Waves Platform is an open-source Blockchain platform, on 11th Dec 2017 announced the creation of a self-regulatory body, an industry-led initiative to control and form the responsible development of for ICO standards and blockchain industry
An announcement was made on 11th Dec 2017 and the focus of this new institution is to give reporting, tax, legal, bookkeeping, KYC, and company due diligence criteria to the token crowd sales and initial coin offerings which have turned into a controversial foundation for blockchain startup financing.
In light of the problematic character of ICOs, the alliance is well known as bringing the blockchain business to the Next level of this professionalization, allowing the platform to supply Several significant functions and spheres of action.
Backed by Deloitte, ICO Governance Foundation and Ethereum, who, amongst others, said their support for the initiative, the institution will serve a much-desired role in aiding the business build for itself through offering these services.
1. Creation of reporting guidelines for ICO projects.
2. KYC/AML guidelines for ICO investors.
3. Business due diligence.
4. Legal assessment.
Some ICOs have currently been fraught with their own issues. Around $300 million worth of these crypto-currencies were stolen by ICO firms in 2017 by hackers, according to Russia-based computer security company Kaspersky Lab.
According to the creator of the ICO Governance Foundation Miko Matsumura: “The Waves Platform is taking a leadership role in working together with IGF on ICO standards criteria. By demonstrating leadership here they’re enlarging the reach of what it means to be a stage for token generation.”
Vladislav Martynov, Ethereum advisory board member, added: “Joint and voluntary initiatives such as self-regulatory body to get nominal earnings are a crucial component in the professionalization of their blockchain market. As custodians of some of the most tumultuous and remarkable technologies ever made, we have to be regarded as boosting its responsible use in addition to building functionality and keeping the safety of the ecosystem.”
Source: http://www.unkrypted.com/crypto-platforms-unite-to-develop-ico-standards/
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies. He is been fascinated by Blockchain technology since the first time he heard about it in 2013