Contracts? VAT

18%

Government

118%

18%

Government

118%

EUR 118 EUR 18


Government

EUR 118 EUR 18


Government

EUR 118 EUR 18

EUR 29.50


Government

EUR 118 EUR 18

EUR 29.50

EUR 4.50


Government

EUR 118 EUR 18

EUR 29.50

EUR 4.50

EUR 13.50


Government

EUR 118 EUR 18

EUR 29.50

EUR 4.50

EUR 13.50

Can this be made simpler? Can we automate the process?


Government

EUR 118 EUR 18

EUR 29.50

EUR 4.50

EUR 13.50


Government

EUR 118 EUR 18

EUR 29.50

EUR 4.50

EUR 13.50

Can more measures beimplemented to ensure VAT is paid?


Government

EUR 118

EUR 18


Government

EUR 118

EUR 18

EUR 29.50


Government

EUR 118

EUR 18

EUR 29.50

EUR 4.50


Government

EUR 118

EUR 18

EUR 29.50

EUR 4.50

EUR 4.50


Applications: Land Registry● Many registries are still paper based.

● Even digital registries require lots of paper trails with many signed documents.

● Information can go missing; not be input; or input incorrcetly or be altered?

● Time consuming process (checking documentation manually).

Applications: Land RegistryUsing Blockchain ensures that the data is:

● Permanent;● Tamperproof;● Decentralised (no single trusted institution);● Instant (or near instant) processing;● Reduce search time to instant.

Applications: Land Registry

● Decentralised buying and selling of property.

● Minimise intermediary fees.

● No extensive paper trails.

You wake up an hour early, and you do not feel tired, so you get up and decide to make your way to work earlier.

Applications: Improving Transport Networks


You let your driverless car know that you are not in a rush to get to work.




Your car realises that others are in more of rush, and lets the other cars through.As an incentive for letting you through the other cars, had offered 10 NTT (national transport tokens)...

Which can be used to buy fuel, or use public transport.


Using Blockchain we cars can transfer tokens (or money)in a decentralised manner




Your car realises that others in more of rush, and lets the other cars through.As an incentive for letting you through the other cars, had offered 10 NTT (national transport tokens)...

Which can be used to buy fuel, or use public transport.


Too far fetched?

Ford filed (and were awarded) a patent to do exactly this.


Applications: VotingRight to vote: token

Smart contract will automatically count votes

Reveal outcome only when voting is closed

Can use in:❏ Elections (national)❏ Boards

Applications: Certificates on the BlockchainYou go to lectures, study and sit for your exams.


You graduate (and celebrate).


You graduate (and celebrate).

And land your first job.

Applications: Certificates on the Blockchain

You climb the ladder of success.



War breaks out in your country.



War breaks out in your country.

You need to leave.


You settle in a new land and make it your home.



You go for an interview.




They ask for your certificate.




They ask for your certificate.But it was lost in the war, and the registry no longer exists.So you cannot get a job in your profession.

Access to certificates is quick and direct(normal certificates need to pay and receive via mail)


Lots of applications… don’t worry about the how•

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MDIA Act•

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ITAS Act•

Thank you!

Principle of Revolution Market Capital Chairman Blockchain Malta...

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