Financial Commission COO and YouHodler Discuss Regulation
Updated 27 February, 2020
For those that visit the "About Us" section at YouHodler.com, you’ll notice an interesting badge saying “YouHodler is an Approved Member of the Blockchain Association.” That sure sounds nice on paper but what does it really mean? What is the Blockchain Association and more importantly, why should you care? We figured now would be the perfect time for a formal introduction.
What is the Blockchain Association?
In the simplest of terms, the Blockchain Association is the crypto-focused branch of the larger, Financial Commission, which operates affiliates Finacom PLC LTD Finacom LTD (Financial Commission). The Financial Commission is an independent, self-regulatory group that specializes in external dispute resolution (EDR) specifically within Forex, cryptocurrencies, and blockchain. In regards to YouHodler, if a client finds an issue with the platform, he or she can send a complaint to the Blockchain Association. In the case of a positive verdict for the customer, YouHodler must follow the Blockchain Association’s decision to resolve the dispute of said client.
Building a regulatory framework for the future
Surely some of you were around during the “wild west” days of cryptocurrency. A few lucky people made a fortune during those days but we can all agree, without a system of checks and balances, there is no sustainable future for this technology we’ve all come to love. If we ever want to see mainstream, crypto adoption, newcomers to the industry need some sort of assurance that the platforms they associate with are trustworthy. Suffice to say, the Financial Commission has deep roots in these practices.
Between the Financial Commission Board of Directors and their Dispute Resolution Committee, they have nearly 75 years of Forex experience working for brokers and traders alike. So it was only a natural progression for this team to move within the crypto-sphere to ensure proper conduct is being carried out and develop a healthy industry for intelligent traders.
YouHodler was able to catch the Financial Commission’s Chief Operating Officer Nikolai Isayev for a brief interview to discuss his relationship with YouHodler and their role in the future of the crypto industry.
Interview with Financial commission COO Nikolai Isayev
Q: Why do you think the Blockchain Association is a great fit for YouHodler?
“Well, considering YouHodler’s service for clients, it made sense to provide them with an opportunity to let their customers be able to access an independent, neutral and unbiased dispute resolution service. We understand the specifics of digital asset classes and the issues that digital asset traders and investors face today given our own experience with self-regulatory efforts in Forex and Blockchain going back five years.
As such, we felt that given Youhodler’s business model and the most common issues faced by digital investors today, it would make sense for their customers to be able to reach out to the Blockchain Expert Committee to get their questions answered, their issues resolved and, most importantly, come away with some new knowledge or education on what to expect when trading or investing in the digital markets in the future.”
Q: How does Youhodler fit into the current crypto regulatory environment?
“Let’s face it, today there are no other services that can review an investor’s issue by qualified and independent experts and present a reasonable course for resolution absolutely free. Considering that YouHodler’s customers deal with the exchange of fiat and digital assets, it is important they have access to an independent body to help verify any information or transactions.
While we do see the development of regulations governing token issuance, listing, and trading, we have yet to encounter any meaningful protections for customers that are common in other financial classes, such as Forex. As such, we believe that firms like Youhodler can satisfy their regulatory requirements by operating in crypto-friendly jurisdictions, but when it comes to customer protections, they can and should rely on our Blockchain Expert Committee to provide a service to fill in the important gaps.”
Q: What is the Blockchain Association’s experience with digital asset trading and blockchain technology?
“Our blockchain self-regulatory efforts date back to when we launched an ICO certification service in 2017. During that time we had made some successful project certifications, but also began to explore other opportunities to help protect investors and build trust within the new digital industry by consulting with our ICO Certification Committee, comprised of independent blockchain experts.
These efforts led us to create the Blockchain Association to concentrate our efforts specifically on digital asset investors and traders. Feedback to our dispute resolution service helps us understand the common issues faced by traders and find ways on how to resolve them. Our Expert Committee today includes 11 members, many of whom have extensive experience in development of blockchain technologies and projects. In this way we consider the Blockchain Association to also be a think tank – members consult with each other on technical, regulatory and security solutions.”
Q: Where do you see the crypto industry growing from here?
“We are seeing very positive developments in regulations and technology. On the one hand, we are likely to see enforceable regulations taking shape in many leading markets, while also being witness to major improvements in execution speed and other characteristics of exchanging/trading digital assets in the near future. As such, I think we will see the adoption of coins/assets in the mainstream over time. Given this scenario, we are working hard on improving and expanding the free dispute resolution service so that it will fit into the changing landscape.”
YouHodler working side by side with regulation
YouHodler is certainly grateful and fortunate to have such a reputable team of experts working with us but the partnership goes both ways as well. With the Blockchain Association assisting our clients with dispute resolution and also introducing YouHodler to valuable networking opportunities, we are forth a unique blend of tech experience from the European region. Many involved in the Financial Commission are U.S. based. YouHodler, on the other hand, has deep roots within Europe and works with some of the brightest blockchain engineers in the continent. As a result, we are happy to help the Blockchain Association using our FinTech/blockchain development expertise to better enhance their efforts as well.
It’s a symbiotic relationship that helps both parties and more importantly, our vibrant community of supporters. We look forward to pushing this new partnership to greater heights as the crypto industry finds it’s a regulated path in society.