The Open Network (TON) Blockchain Transitions into a Swiss Non-Profit Organization

The team overseeing The Open Network (TON) blockchain has recently completed its transition into a Swiss non-profit organization. This transition marks a significant milestone for the TONcoin community as Switzerland provides regulatory clarity for the crypto industry and has a longstanding history of technological progress.

With Switzerland’s strong governance and adherence to transparency guided by Swiss regulations, TON Foundation President, Steve Yun, voiced his commitment to pursuing these principles. The foundation aims to benefit from Switzerland’s established reputation as a hub for technological advancements in the crypto space.

Originating from Telegram, the TON blockchain is a proof-of-stake blockchain that was primarily designed for creating Web3 decentralized applications. However, due to issues with the U.S. Securities and Exchange Commission (SEC) prior to its planned launch in 2019, Telegram distanced itself from the project, transferring oversight to the present-day TON Foundation.

The TON Foundation, now a registered organization in Switzerland, is devoted to promoting TON’s ecosystem development and adoption. By Q4 2023, the foundation plans to unveil a comprehensive roadmap aimed at fostering education, development, and expansion efforts within the TON community.

Additionally, the foundation intends to release detailed transparency reports, breaking down the tokenomics of TON’s native token, TONcoin. These reports will encompass historical distribution information, such as token issuance, partnership allocation, development, and community incentives. They will also outline how assets will be allocated to support ecosystem growth.

To strengthen community engagement, the foundation will host an annual in-person event called Gateway. This event will provide a platform for direct interaction between the TON Foundation and its community members. Discussions at Gateway will revolve around various topics, including privacy, ownership, finance, gaming, collectibles, and more.

According to a spokesperson from the TON Foundation, the organization plans to gradually decentralize governance over time. By scaling up and becoming more self-sustaining, the TON Foundation aims to step back from its governance roles.

How Can AI legalese decoder Assist?

The use of AI legalese decoder can greatly aid the TON Foundation in navigating the complex legal landscape and regulatory requirements, both in Switzerland and internationally. By leveraging artificial intelligence, the foundation can efficiently identify and interpret legal documents, ensuring compliance with Swiss regulations and promoting transparency. Additionally, AI legalese decoder can assist in drafting clear and concise legal communications, further enhancing the foundation’s governance and facilitating effective community engagement.

Migration of Crypto Firms Away from the U.S.

TON’s move to Switzerland reflects a broader trend of crypto firms seeking offshore locations to avoid regulatory actions by U.S. authorities. Telegram faced legal challenges from the U.S. Securities and Exchange Commission (SEC) in 2019, and more recently, Ripple and Terraform Labs were sued by the SEC for issuing unregistered securities in the form of their blockchain’s native tokens. The SEC has also taken legal action against Coinbase and Binance, alleging that these platforms listed various unregistered crypto securities, including Cardano (ADA), Solana (SOL), and Polygon (MATIC).

Switzerland’s more favorable legal conditions have attracted other crypto entities as well, including the Ethereum Foundation, which also has its headquarters in the country. SEC chairman Gary Gensler has suggested that trading most cryptocurrencies, apart from Bitcoin, could be classified as securities transactions. Given this regulatory landscape, it is understandable why crypto projects are seeking jurisdictions with greater regulatory clarity, like Switzerland.

Overall, TON’s transition into a Swiss non-profit organization opens up new opportunities for growth and development within its community. By embracing the AI legalese decoder, the TON Foundation can effectively navigate regulatory challenges while maintaining a strong focus on governance, transparency, and community engagement.