Place/Date: San Francisco, CA - March 9th, 2018 at 7:23 am UTC · 2 min read
Contact: Karla Vilhelem, Source: Ambisafe
Token sales have drawn the attention of regulators around the world, with different countries releasing their own guidance on how offerings must be handled within their jurisdiction. The result is that regulatory parameters for coin offerings are far from universal.
This is a problem for project founders, who have to be mindful of the different regulations participants must follow. Examples of rules that must be followed are Know Your Customer (KYC) and Anti Money Laundering (AML).
RAP tokens have been developed by Orderbook.io to make this issue a problem of the past by utilizing smart contracts to check and respond to the permissions of every person who attempts to use them in a transaction. If a user who does not meet the proper compliance level attempts to buy a token , the relevant smart contract compares their permission level against an internal database, and instantly restricts their account from completing the purchase.
The Regulation Aware Protocol does more than allow creators to craft tokens that meet diverse regulatory requirements, however. It also introduces vast improvements to the general user experience by not requiring contributors to re-submit their credentials every time they join a new token sale. If this information is kept up-to-date within the RAP database, they will be able to freely interact with any sale that matches their level of compliance.
“We have created RAP tokens to be the perfect instrument for a new generation of financial innovation. We believe in the migration of financial markets to this new technology in the near future. It is a big step for Orderbook, and a huge leap for Blockchain technology.” expressed Andrii Zamovskyi, CEO of Orderbook and founder of Ambisafe
Currently, Orderbook is the only exchange that creates and supports the necessary registries of verified Blockchain users, storing them in a specialized smart contract. As the technology progresses, the benefits of maintaining verified user databases will become increasingly valuable, leading to more providers incorporating RAP tokens into their platforms.
Disclaimer THIS PRESS RELEASE IS FOR INFORMATIONAL AND DISCUSSION PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE THE SOLE BASIS FOR ANY EVALUATION OF A TOKEN PURCHASE OR ANY ASPECT OF THE CRYPTOCURRENCY, TOKEN SALE, SECURITIES, OR COIN SALE MARKET. IT IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES OR ELSEWHERE. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE LEGAL OR INVESTMENT ADVICE AND IT IS THE RESPONSIBILITY OF ALL PROSPECTIVE PARTICIPANTS TO CONSULT WITH THEIR OWN LEGAL, TAX, ACCOUNTING, AND INVESTMENT ADVISORS TO DETERMINE THE POTENTIAL BENEFITS, BURDENS, AND CONSEQUENCES OF SUCH A PURCHASE.