More than Just Exchanges... Tokens are Moving to Malta
A revolutionary new DAO, ETF Foundation, is positioning itself to be the first "Certified Innovative Technology Arrangement" once the 3 recent house bills (https://news.bitcoin.com/maltas-cabinet-approves-cryptocurrency-bill/) are finalized and turned into law in Malta. In late Q2 or early Q3 2018, immediately after the legislation is signed into law and the official guidelines for certification are released, ETF Foundation and their ETF Token will be submitting an application to start doing business in Malta, drafted to be in full compliance with the proposed legislation on Virtual Tokens.
ETF Token is confident their unique arrangement has found a home in Malta. ETF Token is composed of a completely decentralized team of scalable "units" which are community appointed. There is no company. ETF Token may be the first digital code to exist with its own legal rights and personality, similar to the first robot citizen Sophia.
ETF Token Acting CEO, Joseph Iannelli, stated after a recent trip to a FinanceMalta event, "Malta is the first country to propose quality legislation for DAOs, Utility Tokens, dapps, and other non-corporate entities which are contributing real value to the world. We are excited to set up our organization here."
From the white paper: "ETF Token has created a unique and decentralized community with its own comprehensive collection of world changing blockchain technology. Utilizing smart contracts and a self-governing structure, this token establishes a collection of blockchain cryptoassets which contains innovative, socially-impactful, and valuable blockchain tokens. Every ETF token purchaser is a part of that community and every ETF Token is backed by that collection of blockchain cryptoassets... The tokens this community holds are issued by impressive organizations that offer innovative solutions for the world. ETF Foundation will select tokens which are maintained by an exceptional team, have an impressive product and an ethical vision that our community can support.
ETF Token is a product that many potential token purchasers will appreciate. Their team is being finalized currently with some of the top minds, in regulatory compliance, distributed ledger technology, fintech, accounting and more. The Token is not having a conventional ICO, which its acting CEO says are often "ripoffs" adding that "no founding team should make millions of dollars without having delivered a viable product."
ETF Token has instead opted to fund its operations and deliver a fully functioning utility token without an ICO. ETF Foundation will repay any loans required for start-up costs out of its operational budget. Another unique aspect to the token was the size of that operational budget. Often tokens keep 20-40% for team, promoters, investors etc... ETF Tokens operational budget is a refreshing 1% of Ethereum collected from sales, with the other 99% going directly into the collection of world changing blockchain, stabilizing the token and providing it with clear intrinsic value.
The bills may not be signed into law yet, but if ETF Token is any indication of things to come in Malta, I'd say we are heading in the right direction.
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