African Digital Asset Framework (ADAF) Blockchain Organization Publishes Its First ICO Guidelines
Community-Led Pan-African Blockchain Organization Publishes Its First ICO Guidelines
A Pan-African project which was created to establish cross-border blockchain standards in Africa that are focused on compliance, the African Digital Asset Framework (ADAF), has recently published its first version of its own Initial Coin Offering (ICO) guide.
Curiously, ADAF is supported by another company which also uses the ADAF acronym: the African Digital Asset Foundation. This foundation was created a nonprofit open source project back in November 2018.
The goal of the two ADAFs is to encourage the self-regulation of the sector and the creation of a set of legal standards which would help to create the structure needed in order for the continent to trade more using the blockchain technology.
The New ICO Guidelines
Now, the official guidelines for ICOs created by the African Digital Asset Framework are available on its blog. With the title of “Consumer Protection Guidelines on Token Generation Events, version 0.1”, the document was put together by 17 companies which united from 14 different African countries.
According to the post, the document was created with the goal of setting a standard for the local consumers, entrepreneurs and policymakers in Africa for the generation of new tokens and fundraising events.
At the moment, ICOs or “token generation events” are still largely unregulated in Africa. Because of this, the entity argues that it is the time for the industry to self-regulate in order to be able to properly solve these problems instead of simply waiting for the policymakers and regulators to solve the issues for them.
The entity argues that this would protect the investors and mitigate any risks from external regulation, as well as to give a boost to the nascent industry, something that it may need right now.
Community members were also invited to post some feedback on the measures in order to debate the guidelines and turn it into something more useful for the community and inclusive of everybody’s opinion.
ADAF also seems to be drafting another guidance document as well as this one, a doc focused on “land titling system” which is set to use tools like oracles and smart contracts, as well as the creation of a security framework for it.
About The African Digital Asset Framework (ADAF)
This important African entity works for the future of a pan-African digital industry. Its founding members include people like Martin Coleby and his firm Raise, as well as blockchain companies like Alba.one and Kotani.
Also, the entity has support from ambassadors from important organizations like the African Development Bank, the African Union and even companies like BitPesa and EOS Nairobi. The CEO of BitPesa, Elizabeth Rossiello, was recently appointed to a be co-chair of the Global Blockchain Council this year.