Approval by the Isle of Man Financial Services Authority has seen the award-winning RegTech regulatory solution, GECKO Governance, announce the launch of an innovative compliance solution known as GECKO Crypto1.
This approval opens the platform up for use by companies and organizations who conduct token sales. Therefore, GECKO Governance will now possess a license providing formal authorization issued by financial regulators to hold its own ICO.
Offering enhanced levels of accountability and transparency to blockchain industry users, GECKO Crypto1 will manage ICO governance and compliance for all jurisdictions.
The company also announced that former Senior Compliance Examiner at the US Securities and Exchange Commission (SEC), Dan Viola, has recently come on board as an advisor, providing invaluable experience and credibility. He will join former CEO of Thompson Financial, Jeff Parker, who holds an advisory position with the company.
Accountability and transparency within the ICO market are at the forefront of GECKO Crypto1, and by allowing companies to manage ICO projects throughout the capital raising period, we should see continued compliance with both national and international regulators.
The monitoring and management tools provided by GECKO for ICOs will allow ICOs to be better assessed by potential investors, while also delivering an independent audit trail for regulators.
Raising the bar as far as accountability and transparency are concerned, GECKO Crypto1 will be applied to the Ethereum blockchain, offering trusted, secure, and decentralized compliance throughout the whole ecosystem of both data providers and consumers.
GECKO co-founder and CEO, Shane Brett, commented: “2017 saw over USD 6.8 billion raised through token sales – showcasing an incredible potential to finance ambitious products and startups. However, the current lack of governance standards within the ICO market is a barrier to the continued growth of the global blockchain ecosystem and may even become a point of failure. GECKO aims to bring transparency, accountability, and reliability to the ICO market – facilitating its maturation into a scalable and secure industry in which to do business.”
GECKO Governance also announced plans to launch an initial Coin Offering in the coming months.
Tokens issued will serve to underpin the platform’s key functionalities and will be registered as a security as well as being usable by ICO contributors, banks and fund managers, token issuers, legal providers, and third-party contractors such as KYC providers to pay for specific services on the GECKO network.
The enthusiasm was evident as Brett continued: “We are extremely excited to announce that we have received full approval from regulators from the Isle of Man. This is a wonderful moment for GECKO as we move in a new direction, bringing the same level of accountability and transparency to the ICO market as we have been providing to the fund’s compliance industry for years. Our ICO will not only allow us to effectively scale our platform to address the requirements of the global blockchain ecosystem but gives us the opportunity to showcase the best-practices which GECKO will bring to the fore in the international token market.”