Crypto Valley Association (CVA), the Swiss-based not-for-profit association supporting the development of blockchain and cryptographic related technologies and businesses, today announced the launch of a Code of Conduct for Initial Coin Offerings (ICO).
It is intended that this framework will guide ICOs on proper conduct, taking into account all legal, moral, and security obligations. The ICO Code of Conduct is expected to bring clarity and confidence to the still new, rapidly-growing asset class.
Among other points, the Code calls on all organizations running an ICO to be fully transparent about all details pertaining to the process. Importantly, these details should be disclosed in a manner that can be easily understood even by those that are not technologically sophisticated. This includes being clear about how funds raised are intended to be used and how the token will function, as well as providing a clear risk assessment for the underlying technology.
Along with the ICO-specific Code of Conduct, the document released today contains a general Code of Conduct for CVA members as well as the CVA’s vision and values. The Association hopes the document will help frame the way its members engage with the industry, thereby protecting their own reputation and that of the CVA. It is intended that upon joining the CVA, each member will acknowledge having read and understood the Code of Conduct and that it will conduct its business consistent with the values and principles outlined therein. The declaration will be reaffirmed on an annual basis, with each member being asked to confirm that they did not breach the Code. It is intended that those breaching the Code will face disciplinary action. The CVA is currently welcoming comments from members and the general public on the content of the Code of Conduct.