February 2019 Update: Onboarding new Qualified Token Issuers
BetterTokens team is happy to announce the results of the Qualified status applications review for February. Cooperation of Waves and BetterTokens continues to bring more clarity and trust to the community.
During the month of February, BetterTokens team received 13 applications requests for Qualified status. It is worth mentioning that BetterTokens also received several requests for clarifications regarding the procedure and document submission. It shows that the attitude of token issuers changes and projects consider their applications more thoroughly.
Positive review results
The assessment of 11 projects has been finalized and 4 projects out of 11 were awarded Qualified status.
We welcome new members on board: Yachtco (Yachtco), Waves World (WW), BolttCoin (BOLTT) and Waves Reward Token. Those projects will receive logo in Waves client and ticker on DEX, together with Qualified status.
The remaining 7 projects reviewed by BetterTokens were not able to demonstrate the required level of compliance with Tokenization Standards and obtain the Qualified status.
We would like to draw the issuers’ attention to the following reasons for not obtaining the status, which also correspond to the ones mentioned in our previous publication:
- lack of AML/KYC procedures in place during the token sale. We would like to emphasize that the projects conducting ICOs through DEX or other decentralized exchanges should be aware that obligation to conduct AML/KYC remains at the issuers, decentralized exchanges are not liable for projects’ investor identification as there is no central intermediary between the projects and the investors;
- poor quality of the White Papers. In our previous publication we have mentioned the minimum set of information required to be included in the White Papers, however, we would like to add that the White Paper should not be treated just as technical document describing the protocol or specifics of product. We deem it advisable to include information about the issuer, the team, and legal information as well;
- inconsistent information. We noticed that sometimes information on the website (or social media of the projects) contradicts with the content of the White Paper. When asking issuers for additional clarifications we tend to find out new important details regarding the project that were not disclosed to the investors.
We also advise the applicants to be more attentive in respect of the documents requested by BetterTokens.
Several projects are still under the review because of additional documents/clarifications requests. We will inform these projects about the results in our following publications.
Projects under review
We want to kindly remind the projects which have their tokens listed on DEX that in order to maintain current tickers, token issuers will have to go through BetterTokens review process. Projects that have not undergone BetterTokens review process will only be searchable on DEX by their token ID, starting on June 18, 2019.
As was announced previously the Waves team is making this process more accessible for projects by launching Waves Subsidy Programme and lowering the costs for the review for issuers down to 10 WCT. The Subsidy Programme will last until June 15, 2019.
We also want to draw the attention of the applicants that due to the fact that a substantial amount of time is invested from BetterTokens side to ask for additional documentation or clarifications from the project, the timing for the analysis of the application will be now fixed as follows:
- If the project submitted the application before 15th day of any month, the application will be processed during that month;
- If the project submitted the application after 15th day of any month, the application will be processed during the next month.
BetterTokens team is open for your applications and requests.