Ecoingot, the environmental tech company, welcomes the introduction of the ‘Virtual Financial Asset’ Act in Malta.
- EGT Tokens will be launched from within Malta, and notification has been submitted to the Malta Financial Services Authority (MFSA) for Ecoingot to avail of the transitory period of the Virtual Financial Asset Act (VFA Act)
- Ecoingot’s revolutionary system assigns a carbon impact value to everyday activities and purchases which can then be offset by spending EGT Tokens
Ecoingot is availing of the transitory period provision of the Virtual Financial Assets Act (VFA Act) and aims to achieve authorisation from the MFSA to launch their EGT tokens as Virtual Financial Assets under the new regulatory framework in Malta, which came into force on 1st November 2018. EGT tokens are able to be determined as Virtual Financial Assets according to the criteria of the MFSA Financial Instruments Test. The VFA Act provides a comprehensive set of requirements that are designed to provide legal certainty and compliance within the crypto investment market.
“We are delighted to be one of the first companies to avail of the transitory provision of the Virtual Financial Asset. We see the VFA Act as a real positive for our project and for the crypto market in general,” says Florentinos Mela, Environmental Engineer and Ecoingot advisor.
Ecoingot (the pronunciation for the name has an emphasis on ‘eco’) is creating the ‘Internet of Carbon’ on the blockchain that will for the first time make it possible for consumers to calculate the carbon impact of everything.
Ecoingot’s revolutionary system assigns a carbon impact value to everyday activities and purchases which can then be offset by spending EGT tokens. Users can access the asset-matched tokens via the Ecoingot App. The team involved includes leading carbon impact specialist and author of “How Bad are Bananas”, Professor Mike Berners-Lee. They have developed a unique carbon data gathering methodology which enables the compilation of a powerful data-driven engine — ECOSISTM. Powered by blockchain and Distributed Ledger Technology (DLT), the ECOSISTM is designed to deliver comprehensive and globally relevant on-demand carbon impact calculations.
Ecoingot’s ultimate vision is to create the ‘Internet of Carbon’, which designates a carbon impact value on everything. The first user interface will be via an App, leading to seamless integration with connected devices and the Internet of Things.
“While the recent IPCC Special Report on Global Warming calls on individuals to consider lifestyle changes to help combat climate change, the reality is that current tools designed to enable consumers are disconnected, complicated and even non-existent,” says Mela, “Ecoingot aims to change this by putting all the carbon impact data in one place allowing individuals to calculate the carbon impact of everything and offset via our App. Think of us as your environmental fitness tracker”.
Ecoingot ‘s EGT tokens are ERC20 tokens on the Ethereum blockchain, deployed via smart contract. Each EGT token will be released with an assigned carbon value of 1kg CO2e to allow users to offset their lifestyle purchases and activities, by spending their tokens within the Ecoingot App.
The App is due to launch on Earth Day (April 22nd, 2019). The company already has the carbon offsets in place in readiness for the launch. These offsets are fully validated and verified with documentation and provenance in place and are, for the first-time putting, carbon balancing firmly in individuals’ hands.
The public pre-sale is live and the public sale is scheduled to start on the 17th of November 2018. The company is raising funds for Phase 1 operations of Ecoingot and to achieve the MVP.
To learn more or contribute visit ecoingot.com
END
About Ecoingot Ltd
Ecoingot Ltd is an environmental technology company incorporated in Malta. The company is working with a team of experts to develop the most comprehensive carbon impacts database (ECOSISTM) that will create the Internet of Carbon and provide on-demand data to enable people to take positive action.
Visit: ecoingot.com
Press Enquiries Contact:
Emily Aye — Communications Manager
t: 07850 927 045
