https://www.um.edu.mt/library/oar/handle/123456789/71054 Thu, 30 Apr 2026 17:38:36 GMT 2026-04-30T17:38:36Z https://www.um.edu.mt/library/oar/handle/123456789/145973 Title: NFT business models : a legal analysis Abstract: Whilst the NFT industry has been experiencing an accelerated growth over the last few years, the industry is still lacking concrete legal definitions and legal certainty on where NFTs fit within existing legal regimes. This has led to an increasing confusion on what contractual relationships are forged when NFTs are minted, sold and traded on the secondary market. A main legal uncertainty stems from the industry’s lack of clarity as to whether NFTs fall within the legal regime of property ownership or intellectual property licensing. This study will therefore delve into relevant legal areas, including property law, contract law, and copyright law, to come to a conclusion as to which legal regime applies to NFTs having digital art as their underlying asset, and this from a Maltese law point of view with consideration for the relevant European legislation. For the purpose of answering this question, this study will be undertaken as desk-based research during which international, European, and Maltese legislation will be analysed together with the terms of use of five different NFT projects and platforms in order to be able to ground the legal concepts within current existing NFT business models. Landmark cases as well as select published works will be referred to throughout the legal analysis undertaken. The study has determined that NFTs issued and traded in terms of the business models analysed are not to be classified as property in terms of Maltese law, but rather they fall within the scope of intellectual property licensing contracts, with the token itself being a proof of the licensed rights held by the NFT holder in relation to the underlying content. Description: M.Sc.(Melit.) Sun, 01 Jan 2023 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/145973 2023-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132494 Title: A conceptual design and costing of a blockchain-based system for fuel purchasing in the airline industry Abstract: The use of Blockchain has been on the rise in the last few years and is expected to continue to increase. Traditionally the aviation industry lags in the adoption of new technologies. In the case of Blockchain, airlines have been hesitant to adopt this technology due to the high costs involved. This study develops the concept and investigates the cost of a Blockchain-based system that would be used to aid in the purchasing and verification of fuel for commercial airlines around the world. The creation and use of such a system aims to improve the purchasing experience, increase transparency and efficiency, and minimize the risks associated with fuel purchasing. In the current system, as can be seen from the research below, airlines pay more than the fuel market price as they adopt hedging strategies. This offers them protection from fuel price movements, allowing them to plan. The known cost of the flight allows them to set the minimum cost for the flight tickets. Their ability to hedge fuel at the right price is reflected in the customer ticket price and may play a significant role in their competitiveness. However, this system of fuel hedging offers its challenges and downsides too. In the study, the fuel costs from four (4) airlines are investigated, in order to establish the impact of fuel hedging costs when compared to fuel purchasing using the market price. This thesis then proposes an alternative Blockchain-based system that gives the airlines freedom to purchase fuel tokens which then can be exchanged for a certain amount of fuel. This digitizes the process and therefore makes it more efficient. The thesis presents a full cost analysis of such a system and the outcome shows that having a Blockchain-based fuel purchasing system, will reap benefits going forward due to less friction within the whole system and more automation resulting in fewer costs, even though there are higher costs to be paid in the beginning. Description: M.Sc.(Melit.) Wed, 01 Jan 2025 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/132494 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132493 Title: Optimizing portfolio diversification in the cryptocurrency era : a study of American and European markets Abstract: Cryptocurrencies are gaining traction among investors, but their integration into traditional portfolios remains underexplored, especially across different geographic markets. Classical portfolio optimisation models make rigid assumptions about return distributions, market efficiency and investor rationality. This dissertation conducts a comparative analysis between American and European stock portfolios to examine if cryptocurrencies can improve returns and diversification. The study utilises naive diversification and Markowitz's modern portfolio theory to analyse the S&P 500 and the Euro Stoxx 50 indexes’ largest holdings with the top 5 cryptocurrencies by market capitalisation. The empirical findings reveal noticeable differences in how US and European markets respond to cryptocurrencies. Metrics like returns, volatility and Sharpe ratios substantially improve for European markets including cryptocurrencies, although aggressive optimisation overweights cryptocurrencies, increasing concentration risks. American markets demonstrate more conservative improvements, reflecting the inherent quality within US equities providing a strong foundation. Individual US tech stocks generate the highest standalone returns, although Bitcoin and Ethereum offer unrealized growth potential. The results contradict assumptions about international convergence in asset efficiency. Regional discrepancies can inform tailored geo asset allocations policies leveraging local dynamics. As the cryptocurrency ecosystem evolves, continual reevaluation of correlations, volatility and regulations remains imperative. This dissertation provides practical insights but has limitations including restricted samples, simplified trading assumptions and dependence on stringent modern portfolio theory conditions. Further research using multifaceted perspectives is warranted as innovation disrupts concepts of risk and return in global finance. Description: M.Sc.(Melit.) Mon, 01 Jan 2024 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/132493 2024-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/132492 Title: Ensuring fairness and integrity in the crypto asset market : exploring MiCA’s approach to market abuse Abstract: This thesis examines the adequacy of the Markets in Crypto Assets (MiCA) regulation in countering market abuse within the crypto asset sector, amidst its rapid growth and the unique challenges it presents. It scrutinizes the extent to which MiCA's market abuse provisions can effectively safeguard market integrity and investor confidence against the backdrop of decentralized technologies, high volatility, and emerging forms of market manipulation unique to the crypto world. Through a detailed analysis of MiCA's regulatory framework, the study aims to assess whether MiCA strikes an appropriate balance between fostering innovation and ensuring market fairness and transparency. The research methodology employs a black-letter approach, analyzing legal texts and existing literature to evaluate the regulation's potential impact on preventing market abuse in the crypto space. The thesis also explores traditional and novel forms of market manipulation, such as wash trading, pump and dump schemes, and the implications of decentralized trading platforms on regulatory oversight. It concludes with a reflection on the effectiveness of MiCA's provisions and proposes areas for future research, particularly in adapting regulatory mechanisms to keep pace with technological advancements and emerging market abuse tactics in the digital asset landscape. Description: M.Sc.(Melit.) Mon, 01 Jan 2024 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/132492 2024-01-01T00:00:00Z