The Crypto Valley Association (CVA), a non-profit association that promotes the development of blockchain technologies, has announced its opinion in f
The Crypto Valley Association (CVA), a non-profit association that promotes the development of blockchain technologies, has announced its opinion in favour of “careful” ICO regulation.
The announcement appeared at the official website of CVA.
“The Crypto Valley Association (CVA) fully supports innovation in the blockchain space. However, rapid development of token launches has come at the expense of the traditional support structures which usually accompany such instruments.”, according to the statement.
“Token launches are largely unregulated, because the exact function and legal and tax status of such tokens is unclear. Investors are often unaware of the true nature of their investment, and the documentation published to accompany token launches often minimizes or ignores the associated risk.”, as the press release added.
As the CVA reportedly noted four of the five highest-grossing ICOS have been launche din Switzerland. They encouraged the Swiss government to take a careful approach to ICO regulation, according to cryptocoinnew`s article.
“The CVA is fully convinced that, in the long-term, token launches are a sound, innovative approach to raising investment capital. Switzerland should support this trend by being the first country to recognise and support these tokens and token launches.”, according to the announcement.
Calls for regulation try to avoid bans like the one that took place in China recently. Critics of regulation warn that rules can be heavy-handed, as cryptocoinnews.com wrote in their publication. For example, the New York`s “BitLicense” has reportedly made crypto start-ups leave the state, while regulations from Washington have ahd similar effect.