FinaCom PLC, the Hong-Kong based industry-driven dispute resolution mediator serving forex and binary options brokers has today announced a new division within the organization that will pave the way for brokers offering crypto-currencies.
The Commission will be creating a new division, with the purpose of providing regulatory oversight and compliance enforcement to crypto-currency exchanges and trading technology providers.
Digital Currency Division Launched in Response to Brokerage Bitcoin Demand
Financial Commission is an independent dispute resolution organization, which has recently begun to certify and provide oversight to technology platform providers within the FX and Binary Options marketplace.
The crypto-currency marketplace is growing at a remarkable rate; many mainstream e-commerce shops are looking at offering it as payment options. Volatility within the marketplace is stabilizing as increased pricing and liquidity is expanded to enable more efficient price discovery for the most popular traded crypto-currencies such as Bitcoin or Litecoin, for example.
About The Crypto Division
The Crypto Division will tailor its approach to crypto-currencies to help ensure that brokers offering the trading of digital currencies have processes in place to adhere to best practices, as is required in online trading of other instruments such as Forex and Binary Options related.
This will be achieved by creating a set of rules and regulation to ensure financial security and stability and by using a systematic approach to identify areas of the execution process that can affect the quality and integrity of trade executions, which directly affect the customer trading experience.
Practices such as providing fair dealing, detailed reporting, and unique trade identifiers to help investigate the trade journey in cases where a specific trade is in question will be required, as an example in order for the Financial Commission to have the ability to help mediate trade dispute that arise from member-firms offering crypt currency related products.
A series of elements and criteria will be created by the Commission as part of the technology certification process, and as a pre-requisite for related crypto-currency firms to obtain membership with the Commission. The new section dedicated to the Crypto Division will appear on FinancialCommission.org