A group of European industry advocates have published a proposition for a “Self Regulation Charter for European ICOs”. According to the web site, organizers believe that Europe is in need of a manifesto governing Initial Coin Offerings or Initial Token Offerings (ITO) (however you want to call them).
The charter seeks to address:
- The need for Know Your Customer (KYC) and if so, what kind of KYC
- The type of token or token structure and uses. Defining the purpose of the ICO.
- What kind of due diligence must be made before the ICO/ITO
- The minimum structure of any white paper and prospectus?
The group is welcoming new signatories and supporters. As it stands now, the early supporters are:
- Avolta Partners
- Chaineum
- CNCCEF
- Exaegis
- FlipNpik
- Allinvest (Invest-Securities)
- Kramer Levin
- KYC3
- Scalene Partners
This is not the only initiative in process as there are groups in the US, the UK and elsewhere seeking to establish best practices for the ICO sector that professionalize the industry and minimizes attempts of fraud. A recent example is the London Token Manifesto.