Crypto Valley Association acts to prevent further damage to its image

The image of Zug’s Crypto Valley, as it has come to be known, has become tarnished of late, not least as a result of negative press coverage surrounding the Tezos company, after it was announced that investors of $232 million, now held in a Zug foundation, are taking legal action in the United States after yet another delay in the issuance of a new crypto-currency called tezzies which, it is claimed, is “better than bitcoin”.
 
As a result of this, the Swiss Financial Market Supervisory Authority (Finma) has focused its attention more on the hitherto non-regulated area of crypto-finance and now it has been announced that the Zug-based Crypto Valley Association has set up its own self-regulatory Code of Conduct, which sets out the legal, moral and security-related standards which need to be met prior to the issuing of any Initial Coin Offerings. It is through these ICOs that start-up companies acquire capital to issue a crypto-currency of their own, as is planned with the afore-mentioned tezzies.
 
Basically, what the Crypto Valley Association is calling for is for companies which plan to issue an ICO to make their intentions as clear and transparent as possible, and this includes stating what is to happen to the funds acquired.