VAIOT, a novel blockchain and AI-based intelligent contracts platform, has created a milestone by becoming the first digital services business to register its whitepaper with the Maltese authorities under its new regulatory framework for regulating digital assets. The successful registration of the project’s documents with the Malta Financial Services Authority (MFSA) ensures the upcoming VAI token offering is regulated under the Maltese Virtual Financial Assets Act (VFAA), offering much-needed security and peace of mind to potential investors.
Built on a proprietary blockchain that’s based on the open-source Cosmos SDK framework, VAIOT combines the functionalities of a blockchain programmer and personal assistant through intertwined blockchain, AI and natural user interface. The platform is designed to serve as a virtual legal assistant and an AI-backed digital service distribution channel catering to the needs of businesses and consumers alike, ensuring 24/7 access to services and distribution channels. To begin with, VAIOT will be focusing on offering its solutions to the insurance industry, helping automate sales and services channels.
The VAIOT platform is fueled by its native VAI token, which serves as a utility as well as payments token within the ecosystem.
The VAI token offering is scheduled to go live later this year, and the registration of VAIOT’s whitepaper with MFSA is in compliance with Malta’s regulatory framework for Virtual Financial Assets and Initial Virtual Financial Assets Offerings (IVFAO). These regulations are in line with recently proposed EU legislation for Regulation on Markets in Crypto Assets (MiCA), applicable across all member states. The registration of VAIOT whitepaper was supported by Grant Thornton Malta – a leading independent audit, tax and advisory service in the country, which is also acting as the project’s VFA agent.
Commenting on the milestone achievement, CEO of VAIOT…