Formation of Foundation Council of Global ICO Transparency Alliance (GITA)
To Promote Legitimate ICO Development
Seoul, Korea 19 July 2018 —The Global ICO Transparency Alliance(the “GITA” or the “Alliance”) is pleased to announce the formation of its Foundation Council (the “Council”) and introduce its Supernodes today. The purpose of the Council is to establish the high-level organization structure of GITA, and the Council is tasked with the maintaining and developing the guidelines and principles of a uniquely developed transparency platform for information disclosure based on self-reporting and self-governance (“Transparency Platform”), which is at the core of GITA. The Council members are composed of individuals recognized as industry leaders in eight jurisdictions, including Hong Kong, Japan, Korea, Netherlands, Singapore, Switzerland, Taiwan and Vietnam.
GITA is a member-based non-profit and non-governmental alliance formed by a group of concerned individuals and professionals from the global blockchain community dedicated to promoting a self-regulatory and sustainable ecosystem in the industry. It has been noted by the Alliance that the emerging problems of recent ICO projects include a significant disparity in the information held by the issuers and investors, a lack of standard guidelines for legitimate ICO, an absence of a reputable party to monitor and guide the market, as well as inadequate regulations and lengthy legislative process.
To accomplish its mission and tackle the aforementioned problems, GITA will define an industry standard for minimum self-disclosures for pre-ICO and post-ICO, establish a mechanism for public supervision, communicate with the industry and global organizations periodically, as well as update and maintain the Transparency Platform. The Transparency Platform is built to help solve two major problems, i.e., unfair practices and uncertain legal landscape, facing the ICO industry. The Transparency Platform also serves as a community forum for knowledge sharing and industry improvement, driving global adoption of fundraising campaigns on blockchain.
GITA Foundation Council is initiated by Ms. Jaclyn Tsai, Former Minister without Portfolio from Taiwan, Mr. Keiichi Hida, Executive Director of Japan Blockchain Association, Mr. Tony Tong, Co-Chairman of Hong Kong Blockchain Association, Ms. Alice Chen, ACCESS (Singapore Cryptocurrency and Blockchain Industry Association), Mr. Nakhoon Choi, Director of Korea Blockchain Association, Ms. Cecilia Mueller Chen, Head of Code of Conduct of Crypto Valley Association, Dr. David Nguyen, Chairman of Regulus Investment and Capital Holdings and Mr. Mikhail Mironov, Head of Partnerships of ICORating.
The Supernodes of GITA act as community leaders and organizers. Supernodes create their own communities, namely the Nodes and members, and are encouraged to involve their Nodes and members in contributing to the availability of information on the Transparency Platform about local rules and regulations, research material about the industry trends and technology and any other relevant information. Representatives from Taiwan Fintech Association, Thai Blockchain Association, Korea Blockchain Association, ICORating and Regulus Investment and Capital Holdings have signed a written commitment during a closed-door meeting in Seoul to become GITA Supernodes, and together with Hong Kong Blockchain Association, the number of Supernode member has increased to six.
About Global ICO Transparency Alliance (“GITA”)
GITA or Global ICO Transparency Alliance is a global network organization based on principles of self-governance, transparency, and democracy. It was first initiated by a group of industry experts on May 6, 2018 in Hong Kong to support the nascent ICO industry, protect investors and help entrepreneurs raising funds via token sales succeed in their efforts of value creation. All founding members agreed to collaborate on 1) promoting responsible use of blockchain technology and distributed ledger; 2) establishing and promoting a self-regulatory mechanism for ICO; 3) creating a healthy ICO ecosystem; 4) enhancing market discipline; and 5) meeting regularly to pursue the objectives of the GITA.
Based on the principles of blockchain, GITA is decentralized and consists of the Founding Council, Supernodes, Nodes, and Steering Committees. GITA unites local and international blockchain associations, crypto investors, independent rating agencies, exchanges, media, members from the academia and other industry players.
For media enquiries, please contact:
Global ICO Transparency Alliance — Secretariat Office
Contact Person : Mikhail Mironov
Email : email@example.com
Website : https://gita.foundation