African Blockchain Organization Introduces ICO Rules
The African Digital Asset Framework (ADAF), created to ensure compliance with international standards of blockchain technology on the continent, has published a guide on the conduct of an ICO.
The ADAF was established at the initiative of another non-profit association — the African Digital Asset Fund, which was founded in 2018 and is designed to set legal and technical standards in the crypto sphere.
The ADAF representatives reported on their blog that the new standards were called “Consumer Protection Guidelines on Token Generation Events, version 0.1”. 17 companies from a dozen countries united by the ADAF project took part in the development of the document. Their joint efforts are directed at designing a set of standards for a broad range of the crypto sphere participants during events aimed at creating and producing tokens.
The authors of the document deliberately use the expression “token generation event” (TGE) since, in their opinion, it reflects the essence and purpose of ICOs most accurately.
The management notes the existence of an unregulated TGE/ICO space and insists on the speedy development of regulations that would protect consumers from excessive interference of external regulatory organizations in the crypto sphere. Members of the ADAF organization can express their opinions and publish feedback on ICO rules.
Earlier, the Reserve Bank of South Africa stated that it would not hinder the development of the crypto sphere in the country.