New international body to regulate cryptocurrency and initial coin offerings

Open-source blockchain platform, Waves Platform, is creating a self-regulatory body that will provide reporting, legal, tax & accounting, KYC (identity verification) and business due diligence standards for ICOs and blockchain industry.

The organisation will be founded as an association, with Switzerland being the most obvious choice for location. It will be open to all crypto market leaders: exchanges, marketing companies, ICO platforms, blockchain platforms, professional services firms and reputable individuals.

Leading market players and advisers – including Deloitte, ICO Governance Foundation and Ethereum –  have stated their support for the association.

“The Waves Platform is taking a leadership role in working with the IGF on ICO disclosure standards” said Miko Matsumura, founder of the ICO Governance Foundation.

“By exhibiting leadership here they are expanding the scope of what it means to be a platform for token creation.”

“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,” said Vladislav Martynov, Ethereum Advisory Board member.

The association will have several major functions and spheres of activity:

  • Creation of reporting guidelines for ICO projects.
  • KYC/AML guidelines for ICO investors.
  • Business due diligence.
  • Legal assessment.

Over the next couple of months, Waves will be registering the association in Switzerland, creating its executive bodies and issuing proposed industry standards. This process is planned to be finished at the beginning of 2018.

Read: Bitcoin’s own valuation measure is meaningless: analyst

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New international body to regulate cryptocurrency and initial coin offerings