Blockchain platform Waves is launching a self-regulatory body to set standards for initial coin offerings (ICOs) and the blockchain industry.
Announced in a blog post , the association will see participation from entities including Deloitte CIS, the ICO Governance Foundation and the Ethereum Competencies Centre, and aims to set legal, tax and accounting, KYC and business due-diligence standards for the industry.
Waves Platform, with the support of ICO Governance Foundation and Deloitte CIS, is founding a new self-regulatory body to set standards for ICOs. Very big step in pushing blockchain industry forward: https://t.co/4XkCkhcbah#WavesPlatform #Blockchain #ICO #Deloitte #IGF pic.twitter.com/uOujaFCQdA
— wavesplatform (@wavesplatform) 11 December 2017
“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,” says Alexander Ivanov, CEO and founder of Waves Platform.
Based in Switzerland, the body will be open to ICO platforms, exchanges, blockchain platforms and professional services companies, among others.
The association will be blockchain-agnostic and will work with the ICO Governance Foundation to provide guidance on best practices for projects launching token sales, the release states.
Artem Tolkachev, Deloitte CIS blockchain practice leader, said:
“In my opinion, tokenisation of the economy and cryptocurrency fund raising are some of this year’s key trends and will remain so for several years to come … We fully support the goals of the proposed organization and believe this infrastructure is vital at this stage of the ICO market development.”
Waves indicated that the association will be registered and operational in Switzerland by the start of next year.
Earlier this year, Waves established strategic partnerships with Deloitte CIS and Russian Gazprombank.