Sunday, December 10, 2023

    Ethereum and Waves to setup self-regulation

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    Recent clampdowns on ICOs by a number of nations, China being the most prominent, have been spurred by the need for more regulation. Currently trading in crypto-land can be a bit like going to the casino in the Wild West. There is no safety net and no regulation on ICOs; anyone can start something up. All you need is a flashy website, some smart looking business people in your team, a good concept, and of course a blockchain which is getting easier to create. Then it is just the matter of asking for funding to support it.

    The issue is being tackled by blockchain platform Waves which will be setting up an independent regulatory body. The idea of governments regulating cryptocurrencies goes against the entire ethos of decentralized assets and data so the crypto firms have decided to do it themselves. The new association will provide reporting, legal, tax & accounting, KYC (identity verification), and business due-diligence standards for the ICO and blockchain industry.

    Switzerland was chosen as the base for the association, probably for its ease of doing business with transparency and minimal state interference. All crypto exchanges, blockchain platforms, market leaders, ICOs, marketing companies and crypto businesses will be welcome to participate.

    Support has already been forthcoming from Ethereum and industry-leading audit, consulting, tax, and advisory services firm Deloitte. The ICO Governance Foundation stated that they will be working to coordinate on cross-platform ICO disclosure protocols.

    Vladislav Martynov, Ethereum’s Advisory Board member, had this to say about the association:

    “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,”

    Waves Platform CEO and founder, Alexander Ivanov, added:

    “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. We have also been clear that we want to be a part of that emerging dialogue. We want a seat at the table to be able to shape the future of regulation in the ICO and blockchain space,”

    Swiss based association will be registered by Waves over the next couple of months. The crypto asset is currently trading at an all-time high of over $11.

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