Waves which has been established as a token generation together with a blockchain application platform just announced its signed agreement with Tokenization Standards Association, TSA.
They have gotten into a written cooperation agreement with the TSA, a company that has been operating under the brand name BetterTokens, which is a non-profit organization that has been founded by the Waves and other companies in early 2018.
Within the ecosystem of the Waves platform, the BetterTokens has been registered within the canton of Zug, in Switzerland.
The aim for the company is to create the needed standards that can be used by Waves blockchain based token issuance company together with the crypto industry.
The Aim for BetterTokens
The primary task for the BetterTokens is to ensure it carefully assess the tokenized projects under the set clear guidelines, as the company being part of the broader ecosystem of the company. For a token issuer, they will be able to apply for the status of the Qualified Token Issuer easily.
The information that’s been gathered on the different token issuers is immediately recorded onto the Waves Blockchain platform as a Data Transaction; this is to ensure for its reliability and the immutability.
With the Qualified Token Issuer, status guarantees you the membership within the BetterTokens platform, you also have a verified status on the Waves platform, a logo, a ticker and a priority search listing that is made available on the Waves DEX.
The projects that have already been identified with the ticker within the Waves DEX will have the opportunity of taking advantage of the six-month grace period, which begins on the day that this announcement was made. To ensure that they are able to maintain their current ticker, then there is a review process done by BetterTokens that they will have to go through.
The projects that are yet to undergo the BetterTokens Review process are only searchable on the DEX platform with the use of their token ID. Just as an example of how the new status will get displayed on the platform, the BetterTokens has already preselected around four tokens that are already listed on the DEX. Tokens that had already presented the needed information for the review to be carried out, these are MRT, PBT, WAVES and WCT.
The mentioned tokens were awarded the Qualified Token Issuer status; thus, each of them will not need to go through the application process.
The Other Areas of Activity Included in the BetterTokens
- They are responsible for setting up the tokenization standards. Thus, the platform will develop the due diligence standards for the different companies and the individuals who are involved in the process of tokenization of assets together with ensuring there are proper investor protection and compliance with the applicable regulations.
- They are also responsible with outsourcing the review of tokens. The company will go ahead and cooperate with the decentralized and centralized exchanges which would be willing to outsource the assessment of the digital assets that are applying for the listing to be a qualified third party.
- They will also be engaging the financial regulators within the industry. They will run workgroup that will be dedicated with discussing the projects, latest trends and the new initiatives that are within the blockchain industry with the various regulators who are across the globe, this is including Malta, Japan, United States, Slovenia, Switzerland, Luxemburg and different other nations.