Mario Fiorini (iGamingAdvisors) finalist for consultant idol of the year

One of the main objectives of iGamingIdol is to identify individuals and firms which excel in their profession and keep the gaming industry successful as it is today.

There are a number of areas which iGamingIdol identified as the most influential to the success story. The shortlisting procedure and win this prestigious award is established through the first step being a nomination of the individual/firm followed by a thorough examination by the well experienced judges of iGamingIdol. This shortlisting will identify the top three individuals/firms within their area of expertise.

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MGA New Regulation pushed back to August

Following the notification of the draft new legal framework regulating gaming through the Technical Regulation Information System (‘TRIS’) process in virtue of Directive (EU) 2015/1535 (the ‘Directive’), a Detailed Opinion has been issued by a Member State in relation to the draft Gaming Authorisations Regulations (the ‘Regulations’).  The European Commission and another Member State have also issued comments in relation to various legislative instruments.

 

This Detailed Opinion has extended the standstill period for implementation of the Regulations by one month, to the 16th July 2018.  In this light, the implementation of the new regulatory framework shall also be delayed by one month, and will henceforth be moved to the 1st August 2018, in full respect of the standstill period in terms of the Directive. 

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World’s first ICO shareholders hack!

Founders sue Envion CEO Matthias Woestmann’s Corp. for world’s first analogue ICO hacking. Outsider CEO faces charges after grab for $100 million ICO company, attempts to sell to highest bidder

The founding team of the Envion project have taken legal action against the shareholders of envion AG (Switzerland), namely Quadrat Capital GmbH, whose shareholder and managing director Matthias Woestmann is also acting as board member (CEO) of Envion AG, after he unlawfully secured the majority stake in Envion AG in breach of contractual obligations. The company has been left paralyzed with no word from Woestmann for many months.

Envion AG is a blockchain startup operating out of Berlin which produces cryptocurrency mining containers powered by renewable energy. After an Initial Coin Offering (ICO) that raised $100 million, plans to create mobile blockchain data centers which install on-site at power plants have now been put on hold by an acrimonious legal battle that pits the CEO against the rest of the company.

The founding team, led by Michael Luckow, partnered with the former newsman and energy industry investor Matthias Woestmann under the impression the elder businessman would bring in investors and advisors to the project from his network and could take up administrative responsibilities while the founders focused on the highly technical project. Woestmann instead proved to be a liability with investors and exploited administrative maneuvers to take control of the company without any visible attempt to execute on the business plan.

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MGA reacts to Italian Media

The Malta Gaming Authority would like to draw attention to media articles published by the Investigative Reporting Project Italy (IRPI), La Repubblica and the Times of Malta. The MGA objects to the articles in question which contain factual inaccuracies, speculation, untruths and a misleading portrayal of the Malta Gaming Authority and the way it operates. The latest published articles refer to rehashed stories on which enforcement action has already been taken accordingly by the MGA.

The MGA takes exception to the claim that “Gaming Companies threatened to leave Malta if it failed to clean up the sector”. These claims are completely false and solely intended to tarnish the reputation of the Maltese Jurisdiction.

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ICO, VC and DLT Regulations and Banking

Recently the Malta Financial Services Authority issued a framework for public consultation whereby details of proposed mechanics to offer a legal operation within regulatory boundaries into this space of an unregulated area.

This framework gets into the detail of legal personality, authorizations, smart contracts, DLT (Distributed Ledger Technology – Blockchain) and VC (Virtual Currencies).

Malta as an already established regulator in gaming sector is looking into being the first jurisiction to regulate such an emerging innovation through technology. The main objectives are to protect consumer, stability of the market and integrity of the same market.

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