Perhaps China and the United States have agreed wholeheartedly on a matter for the first time in their history. You cannot perform Cryptocurrencies activities without permission.
The basis for the "closed" China and "free" America to restrict Cryptocurrencies transactions has been the unfair competition activities experienced in the Cryptocurrencies system (frauds, false information, Cryptocurrency Scams etc.)
A bigger loss than the billion dollars the Cryptocurrencies industry has lost due to Unfair Competition, is the several trillions of US dollars which was expected to come in, but only because of the loss of confidence due to unfair competition, that cannot enter the Cryptocurrencies industry.
There is only one problem confronting the Cryptocurrencies industry. The Cryptocurrencies industry should determine how and by which means, based on which rules and foundations it will implement its specific commercial rules by self-regulation. It is obvious that self-regulation is the solution. It is also clear that when considered in the legal grounds Cryptocurrencies is software-based industry, and that the software actually does not differ anymore from books, movies, or photography.
The fact that the Cryptocurrencies industry's software is mostly qualified as open-source and public domain leads to the conclusion that this industry should be considered as a part of or within the scope of freedom of expression, such as books. Since it is not possible for a payment or exchange instrument in mention subject to an unprohibited form of expression (software) to define itself as a security that is subject to the activity permit before the law, the positioning of local governments themselves as forbidding country or vice versa, as Cryptocurrencies as paradise, will not have any legal response.
For example, Malta, declaring to be a Cryptocurrencies-friendly country, issued a fairly comprehensive legislation. However, on the concession agreement of Binance, who has announced that it has moved to Malta and has positioned itself as one of the largest stock exchanges in the field of Cryptocurrencies, the addresses and titles of the company (or persons) that own the market still do not appear. Let's assume that an investor with an account in Binance, although provided all the necessary conditions, is hacked; in such a case its only legal interlocutor will be a virtual platform whose address or the titles of the executives are unknown. Therefore, a governmental or supra-governmental super-centralized structure, whether it be a Cryptocurrencies-friendly, or a limit-enforcing structure, clearly cannot be a solution. In fact, it is also crystal clear that Malta is not a solution, as explained in this example.
The method that will ensure the arrival of trillions of dollars into the Cryptocurrencies industry, and the bases and practices of this method should, in summary, be based on the following principles;
• A governmental or supra-governmental super centralized structure cannot be the solution; first and foremost, this situation is contrary to the constitutions of the free countries and additionally, it contradicts with the open code, open book and centerless features of the Cryptocurrencies system.
• It can only be delusion to expect for trillions of dollars to come to an area where there is unfair competition and trust cannot be provided.
• Self-regulation is the only remedy to prevent unfair competition existing in the Cryptocurrencies system. With the self-regulation system, the Cryptocurrencies industry must determine its own commercial customs and rules (standards).
• However, it is necessary to carefully determine the implementation methods of the self-regulation system. Firstly, the principle of solving justified investor and customer complaints must be accepted as a “prerequisite" standard. In addition, the rule of truthful declaration where the players in the Cryptocurrencies system (according to their license types) each month regularly fill in the digital questionnaires in the platform, so that they will disclose their information to the public in a correct and accurate manner should be considered as the second standard. These two ethical standards will not harm the free and fair structure of the Cryptocurrencies system. On the contrary, the two ethical standards described above will leave those who give false information and bad players that have infiltrated into the world of Cryptocurrency, which cannot solve justified customer complaints out-of-the-game / out-of-the-platform. The basis of this application method can be provided by certificates based on self-regulation system.
• IP (Intellectual Property) rights, basically, can be said to be incompatible with the free and open-coded system of the Cryptocurrency world. However, the basis of the foundations (simple and ethical rules) that will be established between the players of a self-regulation system, let it be set up according to IP rights or set up according to the contract law, will not change the results. With IP rights, no ownership is granted from the system's open source codes. By taking only two code of ethics as the basis for self-regulation a commitment to compliance will be sought after in order to apply these ethical rules. They convey our open society policy to the public and do not keep the information in its own right. Naturally, the code of ethics cannot have its law or legislation. However, when extraordinary situations are encountered such as the hacking of a crypto stock exchange whose address and identity are inaccessible and losses are not compensated, it is an absolute necessity to be able to answer questions like "Do we have an insurance?" or "where are you located?". Those who do not disclose the most basic information primarily harm our right to access to open society and information.
• What is important here is to enable a neutral, fair implementation structure (platform) to reach up to a model closest to the ideal with warnings and notifications of the Cryptocurrencies industry.
• One of the critical issues here is how to understand whether the player to enter the platform is honest or not. It is also possible that bad players cannot be detected at the time of the application and that they may infiltrate to the platform (the self-regulating platform). First, the platform will examine all applications very thoroughly. ICOs will require additional commitment and ICO applications without trust and escrow accounts will not be accepted by the platform. Licenses of platform members (licensees) who are not able to resolve unjustified investor complaints or gave false information, will be canceled. However, it is important to note that investors should carefully examine the information disclosed, that this information is declared by the platform participants and that this information may not be accurate. At this point, the seventh aim of the platform (i.e. the damage compensation project of those affected by the licensees) is not yet disclosed. The project to be carried out for this purpose will be announced as a result of the study to be conducted with licensees and WCCS community members. Yet, it is fair to say that it will not cover the past but the future, and its content will be explained in the same way in the future.
The World CryptoCurrency Standards online platform is developped to perform as an indicator to distinguish the dedicated blockchain crypto projects (Cryptocurrencies, Tokens, Markets, Service Providers and Icos), among inconsistents.
https://wccstandards.com/home (WCCS) itself is an independent platform. WCCS has no relation or conflict of interest with any crypto project or blockchain bussiness. WCCS has no subject on appreciation of any crypto project. As blockchain and crypto enthusiasts, the main purpose of the platform is to stabilize the valuation of crypto world; by validating transparency and reliabiity of the applying Crypto projects.
WCCStandards.com is the only solution to the question of how the CC system can defend itself against the attacks claiming that it is an unreliable bubble. We are saying, if the Crypto Eco-system manages itself to be more transparent and project-dedicated, than it will automatically regulate itself against speculation and manipulation. Therefore potentially there would be no need for governmental regulations.
Many Crypto actors in the world of Cryptocurrencies (CC) don't bother themselves to indicate their project headquarters.
The decentralized, P2P, open-source software terms is the soul of the Crypto Eco-system but those terms are so much twisted and used by the Crypto Project Holders to cover their responsibilities and identities to Crypto Eco-system.
The responsibility of a Crypto Project is huge but simple in order to maintain a healthy structure for a transparent and reliable Crypto Eco-system. That goes for all Cryptocurrencies, Tokens, Markets, Icos and Service providers.
As the community grew - as more and more enthusiasts joined - as more people interested in Crypto wallet ownership; many more unreliable, inconsistent actors came out to fraud people with cover identities and fancy but not working so-called Crypto Projects.
A strange wave of greed covered the whole eco-system. The noisy cheers of those who started to double their money in a very short period of time took more and more attention than working on and questioning the life-changing reliable Blockchain and Crypto projects. As the value of cryptocurrencies and tokens multiplied, fraud ıco and market actions multiplied. Thus the Eco-system started to face the trust and bubble issues.
The questions about the efficiency, reliability, and sustainability of the Blockchain and Cryptocurrency technology soon turned to be accusations of bubble and fraud.
Investors intend to differentiate Blockchain projects from Crypto projects. Fintech investors intend to ignore the Crypto world. Big actors repeat themselves saying they believe in Blockchain future but Crypto world might collapse.
WCCstandards.com separates itself from that arguement, however, as a determination, there can’t be efficient blockchain future without benefiting reliable crypto projects and without tokenization.
We are currently in a cycle; that many valuable blockchain and crypto projects - started up in order to bring favorable progress on the real-world problems - are facing hardest times to convince the world on their arguments.
https://wccstandards.com/home
