Reaching the Hard Cap level ($ 2.8 million) in pre-sale is another milestone of the GamerHash project and an important stage for the launch of the GamerCoin (GHX) token. However, the successful start of a new coin depends not only on the funds collected, but also on the legal and regulatory requirements that the company had to meet. Many projects that started in 2017 did not enter the market because they failed to meet the requirements of lawmakers.
Luckily, this issue doesn’t affect the GamerHash project or the GamerCoin token. A few days ago, the project’s whitepaper was approved by the MFSA, the Maltese equivalent of the Polish KNF. This opens the door to the introduction of the GHX token on global cryptocurrency exchanges. It is worth noting that several dozen entities applied for a license, and only a few were granted it – including GamerHash.
Why is whitepaper registration important?
First of all, because of the trust. The blockchain area is full of suspicious projects registered in off-shore zones that are beyond the control of regulators. GamerHash chose a different path – one that ensures greater transparency and, at the same time, security for investors. The GH platform is where many of the 550,000 users learn about bitcoin and cryptocurrencies for the first time. For the company it is both a huge success and a commitment. In order to educate the community, it is necessary to focus on full credibility and transparency.
That is why the team devoted many months of work and engaged 3 law firms to prove that it operates in accordance with the law, taking care of the interests of users and investors. The efforts paid off. The company has become part of an international financial center, called “Blockchain Island” – we are talking about Malta, of course.
Is there really anything to celebrate?
If you have been operating in the blockchain industry for at least a few months, you may wonder if it is really so difficult to register a whitepaper with MFSA. Malta is often referred to as “Blockchain Island”. So it might seem that meeting the requirements of Maltese law should not be a problem for companies operating in the field of cryptocurrencies. Unfortunately, the practice shows something else – the Malta Financial Services Authority takes the security and transparency of the financial system very seriously and few companies actually manage to get through this process. The GamerHash team has done the job and is currently the first company to simultaneously register its whitepaper with MFSA and introduce its token to the cryptocurrency exchanges with the best reputation.
What does Whitepaper registration mean?
First of all, it means that the GHX tokens will soon be issued and will go to the first buyers. The next steps will be related to the listing of GHX on cryptocurrency exchanges awaited by many investors.
Secondly, thanks to the approval of the whiteper by MFSA, we can be sure that the company has successfully passed the technical audit, security audit and met all the strict requirements in this process. The regulators also thoroughly verified the members of the GamerHash team to see if they have the appropriate competences to achieve the project assumptions.
One of the main reasons the GamerHash team has been trying to register a whitepaper is investor protection. History has shown that many issuers have failed due to poor planning and lack of safeguards against market abuse. Malta is the first country in the EU to provide regular oversight of entities like GamerHash to ensure the integrity of the token and the markets it is listed on.
There is no other jurisdiction that can provide the level of protection and supervision that Malta offers. The whole process is not simple, but it ensures safety for our investors – said Artur Pszczółkowski, CMO.
Not only the team was carefully checked. Whitepaper GamerHash went through a similar process. Supervision authorities checked the document in terms of operational, functional, legal, AML and many others. The aim was to check whether the whitepaper meets the requirements of Maltese law. Recently, the European Commission presented a proposal to regulate digital asset markets. The Maltese guidelines are now sufficient to meet many of the obligations arising from the new regulations.
The Maltese supervisory authorities not only check that everything is properly made on paper. An important part of the whitepaper registration is the systematic verification of the progress of works planned in the project roadmap. Therefore, the VFA agent is required to check that the promises made in the roadmap are kept. He also controls the company’s subsequent activities related to adapting to top-down requirements.
Technical side of whitepaper registration
The implementation of all requirements is also related to the audit of the GHX smart contract. This type of audit ensures that any security holes have been eliminated. The length of the document says a lot about the detail of the verification – 216 pages, in which aspects such as:
- Process integrity;
- Personal data protection
Smart Contact GamerCoina (GHX) has passed this audit and has been found safe. In addition to the blockchain, a copy of the smart contract will also be stored on the servers of Maltese regulators.
“We hope that the information we presented in this article actually shows how seriously the GamerHash team is taking the development of the platform, the GHX token, and subsequent activities aimed at revolutionizing the gaming industry and the NFT area. Thanks to everyone who contributed to this success, especially our team in Malta. The next steps are just around the corner so keep an eye out for the updates and our first listing on the stock exchange. ” – says CEO, Patryk Pusch.