Financial Commission Seeks To Certify ICOs

Blockchain, FinTech, ICO News, Regulation | September 21, 2017 By:

The Financial Commission has issued an initial coin offering (ICO) certification to Genesis Vision, a blockchain-based platform for the private trust management market.

The Financial Commission is an independent self-regulatory organization and external dispute resolution (EDR) body that is dedicated specifically to ForEx. While Financial Commission is not regulated by or registered as an EDR body in any jurisdiction, it mimics those services, operating in a way where transparency, swiftness, and education are the paramount values.

The Commission ensures that traders and brokers are getting their disputes resolved in a quick, efficient, unbiased and authentic manner, while making sure they walk away with a well-founded answer, thus contributing to their overall knowledge about ForEx.

The Commission recently formed the Initial Coin Offering Certification Committee (ICC), which is tasked with the certification of ICOs. The ICC consists of a panel of Financial Services (Finserv) and Financial Technology (FinTech) experts with backgrounds across multiple asset classes, including foreign exchange, cryptocurrency markets, and digital blockchain assets. They volunteer to help drive the certification standards and protocols as part of the ICO Certification service.

The ICC conducted a detailed review of Genesis Vision’s proposed initial coin offering. During the evaluation process, over 150 important points were checked across categories including those set forth in Financial Commission’s certification guidelines for ICO applicants.

The committee said that it was able to satisfy itself that the Genesis Vision Token (GVT) platform passed its certification requirements. The ICC emphasizes several key points, including that “GVT has been developed by a team of qualified developers, with a track record within the industry.” The ICC also said that KYC (Know Your Customer) and corporate documents of the company passed through internal compliance procedures and that Genesis Vision provided sufficient evidence verifying who its ultimate owners are and organizational structures.

Despite the successful certification, the ICC recommended that the company obtains legal opinions from reputable law firms where Genesis Vision is domiciled as regulatory frameworks for digital assets emerge. The committee stated that their certification is not and shall not be viewed as a recommendation to anybody to subscribe to, nor purchase GVT before, during, or after its planned ICO.

The Genesis Vision’s platform is aimed at uniting all financial market participants, investors, traders, and brokers in a single decentralized network. The Genesis Vision team consists of experienced and well-known financial specialists as well as experts from traditional and cryptocurrency markets.

The Genesis Vision ICO will be launched on October 15 and will last until November 15. Tokens obtained during this period (GVT) will become a core of new Genesis Vision ecosystem and will be used for all investment operations and profit distribution.

“I would like to congratulate Genesis Vision on their successful ICO certification with Financial Commission and wish them all the best with the Genesis Vision project,” said Financial Commission Chairman, Peter Tatarnikov. “I am also glad to see that ICC, a newly formed division within our organization was able to contribute to help meet the pressing need of developing minimum industry standards while helping ICO applicants and the broader marketplace. Our standards for ICO certification are new, yet are evolving quickly and alongside other recently formalized efforts including the ERC20 standard for ethereum, and best practices issued by Consensys for smart contracts, a framework has been established for helping applicants demonstrate compliance while determining if they are capable of obtaining certification.”