Waves, IGF, ‎Ethereum and Deloitte Form Alliance to Regulate ICO ‎Industry

Some ICOs have been fraught with their own problems.

Waves Platform, an open-source blockchain platform, announced today the formation of a ‎self-regulatory body, an industry-led initiative to regulate and shape the responsible growth ‎of for ICOs and blockchain industry‏.‏

Announced today, the focus of the new association is to provide reporting, legal, tax, ‎accounting, KYC and business due diligence standards to the token crowdsales and initial coin ‎offerings that have become a controversial cornerstone for blockchain startup funding.‎

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In light of the problematic nature of ICOs, ‎the alliance ‏is touted as bringing the blockchain industry‏ ‏to the next level of the ‎professionalisation, enabling the platform to provide several major functions and spheres of activity.

Backed by Deloitte, ICO ‎Governance Foundation and Ethereum, who, among others, stated their support for the ‎initiative‏, the association ‎will serve a much-‎needed role in helping the industry establish for itself through offering the following services

‏•‏          Creation of reporting guidelines for ICO projects‏.‏

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‏•‏          KYC/AML guidelines for ICO investors‏. ‏

‏•‏          Business due diligence‏. ‏

‎•‎          Legal assessment..‎

Some ICOs have recently been fraught with their own problems. Approximately $300 million worth of ‎the cryptocurrencies were stolen from ICO companies in in 2017 by hackers, according to Russia-based computer security firm Kaspersky Lab.

According to Miko Matsumura, founder of the ICO Governance Foundation: ‎“The Waves Platform is taking a leadership role in working with the IGF on ICO disclosure ‎standards. By exhibiting ‎leadership here they are expanding the scope of what it means to be a platform for token ‎creation.”‎

Vladislav Martynov, Ethereum advisory board member, added: “Joint and voluntary initiatives such as this self-regulatory body for token sales are a critical ‎element in the professionalisation 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.”

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