The team overseeing The Open Network (TON) blockchain has been through quite a journey – from inception to controversy and then transformation. It has hurdled over obstacles set by the U.S. Securities and Exchange Commission (SEC) and has now found a nest in Switzerland, transitioning into a non-profit organization. This doesn’t just signify a new chapter for the TON community, but it also emphasizes Switzerland’s vantage point in crypto-regulations owing to its crystal clear rules and technologically progressive stance.
When it comes to stringent governance and ushering in transparency, TON Foundation President Steve Yun equates strength with the power of Swiss regulations. Under its governance, TON, originally brought to life by Telegram, aims to become the mainstay platform for building Web3 dapps – the kind that empowers its users with the full control of their online interactions.
The fallout with the SEC in 2019 led Telegram to retreat from the project, turning stewardship over to the TON Foundation. The organization, now Swiss-based, envisions fortifying the TON ecosystem while broadening its adoption. By the fourth quarter of 2023, the Foundation plans to unveil its roadmap to stimulate TON-focused scholarly pursuits, creative ventures, and expansion.
To further its transparency mission, the foundation will also divulge “in-depth transparency reports”, revealing the tokenomics of its TONcoin. The report will include well-crafted exhibits about its historical distribution such as token issuance, developmental details, community incentives, and planned allocation for future ecosystem growth.
As part of its effort to strengthen exchange and community interaction, the foundation also plans to host an annual in-person event named Gateway. However, as the community grows, TON envisions a future where it recedes from administrative tasks, allowing community-driven governance to prosper.
However, this Swiss migration isn’t unique to TON. It mirrors an exodus of crypto companies far from American regulatory shores. Actions from the SEC have seen the likes of Ripple, Coinbase, and Binance among those called to question their securities. Even the Ethereum Foundation found refuge in Switzerland – attesting to the country’s favorable legal atmosphere. Regardless of what the future holds for the crypto industry, it’s clear that regulatory clarity and compliance will play a pivotal role in dictating its success.
Source: Cryptonews
