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Deloitte CIS & Waves Partner to Ride & Regulate the ICO Market

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

‘Big four’ services giant Deloitte CIS and Russian blockchain solutions firm Waves have joined forces, enabling ‘comprehensive ICO services’ offered to clients.

Deloitte and blockchain startup Waves have signed a memorandum toward a strategic partnership that will, among other objectives, see the two companies work toward developing legal mechanisms for regulating ICO projects in the eastern European region.

An announcement  today reads:

The partnership is aimed at providing clients with comprehensive initial coin offering (ICO) services and customized blockchain solutions tailored for specific tasks.

Deloitte will lend its expertise in legal and tax compliance hurdles specific to technology and innovation projects to provide consulting for companies in the private sector as well as bodies of the government in the public space. Waves, which claims to be ‘Russia’s biggest blockchain project’, will provide specialist ICO solutions for clients looking to launch new products ‘by selecting channels best suited for a successful project implementation.’

Waves notably raised $16 million with its own ICO in June and has since facilitated other ICOs like EncryptoTel to hold their ICOs on its blockchain platform.

Regulating the ICO Market

Notably, Deloitte will also look toward developing a legal framework for the regulation of ICO projects. The lack of any legal mechanisms, Deloitte contends, leaves companies open to ‘project risks and challenges’ after an ICO.

“Blockchain technologies are gaining ground, already allowing start-ups, investors and other stakeholders to quickly raise significant funds in cryptocurrencies,” stated Artem Tolkachev, director of legal services for technology projects at Deloitte CIS. “However, the cryptocurrency market is relatively young, and not all the regulatory mechanisms are in place.”

He added:

[We] are confident that our joint effort will help create the necessary conditions for putting together the legal framework for blockchain projects both in Russia and the CIS.

Deloitte CIS operates in 11 countries in the Eastern European Region including the likes of Russia, Ukraine, Belarus and Georgia, among others.

Waves founder and chief executive Sasha Ivanov claims that the regulation of blockchain companies will pave the path to the mass adoption of the decentralized technology.

“Presently, blockchain companies are not regulated, as there is no existing legislation as such. Our strategic partnership with Deloitte will allow us to take active part in the formation of this regulatory landscape,” Ivanov added.

The announcement comes in the days following a record-setting ICO by blockchain startup Block.One, raising $185 million in 5 days since its launch.

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