The Metaverse Foundation, developers of the first public blockchain platform in China, led the establishment of the official self-regulatory blockchain alliance in China during the Finwise Global Blockchain Summit in Shanghai.
The Sandbox Self-Regulatory Alliance, as it now called, is comprised of seven influential blockchain-based organizations established in China, and aims to promote best-use cases for blockchain technology, raise awareness of the regulations pertaining to the blockchain-related industries, and better serve the public through legitimate, practical applications and standards.
Eric Gu, the founder of Metaverse Foundation, indicated how ICO projects are facing regulatory dilemmas for both entrepreneurs and investors, stating, “This is an emerging financial model, and the Chinese government holds a relatively open attitude, for now. I am very proud that our industry, leaders, and companies are taking the lead in compliance and self-regulation.”
Metaverse is an open source public blockchain, allowing digital assets to be issued, transferred and recorded on its decentralized platform via Entropy (ETP), its native token. Unlike Ethereum, which allows programmers to write code on top of the platform itself, Metaverse preserves the underlying platform, enhancing security.
The Metaverse blockchain is now the backbone of many fintech and allied industry applications, with their growing team offering Blockchain as a Service (BAAS) to contracted clients. Their expanding team of blockchain developers and specialists has created the need for a move to larger offices located in Lujiazui, Shanghai where they now be based.
The Metaverse Foundation will continue to lead on the Sandbox Self-Regulatory Alliance from these new offices, addressing the future of applications on the blockchain, and developing regulatory practices surrounding ICOs.
For more information, please visit https://mvs.org/