May 2019 Update: Onboarding new Qualified Token Issuers

BetterTokens is thrilled to announce the results of the review of the applications for April and May. We are happy that our cooperation with Waves continues to enhance the level of quality standards on the market.

We are also happy to announce that the Waves team has extended the Subsidy Programme released on 25 of December, 2018. Waves team will continue to subsidise projects that are able to provide all the necessary documents requested at https://bettertokens.org/application-progress.html. If your project meets the requirements of the Tokenization Standards Association, Waves will continue to pay the 1,000 WAVES fee.

For the new subsidy period (from June 15 — December 15, 2019) the new cost for the issuers will be fixed at 100 WCT, regardless of whether your project got verified or not.

Results

During this month, BetterTokens team received 12 applications requests for Qualified status.

Positive review results

The assessment of 7 projects has been finalized and 4 projects out of 7 were awarded Qualified status.

We welcome a new member on board: Tokes, Mytracknet, RewardMob, and Simdaq. Tokens of mentioned issuers will receive the logo in Waves client and ticker on DEX.

We also continue the review of 5 projects as additional clarifications/documents are required.

Negative results

The remaining 3 projects reviewed by our team were not able to meet the requirements set our in Tokenization Standards and obtain the Qualified status.

In order to avoid negative results we recommend all of the applicants to make themselves aware with our previous recommendations: Tokensale 101: The Most Essential Do’s and Don’ts for Your Business and March / April 2019 Update: Onboarding new Qualified Token Issuers (BetterTokens Application Guide part).

We also would like to highlight the main areas where those projects faced difficulties in order to pass the review:

• AML/KYC: this requirement applies to all types of token sale procedures including but not limited to private and public sales through the website of the issuer, initial exchange offerings (except offerings conducted through centralized exchanges with AML/KYC procedures in place);
• Content of the White Papers: the most important part of the White Paper is the characteristics of the issued token and business plan of the project, we saw lots of White Papers without a clear description of the rights attached to the token and how the issuer is going to operate;
• Consistency of the information: in a number of cases we indicated misleading information on the websites / social media accounts of the issuers or in the Token Sale Agreements, for example, the different legal name of the issuer, different characteristics of the token, etc.

We also would like to inform applicants that if they did not get a response from our side regarding the application for 48 hours it means that we having trouble with the delivery of our email. Please check the spam mailbox or try to contact by sending the email to sec@bettertokens.org through different mail addresses.