Waves Blockchain creates a new compliant security token issuance entity with BetterTokens (TSA)

The waves that have been established as a token generation along with a blockchain application platform have just announced the agreement signed with the Tokenization Standards Association, TSA.

They entered into a written cooperation agreement with the TSA, a company that operated under the BetterTokens brand, a nonprofit organization founded by Waves and other companies at the start of 2018.

In the ecosystem of the Waves platform, the BetterTokens was registered in the canton of Zug, Switzerland.

The company's goal is to create the necessary standards that can be used by the Waves blockchain-based chip issuing company along with the crypto industry.

The Aim for BetterTokens

The main task of the BetterTokens is to ensure a careful evaluation of tokenised projects according to clear established guidelines, as the company is part of the company's largest ecosystem. For a token issuer, they will be able to easily request the status of a qualified token issuer.

The information that has been collected on the different token issuers is immediately recorded on the Waves Blockchain platform as Data Transaction; this is to guarantee its reliability and immutability.

With the qualified token issuer, the status guarantees the membership of the BetterTokens platform, there is also a verified status on the Waves platform, a logo, a ticker and a priority search list made available on Waves DEX.

Projects that have already been identified with the ticker inside the Waves DEX will have the opportunity to take advantage of the six-month grace period, which begins the day this announcement was made. To ensure that they are able to keep their current ticker, then there is a review process done by BetterTokens that they will have to pass.

Projects that have yet to undergo the BetterToken Review process are searchable only on the DEX platform with the use of their token ID. Just as an example of how the new status will be displayed on the platform, the BetterTokens has already preselected about four tokens that are already listed on the DEX. The tokens that had already submitted the necessary information for the review are MRT, PBT, WAVES and WCT.

The cited tokens have obtained the status of a qualified token issuer; so, each of them will not need to go through the application process.

The other areas of activity included in the BetterToken

• They are responsible for configuring tokenization standards. Therefore, the platform will develop the due diligence standards for the different companies and persons involved in the process of tokenisation of resources together with ensuring proper investor protection and compliance with applicable regulations.
• They are also responsible for outsourcing the token revision. The company will continue and collaborate with decentralized and centralized plants that would be willing to outsource the assessment of digital resources that require listing to be a qualified third party.
• The financial regulators in the sector will also intervene. They will manage a working group that will be dedicated to the discussion of the projects, the latest trends and the new initiatives that are inside the blockchain industry with the various regulators that are all over the world, this includes Malta, Japan, United States, Slovenia, Switzerland, Luxembourg and several other countries.