US Financial Commission to Issue Certification for ICOs
The Financial Commission has established a panel of purported fintech experts to issue certification and assess the merits of prospective initial coin offerings (ICOs). The independant body has been named the ICO Certification Committee, or ICC.
The Financial Commission, an independent body that certifies trading technologies and conducts procedures for resolving foreign disputes for the currency industry, has established a committee to certify the new ICOs. The ICO Certification Committee will comprise an independent self-regulatory organization backed by the Finance Commission’s Dispute Resolution Committee. The ICC will assess initial coin offering according to a yet to be disclosed set of criteria.
Peter Tatarnikov, chairman and founding member of the ICO Certification Committee, has articulated the circumstances leading up to the establishment of the ICC, in addition to its goals.
”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 ICC is expected to act as an extension of the Financial Commission, which includes an independent dispute resolution and self-regulation body for the currency industry. The ICC is expected to largely operate in the interests of forex brokers, and seek to develop criteria by which to assess the risks associated with facilitating the trade tokens or derivatives associated with initial coin offerings. The Financial Commission’s external dispute resolution services are not registered or regulated within any jurisdiction.
The establishment of the ICO Certification Committee comes at a time of intensifying scrutiny from governments with regards to initial coin offerings. The United States Securities and Exchanges Commission (SEC) recently issued a warning aimed at ICOs that may be conducting the unregistered distribution of securities, with Canadian and Singaporean financial regulators quickly echoing the SEC’s position. It has also been revealed that Chinese regulators have been discussing measures designed to crack down on the ICO industry, including the consideration of a complete suspension of all initial coin offerings being conducted within China.
Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The opinions expressed in this article are those of the author, they do not necessarily represent infocoin views and should not be attributed to Infocoin.