How to Launch an ICO or STO in Malta’s newly regulated space!
The article was written by Dr. Justine Scerri Herrera
In this document, I shall shed light on the process and requirements for launching an ICO/STO in Malta, whitepaper requirements, the financial instrument test, and other related matters!
General introduction
Read MoreTonia Antoniou selected as a leading lawyer by IFLR1000
Tonia Antoniou is selected as a leading lawyer for Cyprus by IFLR1000, for the second consecutive year
Michael Kyprianou & Co. LLC. proudly announces that Tonia Antoniou, Partner of the firm, has been included for the second consecutive year in the list of leading lawyers for Cyprus in the area of Banking and M&A by the IFLR1000 Guide.
On the 16th October 2017, IFLR1000 released its listing of leading individual financial and corporate lawyers 2018.
Tonia specializes in banking and finance law having represented international corporations and financial institutions since 2002. Often instructed by Magic Circle firms and acting for international banks in relation to finance transactions and security agreements, she is frequently involved in ship and aviation financing, corporate and company law including reorganizations and M&A and the Regulated Markets Law. She heads the Banking & Finance Department and the Corporate Department of the Limassol Office.
Click here to see Tonia’s distinction:
https://www.iflr1000.com/Lawyer/Tonia-Antoniou/Profile/28305#profile
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The impact of Brexit on Intellectual Property rights By Mark Gatt Junior Lawyer At Michael Kyprianou
The impact of Brexit on Intellectual Property rights
On the 6th of September 2017 the Commission published its Position paper on Intellectual property rights which highlighted to some extent the impact that Brexit will have on Intellectual property and how will such intellectual property be dealt with during negotiations.
One of the defining characteristics of EU IP rights is the unitary character of such rights. It remains to be seen how the United Kingdom’s withdrawal from the EU will affect those rights which have been acquired prior to such withdrawal, especially when it comes to non-British entities who exploit their EU intellectual property rights within the United Kingdom. The position paper sought to give some clarity in this regard although it fell short in many ways and maintained some of the ambiguity and uncertainty which has been present since the Brexit announcement.
What does the position paper say?
The position paper states in the first general principle that any person who has acquired some form of intellectual property right which has a unitary applicability across all the union prior to the date of withdrawal will still be recognised as the holder of an intellectual property right in the United Kingdom which is comparable to a right under Union law.
Will the wording of the position paper have any bearing on the situation?
The choice of the word ‘comparable’ and not ‘identical’ is what gives rise to doubts and fears to intellectual property rights holders, as the vagueness of the word can have multiple interpretations, which are not clarified anywhere further on in the position paper. Will a comparable right mean a right which offers the same protection in principle meaning that a European Trademark will be offered the same protection as other trademarks registered in the UK or will comparable be regarded in a substantive way meaning that the protection which will provided will be identical to the one previously enjoyed under EU law?
What other issues arise from the proposal paper?
Further issues also arise in relation to one particular intellectual property right, i.e. trademarks. Given that the implementation date of the new recast directive is perilously close to the estimated withdrawal date of the UK, there is still doubt whether the new amendments will be incorporated into the laws of the United Kingdom prior to withdrawal. The changes brought by the recast, although not extremely significant in nature will still have a big impact on trademarks in general, especially when one considers the fact that the manner in which a trademark is to be represented on the register has been widened. In a scenario where an olfactory mark has been granted EU recognition, will such trademark be granted protection in the UK post Brexit and what sort of protection will it be granted?
These questions will require clarifications and both sides must take a definitive position to ensure a smooth transition takes place when the United Kingdom finally withdraws from the EU.
Read MoreCYPRUS an Overview By Ioanna Solomou Associate at Michael Kyprianou
CYPRUS-Overview
Cyprus carries with it great and long history, with tracks of civilization as of the 9th millennium BC. The island has been a prey for a number of other civilizations throughout the centuries due not only to its geographical location, being place at the crossroads of three continents (Europe, Asia and Africa) but also due to the natural wealth of the island itself. The island is a meeting point of multiple civilizations and has for centuries developed its own character and its people take pride in their heritage and background.
Subject to the country’s constitution as this was signed in 1960 the country is an independent sovereign Republic with a presidential system. The country’s president, as elected, has the executive powers. The president is the head of state and government. According to the Constitution’s provisions the executive powers would be exercised jointly by the President and the Vice – President for a term of office for 5 years. The Vice President is a seat that should have been have been held by a Turkish Cypriot however this seat remains vacant since 1964, due to a refusal of the Turkish Cypriot leadership to participate in the Republic since then. It is for the same reason the ministries and public service positions allocated to Turkish Cypriots are, out of necessity, held now by Greek Cypriots.
The island was invaded in the summer of 1974 by Turkish troops. The invasion took place on two consecutive instances. On 20 July 1974, massive Turkish military forces violating the UN Charter and fundamental principles of international law, invaded the island, after unfortunate internal disputes within the Government. The pretext of the invasion was a coup against the elected President of Cyprus at the time, which was instigated by the military junta ruling Greece. The second part of the invasion took place a few days later on the 14th of August 1974. Despite calls by the UN Security Council, Turkey seized 36,2% of the sovereign territory of the Republic of Cyprus and forcibly divided the country along ethnic lines, the so called “green line”. Since then the Cypriot issue remains unresolved with Nicosia, the capital city, being the last European capital divided; whereby Turkish military still illegally and against all calls of international law and order request for the immediate seize of the country’s illegal occupation.
On the 1st of May 2004, and despite its distinctive problem, Cyprus, in its totality became a full member of the European Union. It also joined the Eurozone on the 1st of January 2008. The country’s area not occupied by the Turkish troops, enjoys peace and has over the years developed to the extent of making Cyprus a powerful economy with well-developed infrastructures, being focused on the development of the services sector and act as a hub of business serving as an international business centre.
The country’s economy is generally identified as free, open and dynamic. Even though it is a small economy it has managed to sustain over a number of hurdles burdening the worldwide economy. The country’s main power force is the services sector. It is important to note that the country’s accession to the EU in 2004 has transformed the economic landscape. Interest rates have been liberalized, structural reforms have been promoted and the island’s financial and business sectors have evolved.
The island’s private sector is dominated by small and medium sized enterprises. The concept of competition and the respect of it are heavily engraved in the market. The government’s role is to support the private sector and assist in the smooth operation of the market with the purpose of offering economic stability and favorable business conditions.
Even though the country’s economy has been impacted heavily due to the recession in 2013, the country has rapidly exceeded expectations and is now on the upturn of evolution and expansion.
The country is a member of the Eurozone and thus Euro is its official currency.
Cyprus offers an enviable lifestyle on high standards in a safe, clean and healthy environment enjoying excellent weather as a Mediterranean island. The country enjoys low crime levels, safety, high cultural events, a delicious gastronomy and hospitable inhabitants. Its beauty can be seen not only in its people but also in its natural beauty not limited to golden sandy beaches and clear blue waters but also breath taking views from the highest tops of green lines filled with rare flora and fauna.
Leisure and business can be combined in Cyprus as a widely recognized centre of professional services offering first tear professional and high – quality services.
Although it was a British colony, its EU accession has allowed Cyprus to enjoy benefits of both worlds whereby it combines the positives of the common law system along with the safety offered by the European Union.
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Licensing Regime in Curacao
Curacao was one of the first countries to offer remote gaming licenses, and its longest standing curacao gaming license has been held by Cyberluck Casino since 1999. Curacao offers a single type of license for software and service providers as well as service operators. The Curacao gaming license covers all forms of interacting iGaming including sports betting, casinos, lotteries, games of skill and chance, and exchanges.
Read MoreMalta’s Online Gaming Licence Classes
The Malta Gaming Authority’s Remote Gaming Regulations currently establish four (4) Classes of Remote Gaming Licences.
Class 1 licence operators are in charge of managing their own risk on repetitive games. An example of games falling under this category would be casino type games, lotteries, slot games and scratch cards.
Malta Gaming Authority – Fees & Taxes
The Administrative and Licence Fees as per the Second Schedule of the Remote Gaming Regulations (S.L. 438.04) issued under the Lotteries and Other Games Act (Cap. 438 of the Laws of Malta). All prices are exclusive of VAT.
Read MoreMGA License Application Process
The Malta Gaming Authority (MGA) has a rigorous and transparent licence application. Applicants have to go through the process of submitting documentation to the MGA in addition to System and Compliance Audits.
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