The Chamber of Digital Commerce Token Alliance has published a collaborative report of recommended guidelines for “responsible growth” of the cryptocurrency market.
The development was made public in a press release that was released on July 30.
The Chamber of Digital Commerce is a blockchain and cryptocurrency advocacy organization that was established by Perianne Boring back in 2014.
The document, which is called “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners,” is divided into three sections: a regulatory summary of digital token markets in five nations, principles for those dispensing digital tokens that are not planned to be securities, and economic coverage of the “global token landscape.”
Paul Atkins, CEO of Patomak Global Partners and a former commissioner of the U.S. Securities and Exchange Commission (SEC), said in the press release that standards are needed for the smart regulation that “strikes the right balance between protecting investors while allowing for innovation in this new technological frontier,”
“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.”
The Token Alliance is composed of over 350 international members from the blockchain and token space, as well as specialists in subjects that range from economics to law. The press release cited that the alliance’s guidelines will “likely evolve” as the regulatory environment advances, and urges readers to share their opinions on the report through GitHub.
The report finishes by noting that this is the first section of a series for “opening the doors to creative thinking and understanding in the token ecosystem,” and proposes future topics ranging from KYC/AML guidelines to “hybrid tokens” — those that altered form to no longer be considered a security.
In other parts of the world, groups and governments have set up their own sets of guidelines for regulating the cryptocurrency market. Back in April, a Japanese research group founded guidelines for initial coin offering (ICO) regulation, and the Lithuanian government also published their own ICO guidelines just last month.
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