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.
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.”