Tales from Malta: WhitePaper registered by MFSA

Michal Adamski
Dec 10, 2020 · 5 min read
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Reaching Hard Cap ($2.8 M) in the private sale was a big milestone for GamerHash and an important step in the creation of GamerCoin ($GHX). Yet the successful launch of the new cryptocurrency is not only dependent on the money raised from investors but also on the legal matters and frameworks we are operating in. There are some famous examples of cryptocurrency projects that couldn’t launch their product despite the great success during their ICOs in 2017.

Fortunately, this will not be a case of GamerHash and GamerCoin! We are one of few admitted companies to have registered a Whitepaper with the Malta Financial Services Authority to admit our token to trading on reputable exchanges!

And more to say — we are in the elite group — just among few in the EU now and most probably first to list its token under this regulatory framework!

Why do we need to register our whitepaper?

Simply because of TRUST. The blockchain ecosystem is full of pop-up projects from dubious offshore locations — this is not how we handle things. GamerHash is the first experience with crypto for many of 550 000 gamers in our community. It’s a great gift for us, but also a commitment to provide education. To be a great educator in the crypto space one has to be reliable and trustworthy.

Registering the whitepaper is the next step in proving that — GamerHash is not based in offshore location — we spent months of work, tons of papers, and involved 3 legal teams to prove that #weplayfair on the Light Side of the Force. It all paid off as we are now a part of the international financial center also referred to as “Blockchain Island” — Malta.

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Only a handful of companies can say this!

Is it really something to celebrate?

If you are in the blockchain scene at least for some time now you might be wondering if registering your whitepaper with the MFSA is really that hard to get. As said before Malta is a Blockchain Island so one can imagine that being compliant with Maltese law shouldn’t be a problem for a crypto company. The truth is different — Malta Financial Services Authority takes a very serious approach to the safety and transparency of the financial system and not many companies can comply.

As stated in the beginning — we will be the first company, globally, who will list its token on reputable exchanges and will have White Paper registered with Maltese Financial Services Regulator simultaneously. GamerHash is taking the lead here!

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Meanwhile, in a GamerHash Headquarters

What does registering a WhitePaper mean and why is it so hard?

First of all, it means we can proceed with the GHX Token Generation Event, and the next steps we all have been waiting for — exchange listings.

Secondly, you can be sure that GamerHash has properly executed all requirements when it comes to Technical Audit, Cybersecurity, Processes Security, and all the additional prerequisites. The whole team had a thorough background check by authorities just to be sure that we want to build something great and if we have the skills to do it.

One of the main reasons that our team sought to register a whitepaper in Malta was due to investor protection. History has shown that a lot of issuers have ended up failing either due to a lack of planning by its founders or because there was a lack of protection against market abuse. Malta, as the first country in the EU, ensures that companies such ourselves are subject to regular supervision to safeguard the integrity of the token and the secondary markets on which it is listed.

“There is no other jurisdiction which can provide the level of protection and supervision that Malta has to offer. Whole process was not easy but will bring great security to our investors.” — Artur Pszczółkowski, CMO said.

WhitePaper

Not only the team was checked in-depth. GamerHash WhitePaper went through a similar process. The authorities scanned the document on the operational, functional, legal, compliance, and AML basis among many others. The goal was to ensure that our Whitepaper satisfies all the requirements as they arise from Maltese law. One should note that recently, the EU Commission issued a proposal for a regulation of Markets in Crypto-assets. Malta’s VFA framework is already robust enough to satisfy many of the obligations which are envisaged under this new proposed regulation.

VFA Agent

The Maltese authorities are not only controlling if everything is made well-made on paper. An important part of registering a whitepaper is the constant revision of the roadmap progress. Therefore, the VFA agent was appointed to do a revision of the delivery on the promises in the roadmap and the next steps, whilst ensuring that our company is meeting its regulatory requirements on an ongoing basis.

The technical side of obtaining registering our whitepaper

Implementation of all the prerequisites is also about the $GHX Smart Contract audit. It’s a kind of audit that makes sure if any potential vulnerabilities are taken care of. To illustrate the depth of the research let’s just say the audit is 216 pages long and took deep dive into the following aspects:

  • Security
  • Processing Integrity
  • Availability
  • Confidentiality
  • GDPR.

Our Smart Contract was successfully audited and confirmed as secure.

Apart from the blockchain, the Smart Contract archive copy will be also stored on the Maltese authorities’ appointed servers.

Last words

“We hope that this article can prove how serious we are about the future development of GamerHash, as well as $GHX, and our steps to revolutionize the gaming and NFTs industry. — Patryk Pusch, CEO said — Thanks to everyone that made this success possible, especially our team in Malta. The next steps are just behind the corner, so keep your eyes on the updates and our first listing!”

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The new chapter for GamerHash starts right now!

We are the GamerHash

We are a collective, we have one goal, revolutionize online…

Michal Adamski

Written by

Community Manager at GamerHash

We are the GamerHash

We are a collective, we have one goal, revolutionize online payments, resistance is futile. We are all about technology, fintech, blockchain, cryptocurrencies, gaming, startups.

Michal Adamski

Written by

Community Manager at GamerHash

We are the GamerHash

We are a collective, we have one goal, revolutionize online payments, resistance is futile. We are all about technology, fintech, blockchain, cryptocurrencies, gaming, startups.

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