Wanchain Joins the Token Alliance in Collaboration with the Chamber of Digital Commerce and its Members
Wanchain is proud to be working with the Token Alliance, an initiative of the Chamber of Digital Commerce representing more than 350 blockchain and token experts from around the globe, to develop a comprehensive set of guidelines to help shape the responsible growth of the token marketplace. The collaborative report made public today is designed to be used as a resource among industry innovators, consumers, and policymakers that addresses so-called “utility tokens” an aspect of the token economy fighting to be recognized.
Specifically, the project features three parts:
• Regulatory Overview: A study and deeper understanding of the regulatory environment and securities law as it relates to tokens in the United States, Canada, Australia, the United Kingdom, and Gibraltar.
• Principles and Guidelines for Utility Tokens: Industry developed principles for token sponsors and trading platforms to promote sound business practices and minimize unintentional regulatory risk.
• Token Economic Landscape: An in-depth look into the growth and evolution of the global token landscape.
Digital tokens have attracted billions of dollars to the blockchain, creating unprecedented economic impact and opportunities. However, there is much ambiguity around the regulatory frameworks in which digital tokens operate leading to fear, uncertainty and doubt and pushing innovation overseas. For blockchain technology to achieve its true potential, it is important to have regulatory clarity. Wanchain’s participation in the Token Alliance represents our commitment to help shape the industry’s direction alongside the members, in hopes develop an atmosphere which promotes innovation while respecting the compliance procedures of the governing agencies working hard to provide clarity in how tokens will be regulated.
We’re fully behind the comments of Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner who stated: “These industry-developed principles are an important tool for responsible growth and smart regulation that strikes the right balance between protecting investors while allowing for innovation in this new technological frontier,” said “We think it is important to explain the unique attributes of blockchain-based digital assets, which are not all strictly investment based, and provide guidance to consumers, regulators and the industry.”
Built on an open-source foundation, the Token Alliance guidelines are based on the current regulatory state of affairs, and will likely evolve over time. This is just a first step — we anticipate additions to the Guidelines to address other important aspects of the token economy. All those dedicated to supporting and growing this thriving community, are invited to join the conversation and provide feedback to this white paper on GitHub.
Perianne Boring, Founder and President of the Chamber of Digital Commerce stated: “We applaud our members who have worked together to form this critical stepping stone on responsible oversight and governance for the token economy,” said “It is a strong step towards self governance and a powerful tool to help builders and investors create a responsible and successful industry.”
We at Wanchain are humbled to be a part of this meaningful industry alliance, and look forward to contributing to our collective goal of moving the industry forward.
To download the report visit: https://digitalchamber.org/download/7153/