Financial Commission Unveils Warning List for Blockchain Firms

The Financial Commission (FinaCom PLC) today launched a new tool to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Warning List,’ the new service provides information about the potentially damaging behavior of certain digital asset providers.

The most recent entries in this list include crypto exchanges and wallets suspected of conducting illegal activities depending on reports and complaints filed by their customers.

Inclusion in the list does not necessarily mean, however, that the company is operating a fraudulent scheme.

“The launch of the new Warning List follows from recommendations made by Financial Commission’s Blockchain Expert Committee (BEC) during its recent meeting, aimed to improve the current free dispute resolution service for digital asset investors provided by the organization’s Blockchain Association,” the self-regulator further states.

Crypto is now a high-priority for FinaCom

In addition to providing dispute resolution and certification services to the participants of the forex and derivatives markets, the Financial Commission extended its coverage to the crypto community and blockchain startups seeking to launch initial coin offerings (ICOs).

FinaCom has revealed its plans to approach cryptocurrency exchanges and ICOs with increased scrutiny, designating the industry as a high-priority one for the agency.

To facilitate the ICO certification process, the self-regulatory compliance specialist established a dedicated panel to certificate and evaluate the merits of prospective token offerings. Taking guidance from its existing Dispute Resolution Committee, the ICC panel consists of fintech experts from various sectors.

The Financial Commission also announced last year that it would begin accepting the Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term Bitcoin and Ethereum as payment for its regulatory services.

The FinaCom stressed that other forms of cryptocurrency-related investment products fall under its oversight and that digital asset investors can expect to see more improvements to the free dispute resolution service over the next month, according to the circular.