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Summer CryptoTravelGuide: Escape ToBlockchain Islandby thefintechtimes August 16, 2018

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By Martine Paris, Reporter at The FintechBy Martine Paris, Reporter at The FintechTimes.Times.

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and ICOsGot an idea to change the world and want to

crowdfund it with an ICO? Below you’ll find the most

picturesque places on the planet beckoning

blockchain entrepreneurs to launch their startups.

1. Malta

Visit Malta / Via VisitMalta.com

Malta not only just became the first country in the

world to provide a stable legal framework that will

allow blockchain and cryptocurrency companies to

operate with certainty, they might become the first

country in the world to offer legal status to robots.

Yes, this vibrant Mediterranean archipelago with its

colourful boats, limestone fortresses and Game of

Thrones brothels, is on its way to getting us one step

closer to The Singularity.

Under new laws enacted by the Maltese Parliament

on June 26 which include the Malta Digital

Innovation Authority Act (MDIA Act), the Virtual

Finance Assets Act (VFA Act) and the Innovative

Technology Arrangements and Services Act, (ITAS

ACT), the newly formed MDIA will offer certification of

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ICOs, DLT (Distributed Ledger Technology)

exchanges and DAOs (Decentralised Autonomous

Organisations). The certification process includes

technical due diligence that will audit white papers,

financial disclosures and code for smart contracts.

Additionally, Maltese officials are planning to provide

certified DAOs legal personalities and thus the rights

to transact with humans, corporations and other AI.

Back in February, Dr. Ian Gauci, advisor to theDr. Ian Gauci, advisor to the

Maltese governmentMaltese government, described in a Times of

Malta article what it might look like once DAOs gain

legal status. He explained, “A DAO could own a self-

driving car that acts as a taxi 24 hours a day. This

would generate income that it would use to pay for

its own fuel, repairs, and insurance.” Then he added,

“Once widespread, we could witness the emergence

of algorithmic governance, a new normative system

capable of regulating society more efficiently,

reducing the costs of law enforcement and allowing

for a more customised system of rules that is

personalised to every citizen.”

Malta’s new framework provides certainty that will

increase investor confidence around ICOs and allow

a blockchain ecosystem to thrive. With tremendous

resources for blockchain startups that include access

to accelerators, co-sharing space, talent from

universities, and a tax haven, the island is already

attracting many foreign entrepreneurs. According to

Bloomberg, most cryptocurrency trading has already

been moving to Malta, which is home to Binance,

OKEx, and Bitbay.

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Additionally, there is good news for gamers as Malta

is making moves to become a home for blockchain

game development with the recent issuance of

guidelines on crypto payments, wallets, and

exchange rates by the Malta Gaming Authority.

The best time to plan your trip might be this Fall

when Malta’s Prime Minister, Dr. Ian Gauci, Dr.

Abdalla Kablan, Tim Draper, and other leading

authorities are speaking at the Delta Summit on

October 3–5 and at the Malta Blockchain Summit on

November 1–2.

2. Gibraltar

Dezeen / Via dezeen.com

Gibraltar with its Moorish castles, protected caves,

and 200 million year old rock is another crypto

hotspot. Located on the Iberian Peninsula near

Sevilla, Spain, this British Overseas Territory has its

own governing body that is embracing innovative

new technologies.

The GFSC (Gibraltar Financial Services Commission)

has issued ICO friendly guidelines and guidance on

issuing DLT licenses that will enable blockchain

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businesses to flourish. Their white paper reads:

“Most often, tokens do not qualify as securities under

Gibraltar or EU legislation. In many cases, they

represent the advance sale of products that entitle

holders to access future networks or consume future

services. They are akin to mobile phone companies

pre-selling airtime in networks they plan to build

using the proceeds of those airtime sales. As such,

these tokens represent commercial products (albeit

reliant on future availability and utility) and are not

caught by existing securities regulation in Gibraltar.”

With this support for altcoins, several large ICO-

funded companies have set up shop in Gibraltar

including WePower, EnergiToken, Rentberry, and

Globitex.

Best time to visit might be next February during the

annual conference of the Gibraltar International

Fintech Forum. Past speakers have included

government officials like the Chief Minister of

Gibraltar and the GFSC.

3. Cayman Islands

United Airlines / Via vacations.united.com

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Another British Overseas Territory popular with

crypto entrepreneurs is the Cayman Islands which

best known for setting up offshore companies for

high net worth individuals amidst its sugar sand

beaches.

Cayman’s startup Block.one recently completed a $4

Billion ICO for its EOS platform, overshadowing all

IPOs for 2018 thus far.

To understand why Cayman is considered ICO-

friendly destination, here is a helpful explanation

from the Ogiers law firm blog:

“In Cayman, the definition of a “security” is set out in

the Securities Investment Business Law (Revised)

(SIBL). Unlike the definition of a security contained in

the US Securities Act, SIBL defines “securities” in a

list of instruments that are common in today’s

financial markets. This list does not include an

equivalent to the expansive concept of an

“investment contract”, and therefore one does not

need to apply the four-part Howey test in order to

determine whether a token is a security. Another

relevant comparison between SIBL and the US

Securities Act of 1933 is the legal consequence of a

token being classified as a security. In Cayman it is

possible for a token to be classified as a security but

for the token issuer nonetheless not to be carrying

on “securities investment business.”

The decentralisation conference, d10e, is held in the

Cayman Islands each January which this year

featured the Premier of the Cayman Islands and

Blockchain Capital’s Brock Pierce.

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4. e-Estonia

Dreamstime / Via dreamstime.com

Bordered by Finland, Sweden, Latvia, Russia, and the

Baltic sea, the independent nation of Estonia seems

to be a magical place to launch your ICO. With long

days from the White Nights, medieval fishing villages,

and unique attractions like the futuristic Tallinn TV

Tower and the KGB Museum, there’s so much to

explore and yet this is the one seaside getaway you

might not never need to visit.

Estonia is one of the first countries to create e-

residencies for a digital nation of global citizens. “No

business should be bound by physical borders,” the

government website says as it asks for 100 euros to

set up an e-residency that grants access to the EU-

based fintech legal framework. So crypto-friendly, e-

Estonia even tried to launch its own token — estcoin

— which was then quickly shot down by the

European Central Bank who reminded them that

member EU nations cannot issue their own currency.

Does size matter?

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When you take a look at the bucket list of ICO-

friendly destinations, those experimenting with

building blockchain economies appear to be

strongest with the smallest populations, but outliers

like Argentina and Malaysia are becoming more

common, and it’s encouraging to see Blockchain

Weeks sprout up in regions even where the central

governing authority has strict regulations.

Population under 100,000Population under 100,000

Population under 1 millionPopulation under 1 million

Population under 10 millionPopulation under 10 million

Population under 50 millionPopulation under 50 million

Gibraltar — 34,408

Liechtenstein — 37,666

Cayman Islands — 60,765

Isle of Man — 83,737

Malta — 436,947

Cyprus — 1.17 million

Mauritius — 1.263 million

Estonia — 1.316 million

Slovenia — 2 million

Croatia — 4.171 million

Switzerland — 8 million

Belarus — 9.5 million

Hungary — 9.818 million

Czech Republic — 10.56 million

Malaysia — 31.19 million

Argentina — 43 million

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INTERNET OF INSURANCE CONFERENCE

WBF

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FINOVATE FALL 2018

ROBO ADVICE SUMMIT

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FORUM FINTECH CANADA

MALTA BLOCKCHAIN SUMMIT

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