The Financial Commission, a self-regulatory association dedicated to ensuring sound practices across the financial services industry, today announced that it will begin accepting the cryptocurrencies Bitcoin and Ethereum as payment for its regulatory services.
Members of FinaCom will now be able to pay their service fees in the two most popular digital coins, and the regulator plans to embrace further cryptocurrencies in the next few months.
The new payment method is a part of FinaCom ‘digitizing itself’, which coincides with its wider approach toward digital currencies and blockchain technology following the launch of its ICO Certification service aimed to help fintech companies.
Liquidity Constraints in 2021 – What is the Best Path Forward?Go to article >>
Although cryptocurrencies have established a presence over the last few years, they still have a long way to go before reaching full acceptance from the regulatory side of the industry. This is indicated by the fact that the asset class as a payment method has been adopted only by a specific segment of market participants, and has thus far failed to gain wider traction. However, for FinaCom, expanding the types of digital currencies that it accepts could be a way to overcome this hurdle.
In addition to providing dispute resolution and certification services to the participants of the forex and derivatives markets, Financial Commission recently extended its coverage to the crypto community and blockchain startups seeking to launch initial coin offerings (ICOs).
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.
Financial Commission Chairman, Peter Tatarnikov, commented: “Following the launch of our ICO Certification service last quarter, and our certification of Genesis Vision, it was a logical step to accept cryptocurrency as a payment method for the services we provide to companies. The ability to accept and remit cryptocurrencies is an important first step for companies participating in the new blockchain economy, and Financial Commission is pleased to support companies that wish to use their digital assets, including bitcoin and ethereum, as payment for our services.”