The U.S. Financial Commission, an external dispute resolution body for global forex, derivatives, and cryptocurrency brokers and their clients, has announced its decision to extend its financial technology certificate service primarily to fintech firms seeking capital raises through initial coin offerings (ICO), Bitcoin.com reports.
In order to do so it has established a panel of fintech experts who will issue certification and assess the merits of prospective initial coin offerings.
This new independent regulatory body has been named the ICO Certification Committee (ICC).
The committee will have the Dispute Resolution Committee (DRC) as their source of support.
“The ICO certification service was a natural addition to our existing technology certification service for Fintech companies. Cryptofinancing via ICOs is skyrocketing in popularity yet the process is still ridden with challenges for issuers and investors – so the need to establish best practices for Fintech companies seeking capital raises via cryptofinancing was needed and Financial Commission is pleased to now offer certification to eligible firms seeking to do an ICO,” explained the founding member of the ICC and Financial Commission Chairman Peter Tatarnikov.