The Financial Commission’s board has adopted resolutions approving a new applicant to join the self-regulator’s Blockchain Association, which is made up of companies transacting in digital assets. This round of approved applicants includes a cybersecurity-focused technology consultant and developer called SmartDec.
Joining the Blockchain Association provides SmartDec’s members with several benefits including an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization. It also helps significantly reduce arbitration costs for all parties involved.
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.
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.
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“Member firms also have the unique opportunity to consult with industry experts, legal and compliance professionals, and fellow Association members on how to solve common issues and questions arising from physical exchange of digital currencies by customers, storage of digital assets on the Blockchain, and regional regulations and compliance in key global markets where digital currencies are in very high demand,” the self regulator further explains.
The Financial Commission has recently introduced new services that intended to allow broker members to spot and halt fraudulent transactions. This included its newly-launched DisputeWatch tool which lets the broker search its community registry to see if a client has any dispute records, and sends alerts regarding suspicious clients that have the potential to abuse a company. DisputeWatch achieves this by allowing companies to share dispute information to protect themselves from being attacked by the same fraudsters.
The service has already amassed a list of key FX brokers including Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM, and Amana Capital.
The recently launched “value-added” service also allows clients of the commission’s brokerage members to use its analysis tool to check whether their trades were fairly priced or not.
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