The Financial Commission’s Blockchain Association, which is made up of companies transacting in digital assets, today announced a new security audit certification for blockchain operators. The new service was launched in partnership with cybersecurity-focused technology consultant and developer SmartDec.
SmartDec is focused on blockchain security research, privacy, security audits, and smart contracts running on major crypto networks such as Ethereum and Tezos, as well as the use of privacy tools.
The Security Audit Certification is designed to perform security checks and test various blockchain-based business and smart contracts to ensure that these functions meet the industry standards for security and data protection.
SmartDec’s proprietary technology analyzes the source and executable code in accordance with customer’s requirements. The joint service with the FinaCom also helps the blockchain startups spot bugs or any other potential security flaws.
Joining the Blockchain Association provides members with several benefits. Blockchain and related crypto applications have been a hot topic recently, with multiple industries exploring their possibilities and new blockchain use cases emerging almost every day.
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FinaCom approaches cryptocurrency with increased scrutiny
Member firms also have the opportunity to consult with industry legal and compliance professionals. The membership helps blockchain firms solve common issues and questions arising from the physical exchange of cryptocurrencies, storage of digital assets, regional regulations, and compliance in global markets.
Over the last two years, the Financial Commission (FinaCom PLC) revealed plans to approach cryptocurrency exchanges and ICOs with increased scrutiny, designating the industry as a high-priority one for the agency.
The commission has recently launched a new tool to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Warning List,’ the service provides information about the potentially damaging behavior of certain digital asset providers.
The 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 Financial Commission also announced last year that it would begin accepting the cryptocurrencies Bitcoin and Ethereum as payment for its regulatory services.