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Digital Assets Regulatory Framework Report
As digital assets built on blockchain revolutionize the world of Fintech, whether in payments, fundraising, and asset ownership and trading, regulators globally and in the MENA region have had to review their own legal structures and determine an approach towards digital assets and the regulation of these assets.
As a part of STO LAB MENA’s first initiative, KARM Legal Consultants in collaboration with UK Based Acuity Law and Malta-based LEX Group worked on the comparative Analysis of crypto assets framework across UAE, Bahrain, Malta and United Kingdom.
According to Kokila Alagh, Founder of KARM Legal and the STO LAB MENA, stated, “The STO LAB, which is a ‘one-stop-shop’ for projects aiming at security token issuances, intends to raise more awareness through this publication This report on comparative analysis of crypto assets regulation offers a detailed description of the regulatory regimes in Abu Dhabi Global Market, Central Bank of Bahrain, Malta and the United Kingdom- to evaluate the framework and guidance as well as regulatory processes and responses introduced or adopted by the regulators in this space.”
One of the major points made in the report is the issue of varied terminologies used by different regulatory bodies. As per the report today, there are varieties of terms used often interchangeably to define crypto assets. Crypto asset is widely employed as an umbrella term to refer to digital tokens that are issued and transferred on DLT systems. However, the terms ‘crypto assets’ and ‘tokens’ are colloquially used depending on the context and functionality.
Similarly, the treatment of these assets or tokens by the regulators, vis-à-vis their existing regulations is also a subject of debate and interest. While some regulators have taken a retrofitted approach of fitting in ‘crypto assets’ and ‘tokens’ in their existing financial regulations, some regulators have shown the courage to introduce new regulations altogether.
The report aims to share information on the regulations pertaining to crypto assets in a simplified format that can be easily digested by both laymen and lawmen across the region and globally. It aims to provide startups, investors, policymakers, influencers, holders, with the information they can use when looking into digital assets regulations, licenses, and trading.
According to the report, each of these financial regulators has taken a very stringent view with respect to the issuance of security tokens. However, one striking addition under the Malta system relates to rules on ICO (or under Maltese law – Initial VFA Offering). The inclusion of limits and parameters which are in line with an offering of securities position internationally is a significant development in the world of crowdfunding. Furthermore, the inclusion of an authorized VFA agent appears to be in the interest of streamlining the whole process, by working closely with agents who would clearly understand regulatory concerns.
In addition, the report looks into the licenses being offered in each territory, the prices of these licenses and the requirements for each.
The report concludes that global regulators are analyzing the regulatory approach that they wish to adopt in respect of Digital Assets. Malta, Bahrain, UK and ADGM have all approached the space from a different perspective, yet the concepts of anti-money laundering, consumer protection and technology governance remain core to the approach.
About THE STO LAB
THE STO LAB (STO-LAB) is a global business alliance network and eco-system for sourcing and distributing high-quality STO projects on international markets. The consortium consists of corporate members from different industries, key eco-system enablers and service providers along the value chain, and financial institutions and accredited investors. Together with its consortium members, STO LAB aims to derive a multi-country fully compliant ways and best practices in asset tokenization process. Please visit – http://thestolab.com/
KARM is a law-firm specialized in providing legal advice on Corporate/ Commercial, Blockchain, Tokenization, Fintech and Data Protection related transactions. KARM has advised its clients on the use and implementation of blockchain, including launching cryptocurrencies/ coin offerings, funding rounds, and setting up multi-cryptocurrency exchanges regionally and internationally. Please visit – http://karmadv.com/
Decentralized Shipping and Cargo platform based on Blockchain Technology
BitNautic integrates a marketplace for wholesale goods, where importers and exporters can buy and sell commodities at discounted prices and arrange for their shipment directly on the platform, keeping their whole operation in one place.
Founded in 2018 in Lugano, Switzerland, BitNautic is a software company that develops blockchain-based software for the logistics industry. Its main product, the BitNautic Platform, is an all-in-one solution for all the global trade industry players, which allows shippers to book transport for their cargo choosing and combining the best carriers in terms of price, speed and carrier reputation, based on real users experiences
The platform is built on the Blockchain, a cutting-edge technology that allows full supply chain transparency, secure digital management of data and documentation, safe payments without the need of third party approval, and much more.
BitNautic comes with distinctive features like AI (Artificial Intelligence) based booking system, real-time tracking of ships and cargo, and a wholesale e-commerce platform.
It’s a well-known fact in the industry that global shipping has to increase efficiency, improve processes and perform a fundamental digital transformation, to ensure future profitability for the ship owners, and to provide more opportunities for the charterers and producers all over the world.
To solve the industry critical problems, we are creating BitNautic, a distributed platform, based on the Ethereum Blockchain, for matching demand and supply of shipping services, for all the industry stakeholders: producers of goods, ship owners, charterers, brokers, importers and exporters.
In our vision BitNautic contribution to the digitalization and decentralization of the shipping industry, will contribute to the growth of developing countries, in an open market and free trade, increasing international trade and cooperation, public-private partnerships within the industry, knowledge sharing, and bridging the gap between government regulators and the shipping industry.
BitNautic has started his operations with a focus on the emerging countries of the Africa continent.
BitNautic development and expansion will be funded with the Crowdsale of the BitNautic Token BTNT, used to access the BitNautic platform. The Ecosystem is powered by its own token, the BTNT, tradable on these crypto exchanges: CoinBene and Trade.io
CHIEF EXECUTIVE OFFICER
Entrepreneur, importer, exporter, deep understanding of the shipping and logistics industry with many years of experience operating in the European, Indian and West African markets.
Andrew P. Fenner
Shipping Manager with over 17 years of front line experience in all aspects of international shipping with a wide range of roles and responsibilities and a proven track record of success. First-hand knowledge of day to day running of a range of vessels as diverse as bulk carriers, Ro-Ro, Heavy Lift and general cargo all on a 24/7 basis.
CHIEF TECHNOLOGY OFFICER
Skilled Solution Architect with a focus in designing and implementing Scalable and Highly Available integrated solutions. Proficient in Hyperledger Fabric, Ethereum, Quorum, Go, Python, AngularJS, ReactJS, Docker, RESTful API design, Back-End Development and Web/Blockchain integrations.
Calero is a decentralized platform that implements leading edge Artificial intelligence and blockchain to improve, increase and automate the account payable process in your company, while building a more trustful, transparent and collaborative network throughout your supply chain. We have become the insights, intelligence and automated function, from freelancers to governments.
Using Calero´s innovative technology will allow you to manage your invoices, communicate with your suppliers, make payments and track deliveries within one trusted place. Spend less time going through paper documents and misplaced files and more time on building a successful business.
Calero intends to start at the lower end of the market, offering a clear software-as-a-service model for freelancers, SMEs, and supply chain firms, and pursuing government contracts in emerging markets. Developing partnerships with other blockchain projects could then unlock synergies that would enable Calero to evolve into a one-stop supply chain solution for enterprises of all scopes.
CEO Ken Otalor is the founder of Austria-based KO Financials, a closed-end family fund. He has held senior executive positions at AgenaTrader, Alternative Asset Management, and Schneider Trading Associates. He holds an M.B.A. from Leeds Beckett University. Click here to see the full list of Calero Team.
Calero Technologies White Paper Click Here
Calero Technologies Website Click Here
How To Implement Blockchain Projects
The underlying technologies of the blockchain, are available in open source, giving aspiring developers the chance to implement their private blockchain. This can provide you with the opportunity to learn through practice, the concepts that are behind such an environment, including mining, or the execution of a smart contract. Here are the five steps for implementing a blockchain project on your workstation.
Step #1 – Select the Platform
Due to the responsiveness and dynamism of its members, the Ethereum blockchain network is the best one to consider. With the wealth of its documentation, the blockchain promises that the objects will become fully autonomous and belong to themselves. With this, they can execute code.
Step #2 – Initialize the Blockchain
All you need to do to initialize the blockchain is to create the first block manually. The block must contain all of the characteristics of the chain, and then be shared with all the nodes of the network. To define this first block, a file must be created in JSON format. After the JSON file has been completed, it is up to the client platform to create the folder that contains the blockchain and to initialize it.
Step #3 – Choose the Correct Consensus Protocol
The consensus protocol consists of asking the resolution of a mathematical problem that requires a large amount of calculation. When a miner manages to find a solution, it must be something that is easily verifiable by everyone. The first person to see the solution wins the right to write the next block in the chain. The difficulty of the problem is changed in real-time according to the total power of the entire network, resulting in the blocks being written at regular intervals. This makes hacking attempts extremely difficult and protects blockchain as the whole against spam attempts to overload the network.
Step #4 – Execute Your First Smart Contract
Growing a blockchain is only of interest if you can run a smart contract with it. The smart contract should self-execute from a predefined threshold that can be an amount, a date, or any duly authenticated event. Ethereum’s success is based on this concept.
Step #5 – Debug and Scale
Unlike a program that is run by a computer, a block is run on a set of nodes. Each network termination, or node, must result in a treatment equivalent to the previous ones. The process makes debugging the application complex. To fix the issue, you have to create a new block and wait for the chain to propagate the changes.
The uses for blockchain technology are endless, with more companies moving to proof of concept to concrete achievements. Following these five steps will have you well on your way to creating your own blockchain project.