ICO Regulation to Unite Crypto Platforms
A blockchain platform Waves wants to set up independent regulatory body to provide reporting, legal, tax & accounting, KYC (identity verification), and business standards for the blockchain industry and ICOs.
Founding organization is based in Switzerland, which is the most suitable location for an entity based on transparency and regulation. All crypto exchanges and market leaders, blockchain and ICO platforms, marketing companies, professional service firms and reputable investors will have an entrance to this association. Leading market platforms including Ethereum, Deloitte and the ICO Governance Foundation have pledged their support for the association, according to reports. The aim is to coordinate on cross-platform ICO disclosure protocols.
CEO and founder of Waves Platform, Alexander Ivanov, stated:
Regulation is clearly an emerging phenomenon and concern in the crypto space. If certain jurisdictions have not yet announced their intentions, then it’s only a matter of time. Waves has always been clear that regulation – the right kind of regulation – is a good thing for the crypto space.
Ethereum On Board
Ethereum’s Advisory Board member, Vladislav Martynov, had this to say on the initiative:
Joint and voluntary initiatives such as this self-regulatory body for token sales are a critical element in the professionalization of the blockchain industry. As custodians of some of the most remarkable and disruptive technology ever created, we must be seen to be fostering its responsible use as well as building functionality and maintaining the security of the ecosystem.
The association will have some major functions, such as the creation of reporting guidelines for ICO projects, KYC/AML guidelines for ICO investors, business due diligence, and legal assessment.
While the company Waves creates its executive bodies and issuing proposed industry standards, at that time it will make the registration of Swiss-based association over the next couple of months. Now the asset is trading at a three month high of just over $11, over double its November price of $5.