Global ICO Transparency Alliance (GITA): New Code of Conduct for Exchanges with Taiwanese Government
The GITA; Global ICO Transparency Alliance
On September 21st a press conference was held in the Legislative Yuan. The conference was to formally introduce GITA, the Global ICO Transparency Alliance, an ICO transparency platform to the public and the Taiwanese government. It was done along the official announcement used for the code of conduct in exchanges.
The platform and GITA can provide solutions to two of the main problems; the first is the absence of modern standards used for the tokens sales and the second is the lack of transparency in the market.
Jaclyn Tsai announced that the minimum disclosure agreement is the GITA standard for the ICO's which includes about 80 items and be in a position to show the percentage of disclosures that have been made by each project. GITA will also be able to stipulate the minimum disclosure standard which is following the requirements of industries and governments around the world.
Some of the Features to Look Out For
At the conference, Kevin Lo went ahead to showcase the demo of the transparency platform, some of the features to look out for are as follows.
- The information that will get posted on the platform will be visible to the public this is including the previous disclosures made by each project.
- The second feature is the people who registered with real names that have been verified by the Know Your Customer (KYC) will be able to post comments directly to the platform; as a result, the project team will have the ability to respond to the comment posted.
Jaclyn Tsai, went ahead to emphasize that the light torch regulations may help the startups to enter the global market quickly. In a review she had done, previously businesses could raise funds through the IPO, but with the current digital era, the perspective needs to be adopted.
The IPO's are considered to be the original activities that are regulated by governments in each country, while the Initial Coin Offering (ICO) is a global fundraising activity.
What Does the GITA Stand For
In July 2018 is when the idea of establishing GITA was introduced in Seoul by Jaclyn Tsai. And it was realized with the collaboration of seven members, each of the members leading in different blockchain organizations or the ICO industries in their respective countries.
The foundation council in GITA and the Supernodes members include the Hong Kong blockchain association, the Korea blockchain association, ICORating, Regulus investment Vietnam, Thailand blockchain association, and various crypto representatives.
The Mission of GITA
The primary purpose is to protect investors; this is by providing the needed access to in-depth info in the campaigns taking place on the blockchain technology and the progress made after the crowd surf sale.
Also, they aim at providing an industry standard that can be used for self-disclosure.
They also aim at becoming a platform that could be used for knowledge sharing within the industry developments.
The identification of the problems in the current ICO projects includes insufficient clear regulations and having the lengthy legislative process. And various doubts of a how the startups in the market world suffer due to the strict rules and the disparity in the information provided this is where GITA comes into play. It has been formed to assist the various ICO issues faced by investors; this is by ensuring they have created a transparency platform.
Based on the principles surrounding the blockchain technology, GITA has been designed as a decentralized platform that consists of the Foundation Council, Nodes, Supermodes, and the needed steering committees.
The Foundation Council is responsible for many things, this is including meeting on a regular basis with the members of the globe chain and blockchain industry in the various agencies in the market plus the maintenance transparency platform. The Supernodes are responsible for acting as the leader in the different communities; it is by collaborating and procuring with their relevant members.
As for the nodes, they collect the needed information concerning the rules and regulations placed in the jurisdictions, technology trend and the trend in the industry.
At the moment there are about six Supermodes this is including Thai blockchain association, Taiwan Fintech association, Korea blockchain association, ICORating, just to name a few.