Wallfair is an innovative democratic scalable prediction market, heavily incentivized to emphasize the social and entertainment aspects of event creation while ensuring successful mass-market adoption. We believe that platform users will only be able to enjoy the events and atmosphere we’re trying to create if we, and both event creators and users, can rely on the transparency and legality of our entire operations.
It is therefore paramount to obtain the required legal and regulatory approvals from the jurisdictions Wallfair operates in and to qualify as a licensed betting platform even though blockchain-based private bets may not be something the global legislators are closely familiar with.
We are therefore convinced that a confirmation of the legality of the platform by a legislator would not just add security to our business model but also convince the users and investors of the underlying legitimate and regulatory approved nature of our practices.
The process requires patience and a strong understanding of licensing requirements as well as profound legal expertise.
Fast progress by Wallfair’s Legal Team
We have chosen the island of Alderney (part of the Channel Islands) as the base of operations for Wallfair. After careful consideration, Alderney’s well-established reputation as a gambling hub (currently generating $ 65 million in revenue yearly) and a blockchain-friendly legal environment have played a key role in the selection process. Our legal department is in constant communication with the Alderney Gambling Control Commission that will conduct detailed due diligence of the Wallfair platform before making a reasonable decision on the license provision. We expect final approval by the end of August 2021 — the license is crucial for the legality of Wallfair’s operations in and outside of the EU.
In parallel, we’re liaising with Regierung Oberpfalz to ensure the approval of Wallfair’s business model and best practices in accordance with Germany’s new regulation on betting (Glücksspielstaatsvertrag).
A gambling license is the key element of any betting platform; it is a legally binding certificate issued by the main regulatory body in a jurisdiction allowing a platform to offer sports and entertainment events.
The applying party must display several key requirements to obtain a gambling license before they are considered for acceptance. These include:
- Displaying standards of strong moral vigor such as honesty and integrity.
- Disclosing all financial and personnel information relating to the company.
- Providing any possible criminal information pertaining to employees of the organization.
These rigorous criteria have to be met before any licensing process is successfully completed.
About Wallfair
Wallfair is a democratic prediction market platform built on Polygon with plans for additional chain support and designed with usability, entertainment, and mass-market adoption at its heart. Led by industry specialists, Wallfair plans to revolutionize the prediction market industry, by introducing a compelling modern solution that attracts everyone, mobile-first of its kind.
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