Dev Protocol Seeks Strategic Utility Token Regulation from Swiss FINMA

Here at Dev Protocol our mission has always been to offer meaningful solutions for any person or organization in need of fundraising. It’s with that spirit that our team has been working so hard behind the scenes on our forthcoming product — Clubs. With Clubs, creators and entrepreneurs can utilize advanced web3 tools to more deeply engage and incentivize their communities, while gaining needed access to an innovative and stable source of project funding.

To provide our Clubs solution to as many people and projects as possible, we believe in developing a seamless connection with the legacy fundraising ecosystem by connecting it to web3 and maintaining diligent engagement with regulators.

In parallel to our development team’s dedicated work to build advanced products, our leadership team has been highly active behind the scenes meeting with lawyers and regulators with the goal of being granted a ‘utility token’ status. We have strategically chosen to achieve compliance through the Swiss regulatory body FINMA (Swiss Financial Market Supervisory Authority), which we believe will open up a myriad of opportunities for Dev Protocol that would otherwise be unavailable.

With the regulatory uncertainty in the world around crypto projects, we believe being utility token certified not only solidifies our project as legitimate but opens up increased potential for future partnerships and ecosystem growth. Having this strategic regulatory compliance status allows our many current and upcoming partners, both large and small, to engage and build with Dev Protocol confidently knowing that both our technology and compliance strategy teams are aggressively looking ahead.

While we cannot comment currently on the status of our application to FINMA, we can say that ultimately some changes will need to be made to the protocol specifically when it comes to tokenomics. We have put a lot of thought into the changes and we believe that the benefits will vastly outweigh any negatives.

Going forward, the Dev Protocol mission remains! To achieve our very lofty targets, we believe that compliance from FINMA is the best way to reach our fullest potential. When the time is right, we will share the changes and update the community on our regulatory status. In the meantime, we continue to build and have very exciting new features and products rolling out, like Clubs! We thank you for your support and for following along on this very exciting journey thus far, we can’t wait to share some very major announcements with our amazing community and partners very soon!

- Learn more about Clubs with a 1-min explainer video: https://youtu.be/WgDAezl1RrQ
- Pre-Register for Clubs now at: https://clubs.devprotocol.xyz/

-Andrew and Mash
Dev Protocol