Our Second Working Group: Development Plans and Regulatory Policies
By OAX Foundation on January 24, 2018
Last week we held our second Working Group meeting. For an overview of who’s in the Group and how they’re helping guide the success of the OAX project, take a look at our post about it last week Here.
Today, as promised, we want to give you a summary of the main areas discussed last week.
To start with, the Group heard a description of the project’s development progress over the last quarter. We’ve updated the community on much od this already (see our Development Update fro ma couple of weeks ago here), but we also discussed medium and longer term plans. This was a great chance to get freedback from industry leaders on how the technical aspects of the Project are evolving and confirm that we are focusing our time and resource in the best place. We will be continuing to make regular Development Updates to the community, so keep a look out here for the next one.
As you know, getting the development side of things right is crucial to the success of the project. But so too is ensuring our regulatory standards are world class. That’s why we chose to focus the second part of the session on looking at anti-money laundering (AML), know your customer (KYC) and counter-terrorist financing (CTF) policies.
From the outset we’ve built the OAX project on principles of transparency and strong governance. AML, KYC and CTF are a core part of that — as they should be throughout the crypto industry. Having robust policies and standards in place will ensure the long term success of the project and the industry as a whole.
The Working Group includes lawyers and consultants who specialise in this area. We looked in detail with them at the main areas where AML, KYC and CTF present challenges in our decentralized exchange model. We also looked at the expectations that the different users of the exchange will have around regulatory practices, particularly token issuers and banking partners. This is crucial to ensuring the successful adoption of our platform, as well as for its smooth running.
Because this is such an important area, we’ll be carrying on the conversations about this over the coming weeks and months, so you can expect to hear more from us on this topic in future!
All-in- all, it was another extremely productive Working Group and we’d like to thank the members for their time and valuable contributions. Enthusiasm for the project is as strong as ever as we progress further into 2018, backed up by the support of industry leaders — and of course the wider OAX community.