Financial Commission Will Now Serve Technology Certification to ICO Issuers

The Financial Commission, an external dispute resolution body for global Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, derivatives, and cryptocurrency brokers and their clients, has announced its decision to extend its financial technology certificate service primarily to fintech firms seeking capital raises through initial coin offerings (ICO).

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Not only does the Financial Commission offer dispute settlement services, but the regulator further acts as an authority certifying Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term technologies for online trading firms and exchanges, since 2014.

In order to provide its new service, the Financial Commission has established the ICO Certification Committee (ICC), the panel of which will consist of fintech experts from the aforementioned markets. The committee will have the Dispute Resolution Committee (DRC) as their source of support.

The founding member of the ICC and Financial Commission Chairman, Peter Tatarnikov, explained the company’s decision to extend the service to ICO issuers: “The ICO certification service was a natural addition to our existing technology certification service for Fintech companies. Cryptofinancing via ICOs is skyrocketing in popularity yet the process is still ridden with challenges for issuers and investors - so the need to establish best practices for Fintech companies seeking capital raises via cryptofinancing was needed and Financial Commission is pleased to now offer certification to eligible firms seeking to do an ICO.”

The certification will be awarded according to the ICC's assessment of whether the cryptocurrency platforms of issuers are in line with the minimum set of criteria determined by the ICC.

Though 2017 has been named the year of the ICOs, the attention that these events draw is not always in their best interests. Just a week ago, Enigma had its ICO hacked, and $500,000 was stolen from the company. In another incident, FileCoin had to suspend its ICO after having raised $186 million in an hour, as the system cracked under the pressure.