The Financial Commission, an independent entity that certifies trading products and provides external dispute resolution services to the finance industry, has issued ICO certification to Genesis Vision. The announcement comes less than a month after the body announced it had established a committee tasked with the certification of initial coin offerings.
Genesis Vision Has Become the First Initial Coin Offering to Receive Certification from the Financial Commission
The Financial Commission announced that its recently formed Initial Coin Offering Certification Committee (ICC) which conducted a detailed review of Genesis Vision’s proposed initial coin offering – including the evaluation of over 150 points across numerous criterion. Genesis Vision has become the first initial coin offering to successfully receive certification from the Financial Commission’s ICC.
Peter Tatarnikov, chairman of the Financial Commission, has “congratulate[d]Genesis Vision on their successful ICO certification with Financial Commission” and stated his belief that the ICC’s certification will contribute to establishing an industry standard for initial coin offerings and improving mainstream perceptions pertaining to the legitimacy of ICOs. Tatarnikov expressed his pride in “see[ing]that [the]ICC… was able to contribute to help meet the pressing need of developing minimum industry standards while helping ICO applicants and the broader marketplace.”
The ICC Hopes to Contribute to the Establishment of Self-Regulatory Guidelines for the ICO Industry
Tatarnikov described the establishment of the Initial Coin Offering Certification Committee, alongside several entities within the ICO industry driving the maturation and legitimation of initial coin offerings through developing self-regulatory guidelines. The Financial Commission Chairman compared the ICC to “other recently formalized efforts including the ERC20 standard for Ethereum, and best practices issued by Consensus for smart contracts” in establishing “a framework… for helping [initial coin offerings]demonstrate compliance while determining if they are capable of obtaining certification.”
The ICC’s certification report states that the “ICC was able to satisfy itself that the Genesis Vision Token (GVT) platform passed ICC’s certification requirements.” The report emphasizes several key points, including that “GVT has been developed by a team of qualified developers, with a track record within the industry”, that “KYC and corporate documents of the company passed through internal compliance procedures”, and that “Genesis Vision provided sufficient evidence verifying who its ultimate owners are and organizational structures.” Despite the successful certification, the ICC recommends that [Genesis Vision] obtains legal opinions from reputable law firms where Genesis Vision is domiciled as regulatory frameworks for digital assets emerge”
The ICC states that their “certification is not and shall not be viewed as a recommendation to anybody to subscribe to, nor purchase GVT before, during or after its planned ICO”, and urges potential investors to conduct exercise due diligence and in conducting independent evaluations of an ICOs merits.
Do you think that increased efforts to self-regulate the ICO industry such as the Financial Commission’s ICO Certification Committee will inspire the development of permissive regulatory guidelines regarding initial coin offerings from governments? Share your thoughts in the comments section below!
Images courtesy of The Financial Commission, and Shutterstock
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