Blockchain platform Waves has announced an initiative to create an opt-in, self-regulatory body for ICOs and the blockchain industry. The organisation will provide reporting, legal, tax and accounting solutions along with KYC and due diligence mechanisms for the industry.
The announcement was well timed, coming on the same day that the SEC made some of its strongest statements on the ICO industry to date.
The initiative already has the support of Deloitte CIS, the ICO Governance Foundation and Ethereum Competencies Centre. The body will take the form of an association and will be headquartered in Switzerland.
“Regulation good for crypto space”
Waves Platform CEO, Alexander Ivanov said “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. “
A post on the Waves Platform blog stated that membership will be open to exchanges, marketing companies, ICO platforms, blockchain platforms, professional services firms and reputable individuals.
The organisation will provide best practices for token sales across all platforms and will adopt a neutral stance with respect to blockchain networks.
The Waves platform is itself open source blockchain platform that allows users to create, transfer and exchange blockchain tokens. Transaction fees are paid using the native WAVES token.
The announcement comes on the back of a series of similar announcements in the regulatory space from both statutory and non-statutory organisations.
On Monday, the SEC’s chairman issued a detailed statement outlining, amongst other things, that ICOs falling under its jurisdiction can expect to come under traditional securities law.
The statement was issued on the same day of the first known European-wide initiative on addressing issues raised by the new blockchain phenomenon, organised by the EU40 group.