iGaming Industry
Leading Blockchain Law Firm MME Introduces New Legal Framework to Shape the Future of Tokenized Assets
Crypto Valley Association member introduces concept of Blockchain Crypto Property (BCP) to provide classification and risk-assessment of crypto assets
Crypto Valley Association (CVA), the Swiss-based not-for-profit association supporting the development of blockchain and cryptographic related technologies and businesses, today distributed a paper on behalf of MME and Blockhaus, proposing a new method for token classification. Both MME, the leading Swiss consultancy firm for law, tax and compliance in Blockchain applications and Blockhaus, a developer of decentralized investment banking platform applications for tokenized ecosystems, are active members of the CVA. The framework was developed specifically for utilization for regulatory and critical risk-assessment purposes.
The paper, entitled “Conceptual Framework for Legal & Risk Assessment of Blockchain Crypto Property,” introduces the concept of Blockchain Crypto Property or BCP. BCP is defined as digital information that contains all elements of a property right that is registered on a blockchain or in an alternative digital ledger, which can be transferred via protocol, that may carry out additional functions governed by a Smart Control System, following coded or manual input.
“Information on a blockchain is unlike any other previous incarnation of digital information. Blockchain Crypto Property shares many of the characteristics attributed to physical and other tangible properties as we understand them in the law, and yet BCPs are expanded with purely digital characteristics as well. These are groundbreaking concepts that require further examination and novel classification. Our paper examines the legal and risk characteristics of this completely new kind of property. A common understanding of the underlying nature of different kinds of cryptographic tokens would allow policymakers to construct thoughtful and enforceable legal and regulatory frameworks. Moreover, an agreed-upon framework could also provide investors and issuers with standard tools to evaluate, mitigate, and communicate risks in token design and launches,” said Dr. Luka Müller, Partner at MME.
The MME and Blockhaus paper contains a functional approach in defining the three main categories of BCPs: tokens without a counterparty, tokens that have a counterparty, and a completely new asset-class, tokenized co-ownership. The “without counterparty” classification is represented by native currency tokens, infrastructure tokens, and application tokens that do not grant holders any rights and have no underlying assets; tokens like Ethereum and Bitcoin fall into this class. The second classification, or “counterparty class,” refers to tokens which include any form of a relative right, such as the right to receive an asset or financial payment, either against the token generator or a third-party. The final classification, the “co-ownership class,” denotes tokens with smart contracts that are programmed or registered on the blockchain, allowing individuals to participate and co-own a technical platform or a form of intellectual property.
The main purpose of functional categorization is to grant a structured approach for legal, regulatory and tax assessment purposes. In addition, the BCP concept provides tools that will enable interested parties to make clear and well-founded analyses of tokens from legal and risk perspectives, in turn making it easier to identify frauds and uncover potential flaws. Consequently, the ability to categorize assets and assess risks is of huge value not only to regulators but to investors and token issuers.
In addition to the three BCP classes, MME has devised risk cases in order for regulators and potential investors to assess the risks associated with tokenized assets. These fall under four categories: functionality and protocol-related risks, such as network attacks and faults; storage and access of private key-related risks, like hacked wallets and exchanges; market-related and counterparty risks, such as insider trading and liquidity risks; and regulation and money laundering-related risks.
“The issue of the legal and regulatory status of cryptocurrencies is currently the most pressing concern in our community. Crypto Valley Association has called on regulators to devise clear, comprehensive, and flexible regulation on tokenized assets that protects investors but also supports innovation. We believe that MME’s BCP concept is an important contribution to this debate. It can be of immense use to both regulators seeking to understand cryptocurrencies and investors looking to evaluate their risks,” said Oliver Bussmann, President at Crypto Valley Association.
With offices in Zurich and Zug, MME is a leading consultancy firm in law, tax, and compliance. MME advises and represents companies and private clients in commercial, corporate and private business matters. Prominent in the blockchain legal space, MME has assisted many crypto organizations set up in Switzerland.
“We are now entering a new age of the tokenized ecosystem. In order to understand the opportunities associated with tokenized assets, while also recognizing the risks, we require a clear conceptual framework to open the doors of the tokenized economy for mainstream adoption. The BCP concept we are proposing should serve as a method of structured discussion between all participants of the blockchain community,” said Dr. Müller.
Headquartered in the Swiss canton of Zug, Crypto Valley Association is the independent, government-supported association established to take full advantage of Switzerland’s strengths to build the world’s leading blockchain and cryptographic ecosystem, working with government to foster the development of pioneering digital technologies in Switzerland and internationally. To date, four of the five largest token sales recorded have been completed by companies based here in Switzerland, attracting a combined investment in bitcoin and ether of over $600 million USD.
“Conceptual Framework for Legal & Risk Assessment of Blockchain Crypto Property” can be accessed here. The paper was written by, Dr. Luka Müller, Stephan D. Meyer and supported by Christine Gschwend and Peter Henschel.…
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Source: EEGaming.
4Play
Fast Track Enters into Partnership with 4Play
Fast Track, the leading player engagement platform built specifically for the iGaming industry, has partnered with 4Play, a dynamic and innovative gaming operator renowned for its exceptional player experiences in both casino and sports betting.
Launched in 2023, 4Play has rapidly gained recognition in the industry, primarily targeting the burgeoning Brazilian market. With a commitment to delivering unparalleled entertainment, 4Play offers its players a seamless experience in Portuguese, featuring popular gaming verticals such as casino and sports betting.
4Play’s decision to integrate Fast Track CRM comes as part of its strategic initiative to bolster player retention and streamline operations through advanced automation. Fast Track’s robust platform will enable 4Play to automate complex player journeys, ensuring each interaction is personalised and timely.
“We are excited to partner with Fast Track to elevate our player engagement strategies. Their innovative approach to CRM and their commitment to creating individualised player experiences align perfectly with our vision for 4Play. We look forward to leveraging their platform to enhance our player retention and operational efficiency,” Mateus Ihering, Chief Operating Officer of 4Play, said.
Fast Track’s CRM platform, recognised for its real-time data capabilities and comprehensive automation suite, will support 4Play in achieving its business goals. By automating player communications and optimising the registration journey, 4Play aims to significantly increase its number of depositors while maintaining a high level of engagement among its 148,000 monthly active users.
Simon Lidzén, Co-Founder and CEO of Fast Track, said: “We are delighted to welcome 4Play into the Fast Track family. Their innovative spirit and dedication to providing top-tier player experiences make them an ideal partner. Together, we will set new standards in player engagement and retention, ensuring that 4Play continues to thrive in the competitive iGaming landscape.”
Andrés Tamayo
Pragmatic Play Enhances FullReto Partnership with Virtual Sports Addition
Pragmatic Play, a leading content supplier to the iGaming industry, has reinforced its commitment to Latin American expansion by strengthening its existing relationship with Colombian operator FullReto.
The latest agreement will see FullReto offer its players a broad selection of Pragmatic Play’s unique Virtual Sports titles, building on an already extensive offering of over 300 Slots and Live Casino games.
Fantastic League, Greyhound Racing, and the thrilling motor racing-themed Force 1 are among the games now available to FullReto customers as the operator looks to capitalise on the rapidly increasing popularity of Virtual Sports to consolidate its position as a leading platform in Colombia.
The multi-product partnership reaffirms Pragmatic Play’s intentions to expand its offering in the LatAm markets, with FullReto now offering a vast catalogue of Pragmatic’s award-winning games across three verticals.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play is delighted to reinforce its partnership with FullReto by providing its players with access to its renowned Virtual Sports games. The deal not only emphasises Pragmatic Play’s desire to provide Colombian players with an exciting online gaming experience, but also demonstrates the supplier’s dedication to furthering its Latin American expansion.”
Andrés Tamayo, General Manager at FullReto, said: “FullReto’s continued collaboration with Pragmatic Play highlights our main objective of supplying the optimal player experience. The addition of Pragmatic Play’s Virtual Sports offering, on top of its Slots and Live Casino games, will ensure FullReto players have access to hundreds of fan-favourite games across a variety of verticals.”
Alonso Huiman
Pragmatic Play Launches Live Casino Offer at Atlantic City
Pragmatic Play, a leading content supplier to the iGaming industry, has expanded its Live Casino footprint across Peru after going live with major local operator, Atlantic City.
The partnership sees Pragmatic Play’s full Live Casino portfolio integrated with the operator, enabling players in Peru to enjoy market-leading titles such as Blackjack, Roulette, and Baccarat from the supplier’s award-winning portfolio.
This latest agreement showcases Pragmatic Play’s plans for growth in LatAm, exhibiting an array of its verticals across multiple territories in recent months. It is the latest deal signed by Pragmatic Play with a Peruvian operator, following a comprehensive growth strategy in the country.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Atlantic City is one of Peru’s most reputable operators and offers another opportunity to showcase the Pragmatic Play Live Casino portfolio in Peru. With an offering that will deliver exceptional gaming experiences to players, this partnership promises to cement Pragmatic Play’s position at the forefront of the Peruvian iGaming industry.”
Alonso Huiman, Chief of Online Casino at Atlantic City, said: “This landmark agreement with Pragmatic Play is a pivotal moment for us. Its vast selection of table and card games will resonate seamlessly with our player base and we are confident that this will propel our brand to new heights.”
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