Guiyang Release ICO Regulatory Sandbox Consensus
25 July, Guiyang– 300 participants from government, enterprise, research institutes gather in Guiyang for the first ICO Regulatory conference.The theme of the ICO meeting is “”prevention and control of financial risk, serving real economy “. The conference is hosted by the Blockchain Financial Association, Guiyang Blockchain Innovation Research Institute and Zhongguancun Blockchain Industry Alliance. The Guiyang ICO Consensus was released after the meeting.
ICO Regulatory Sandbox Conference in Guiyang. Credit:people.com.cn
Consensus states that Guiyang focus on building industrial ecosystem around blockchain ICO. By building a digital asset ecology that is fully compliant with regulations, a prospering ICO market can serves the real economy and controls financial risks.
The consensus also describe the process of ICO and defines the rights of tokens issued:
“Tokens distributed via ICO represent the right of use of the technology infrastructure, or a prepaid fee for the use of open source project services.”
The Consensus calls on the industrial leading companies to contribute their front-line experience and wisdom, to establish standard sandbox and sandbox for sub-category and eventually materialize a practical regulatory system.
With the recent arrest of Alexander Vinnik, legal compliance issue has become a general concern. The regulatory sandbox may provide a safe haven for startups.
“Under the sandbox framework, ICO project may start experiment without worrying about consequences. “
The “Blockchain ICO Sandbox Plan” of Guiyang encourages pilot test and the survival the fittest mechanism. Autonomous organization or the DAO model is promoted to reduce the need of regulatory intervention.
The Guiyang ICO sandbox plan intends to give inclusive exemption to ICO projects, which are mainly reflected in the following aspects:
1. Fundraising amount control and whitelist management
2. ICO financing plan management;
3. Token issuer is forced to disclose relevant information continuously while emphasizing on anti-fraudulent and other liability terms.
4. Strengthen the role of intermediate platform.
5. Regulators can intervene at early stage and reserve the right of intervention and restriction during the whole process.
6. Develop relevant regulatory technology, such as digital asset management, automated sandbox testing, online real-time monitoring, big data analysis;
7. Support and encourage development of self-discipline and industrial sandbox
8. Strengthen international regulatory cooperation and coordination, including exchange of information.
Guiyang is the capital city of Guizhou Province and the city seems to be very friendly to blockchain startups. Back in May, the city announced to build a Blockchain Town in Gui’an District and a blockchain vocational college.