Waves, the token generation and blockchain application platform today announced it has signed a cooperation agreement with the Tokenization Standards Association (TSA), which operates under the brand name BetterTokens, a non-profit organization founded by Waves and others in early 2018.
Part of the Waves ecosystem, BetterTokens is registered in the canton of Zug, Switzerland and is aimed at creating standards for Waves blockchain based token issuance and the wider crypto industry.
As part of the broader Waves ecosystem, BetterTokens’ main task will be the careful assessment of tokenization projects under clear guidelines. Any token issuer will be able to apply for the status of Qualified Token Issuer.
Information gathered about token issuers will be recorded on the Waves blockchain as a DataTransaction, which will ensure its immutability and reliability. Qualified Token Issuer status will guarantee membership in BetterTokens, verified token status on Waves, a ticker, logo and priority search listing on Waves DEX.
Projects that are already identified with a ticker on Waves DEX will be able to take advantage of a six-month grace period, beginning on the date of this announcement. To maintain their current tickers, they will have to go through BetterTokens’ review process in this period.
Projects that have not undergone BetterTokens’ review process will only be searchable on DEX by their token ID.
As an example of how the new status will be displayed on Waves Client, BetterTokens has pre-selected four tokens listed on DEX for which the information required for review was already available — namely WAVES, MRT, WCT, and PBT. Those tokens were awarded Qualified Token Issuer status and will not have to go through the application process.
BetterTokens’ other areas of activity include:
- Setting up tokenization standards. BetterTokens will develop due diligence standards for companies and individuals involved in the tokenization of assets, ensuring proper investor protection and compliance with applicable regulations.
- Outsourcing review of tokens. BetterTokens will cooperate with centralized and decentralized exchanges who are willing to outsource the assessment of digital assets applying for listing to a qualified third party.
- Engaging financial regulators. BetterTokens will run a workgroup dedicated to discussing trends, projects and new initiatives in the blockchain industry with regulators worldwide, including Japan, the United States, Switzerland, Malta, Luxembourg, Slovenia, and other nations.