Peer Mountain Commits to ICO Charter for Self Regulation

ICOs and ITOs, as a new species of financial tool, have elicited hugely varied responses from regulatory authorities since they first appeared last year. This is understandable: regulators have a duty to ensure financial markets operate honestly and investors have the tools they need to make good decisions. But while the crypto world is certain to experience growing pains as it matures and becomes more familiar to the world at large, blockchain and the ICO are here to stay.

It therefore stands to reason that regulators, investors, and founders themselves should begin to establish an agreed framework for the issuance of ICOs (Initial Coin Offerings) and ITOs (Initial Token Offerings). This allows the continued rapid growth of the space while safeguarding investors and keeping bad actors out of the marketplace. Peer Mountain supports these developments, as trust, transparency, and individual agency constitute the core of our reason for being.

That is why Peer Mountain pledges to adhere to the guidelines set forth in the ICO Charter. The agreements was promulgated this week as we plan our own ICO this year to create a circular economy of trust where individuals own their identity and interact with companies safely and efficiently. The charter is the first accord regulating the issuance of ICOs and ITOs in the European Union and represents a colossal step toward realizing the full potential of coin and token offerings. It sets out a framework that will provide investors with the most fulsome information possible while weeding out, through its detailed requirements, any specious or fraudulent operations attempting to issue tokens.

The Charter lays out concrete guidelines for businesses launching ICOs and ITOs in Europe. These guidelines include providing exhaustive information on the business, including a full white paper, financials, team details, and information on the token or coin being offered. Additionally, it mandates an independent legal review of the offering, token, and issuer, as well as third-party checks of individuals involved in the offering. It standardizes the format of the white paper as well as the process for launching and executing the offering and requires an independent audit of the risk posed to investors. Lastly, it requires businesses to publicly post the results of the ICO and current trading status, and implements regular reporting requirements thereafter.

Founding signatories of the charter include Chaineum, Scalene Partners, Kramer Levin, Exaegis, Avolta Partners and KYC3. The latter company was founded by Peer Mountain Founder and CEO Jed Grant. Jed is also a member of the ICO Council for Self-Regulation, a group of approximately 50 blockchain and crypto executives and thought leaders dedicated to fulfilling the technology’s potential. Jed’s involvement in these organizations, and their convergence around standardisation of ICO procedures, should serve to offer some insight into the level of experience, involvement, and dedication to the technology that our founding team brings.

The launch of the ICO Charter sets down, for the first time, standard rules for coin or token issuances in Europe. In our view, these are necessary and positive developments as the crypto space continues its rapid growth. Peer Mountain’s core mission is the enhancement of trust, transparency and the protection of the individual. We believe blockchain is the right technological solution, at the right time, and charters like this confirm and advance our beliefs and goals. Our entire team is fully committed to using these powerful tools to give individuals ownership of their identities and to keep moving toward a world of trust, transparency, and security.

The press release announcing the launch of the Charter (in French) can be found here.

To find out more about Peer Mountain and to keep updated join them on:

Telegram at Peer Mountain

Twitter at Peer Mountain

Facebook at Peer Mountain

For more information about the regulation charter for European ICO’s see: https://icocharter.org/