What international community should implement in order to get rid of scam ICOs

At this stage, there's no doubt that world's financial leaders and regulatory powerhouses perfectly understand what ICOs are and what risks they involve. More importantly, they now understand how to best tackle those risks with the main on being ICO scams - the projects that never intend to keep their promises given to investors.

Recently, we've seen American FBI taking serious measures against fraudulent projects, but in VHCEx's opinion, there needs to be done something more in the regulatory framework. Apart from legislative acts taking effect all over the world in different jurisdictions, the world community should come together to change the industry once and forever.

Recently, three-letter agencies have noticed the extent of outstanding amounts raised in ICOs by selling digital tokens that are not even backed up by tangible assets, thus, have no intrinsic value. Investors' commitments are put at enormous risks and regulators have to do something about it.

VHCEx team retains a steadfast commitment to the idea of implementation of compulsory international audits of ICOs. ICO projects are global and their activity is almost never limited to one domicile, therefore legislative measures should be taken on the level of international law (ie, enforced by IMF, WTO or other organizations overseeing monetary stability in the world). Apart from compulsory audit, there can also be introduced a world ICO license which is to be procured by the projects in order to start accepting funds from investors or token purchasers (in case of utility tokens). This license is to be issued by a commission of the top industry specialists, such as economists, lawyers, IT specialists and others.