GECKO Governance, an award winning RegTech solution for financial compliance, announced in a press release CoinReport received from Wachsman, GECKO’s communications firm, the release of a new compliance solution called GECKO Crypto1, after the Isle of Man Financial Services Authority’s approval.
Crypto1, which will be managing ICO governance and compliance for all jurisdictions, will provide improved levels of transparency and accountability to the users of the platform within the blockchain/distributed ledger technology industry.
The solution will enable firms to lead ICO projects before, during and after the funds raising stage, ensuring full compliance with national and international regulations. Investors can thereby better vet ICOs and regulators can get an independent audit trail.
Implemented on the Ethereum blockchain, Crypto1 will ensure trusted, secure, decentralized compliance across the whole ecosystem of data consumers and providers.
GECKO Governance co-founder and CEO Shane Brett said in the press release we received, “2017 saw over $6.8 billion USD 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 also announced ex-SEC Senior Compliance Examiner Dan Viola, who is currently partner and head of Regulatory and Compliance Group at Sadis & Goldberg LLP, has joined the firm as an advisor. Viola will be joining former Thompson Financial CEO Jeff Parker on the advisory board.
GECKO Governance is backed by Boston-based venture fund COSIMO Ventures and counts Grant Thornton among its present clients.
The company plans on launching its own ICO in the coming months. The tokens, named GECKO, will be marketed and registered as a security and will form part of the key functionalities of the platform. The tokens will be usable by not only third party contractors, like KYC providers, to access and pay for several services on the GECKO network, but will also be used for these purposes by banks and fund managers, ICO contributors, legal providers and token issuers.
The firm and its Crypto1 platform for use by firms conducting token sales received the Isle of Man Financial Services Authority’s approval on May 31. The company says it thus has a license backing and formal approval from the financial regulator to launch its own ICO.
Brett added, “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 funds 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.”