A New Self-Regulatory Body Aims to Set Standards for ICOs

Waves Platform is creating a self-regulatory body that will provide reporting, legal, tax & accounting, KYC and business due diligence standards for ICOs and blockchain industry. It will be open to all crypto market leaders: exchanges, marketing companies, ICO platforms, blockchain platforms, professional services firms and reputable individuals.

Alexander Ivanov, CEO and founder of Waves Platform said “Regulation is clearly an emerging phenomenon and concern in the crypto space. 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.” 

The founding self-regulatory body will be working with the ICO Governance Foundation (IGF) and other professional foundations to coordinate on cross-platform ICO disclosure protocols.

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."

The association will be registered and operational in Switzerland by the start of next year.