World’s First DAICO to be Conducted on Malta
There are over 500 000 islands on planet Earth. Among them, there are 47 island nations, and only one blockchain island, which is to become a place of residence for numerous companies specializing in cryptocurrency business in 2018.
Known for its generous and effective corporate tax system, Malta is now positioning itself as a leading blockchain technology hub and cryptocurrency front runner, with many government initiatives currently underway. Today, it is far more progressive, than any other country, when it comes to crypto and fintech, implementing the state-approved National Blockchain Strategy, building a legal ground for certifying blockchain-based companies and conducting ICOs.
With such an openness to crypto in regulation, Malta outshines Switzerland, which still claims to be “the crypto-nation”.
The legendary crypto investor Tim Draper said that Switzerland had an enormous opportunity of establishing itself as an attractive global hub for blockchain startups, but had lost this opportunity due to heavy regulation.
And lack of rapidity in issuing the decisions, we should add, based on our own experience.
Some other industry experts assume that despite the attractiveness of the infrastructure and all the necessary conditions for further management of the cryptocurrency business, the popularity of Switzerland as a jurisdiction for ICOs is now decreasing, due to the fact that companies raising funds on token sales are mainly startups that have to spend most of their budget on business organization. It is estimated, that registration in Switzerland makes sense mainly for token sales that intend to raise amounts starting from $20 million. For smaller crowdsales, the Swiss jurisdiction appears ineffective.
Since we have reduced the Hard Cap, all this now relates to our project. Considering the tax burden and other expenditures, together with the slowness the Swiss regulator makes decisions on the projects’ legal status (unacceptable for the modern crypto industry), Malta is offering better conditions for The Abyss than Switzerland. For this reason we have re-registered the company: The Abyss LTD is now incorporated in Birkirkara BKR 9037, Malta.
Besides, we have already received a legal opinion in relation to the classification of the ABYSS token as a utility token.
Moving to Malta will allow us to intelligently optimize operating expenses and ensure the launch and a long term operation of the platform within a clear and smooth legal framework, under more favorable economic conditions.
Hello, Malta! Let’s get the party started!
The Abyss Team