The Financial Commission, an external dispute resolution body for global forex, derivatives, and cryptocurrency brokers and their clients, announced today the certification of the Genesis Vision Initial Coin Offering (ICO).
Following Genesis Vision’s voluntary application for ICO certification with Financial Commission, a rigorous review of its planned ICO – including its business and proposed platform – was conducted to determine if it met a set of requirements established by Financial Commission’s newly formed Initial Coin Offering Certification Committee (ICC) division.
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During the due diligence phase of the evaluation process, over 150 points were checked across several categories, including those set forth in Financial Commission’s certification guidelines for ICO applicants.
Financial Commission Chairman, Peter Tatarnikov, said: “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. 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 formalised 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.”
Financial Commission’s ICC consists of a panel of financial services and fintech experts with backgrounds across multiple asset classes including foreign exchange, cryptocurrency markets, and digital blockchain assets, who volunteer to help drive certification standards and protocols, as part of the ICO certification service.