Announcing an Initiative to Simplify Crypto-Compliance Through Community Support and Validation

The Brooklyn Project and TruSet, with support from AirSwap, Gnosis, and Kyber, have launched a two-week initiative ending on January 24th to evaluate making crypto-compliance easier and better. This is an open initiative that leverages the expertise and passion of open communities to source and validate important information related to regulatory compliance about token projects.

The goal of this initiative is to test making the process more collaborative, efficient, and reliable through community-validated data. The Brooklyn Project and initiative partners have identified some facts that can help projects conduct regulatory compliance analyses. TruSet has a crypto-economic system that enables an open community to source and validate those facts.

TruSet’s community has already validated data for more than 100 token projects across a wide array of data points, but this special compliance-focused initiative is focused on the following three topics of interest:

  • Are the token’s intrinsic characteristics a general payment or consumer utility token? Or does the token embeds characteristics of a traditional financial instrument e.g., debenture, shares, units of a collective investment scheme, etc?

  • Is the token currently usable software, or is it still in development?

  • Which of the large, reputable exchanges, and their jurisdiction of incorporation have vetted and listed the token?

The initiative includes extra incentives for the community: Gnosis has contributed a reward bounty of 20 ETH (5 ETH has been added to Competition 3 which is ending on Jan 17) on top of the ETH rewards that TruSet is already offering its contributors, and TruSet has further increased the rewards for validating the three topics of interest to this initiative.

To get involved, sign up at truset.com/token-data-beta/ to start validating data, or sign up here to collaborate on community-supported compliance. You can also visit theBKP.com to learn more about our other initiatives.

See full story: https://medium.com/@thebrooklynproject/crypto-compliance-initiative-646eeed304ee

William Janensch