ABU DHABI, United Arab Emirates, Dec. 7, 2023 /PRNewswire/ — Zokyo, a leader in blockchain security solutions and offering a plethora of crypto and blockchain audits and penetration tests, today announced the launch of its arm, Zokyo Econ Lab. This new division is dedicated to assisting blockchain companies in optimizing their token economics, aligning them with both industry and regulatory standards across various jurisdictions.
Zokyo Econ Lab specializes in driving exceptional growth at the forefront of blockchain innovation, including ecosystems, protocols, foundations, and DAOs.
With expertise in mathematical analysis, Zokyo Econ Lab designs comprehensive token models to maximize value and ensure sustainable growth. By scrutinizing distribution, utility, governance, and incentives, Zokyo Econ Lab identifies and capitalizes on optimization opportunities. It aims to craft robust ecosystems that drive stakeholder engagement and project resilience. This proactive approach positions blockchain projects at the forefront of the industry, ready to adapt and thrive in a rapidly evolving digital economy.
Zokyo Econ Lab‘s first major undertaking in regulatory compliance involved the successful registration of IOTA, a renowned blockchain protocol, under the Abu Dhabi Global Market DLT Foundations 2023 regulations. The IOTA audit assessed the alignment of IOTA‘s White Paper and Token Economy paper with regulatory requirements and recognized industry benchmarks for their content. This included a proper market, product, and business overview; identification of target users and services provided; explaining reasons for tokenization; token utilities; tokenized ecosystem participants breakdown; usage of the token and its value for users; incentivization policy, and more.
The audit process was structured in two phases: an initial report to identify areas of concern and recommend improvements, followed by a collaborative workshop with the IOTA team. The final report, post-remediation, confirmed IOTA‘s compliance with the ADGM DLT Foundations 2023 regulations.
“Zokyo was an instrumental partner in helping to navigate the new regulatory framework of the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. Zokyo‘s expertise and thorough processes helped a great deal in successfully getting the IOTA Ecosystem DLT Foundation registered as the first foundation under the new DLT Foundations Regulations, enabling us to start our next chapter of global expansion,” said Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation.
Hartej Sawhney, Founder and CEO of Zokyo, added, “The inauguration of Zokyo Econ Lab marks a pivotal moment in demystifying the complex realm of both blockchain regulation and token modeling. Our commitment to offering bespoke compliance solutions extends beyond ADGM, as we support blockchain enterprises in dozens of jurisdictions.”
Zokyo’s collaboration with VAF Compliance, a consultancy company specializing in regulatory compliance within the blockchain and virtual asset sector, further underscores the lab’s dedication to providing superior compliance services.
For more details, visit www.zokyo.io.
Founded in 2018 by Hartej Sawhney, former CEO of Hosho—the first blockchain cybersecurity company and conference—Zokyo has established itself as a leader in blockchain security and development. Zokyo‘s team is based across 11 countries. As a trusted partner in Web3 security, development, and investment, Zokyo works with some of the most innovative companies in the industry. Zokyo offers a wide range of in-demand skills, including security auditing, cryptography, white-hat hacking, mathematical specifications of network design, UI/UX design, QA, and full-stack engineering.