The Waves Platform has announced in a press release that the proposed regulatory body will be set up in Switzerland. The body will, they say, stand ready to serve all crypto exchanges, block chain and ICO platforms, marketing companies, reputed investors, and service firms.
Organizations such as Ethereum Foundation, Deloitte, and ICO Governance Foundation have already pledged their support for the proposed regulatory body. These organizations will also coordinate with each other on cross-platform ICO disclosure protocols.
They plan to complete the registration of the regulatory body in the next couple of months. The executive body for the organization and industry standards will also be created in a similar timeframe
The CEO and founder of Waves Platform Alexander Ivanov stated that his company believes that the right kind of regulation is a good thing for the crypto currency market. The association plans to create ICO reporting guidelines, KYC/AML guidelines for investors, legal assessment, and business due diligence.
Vladislav Martynov, Ethereum’s Advisory Board Member is of the opinion that such a regulatory body is quite critical to turn the block chain industry professional. He further stated it is the responsibility of the leaders of this disruptive technology to ensure the industry functions in a transparent manner, while providing necessary security to the investors.