The Financial Commission, an independent self-regulatory organization, and external dispute resolution (EDR) body, has made known its plans to inaugurate a dispute resolution service specifically for crypto traders.
Commission, whose work is centered around the forex market and contract for contractual (CFD) brokerage, due to the rapid development of this area, the decision has been made to create a special service for crypto traders. The lack of resources of crypto traders to solve potential problems with brokers and exchanges is another reason that the financial commission sees the need for new service.
As part of the new offer, the commission is planning to set up a Blockchain Expert Committee (BEC) which would be made of crypto and blockchain industry professionals, and it is a mandate to help the commission to fully understand the experience of the crypto traders. It will also work as an Avenue to resolve their disputes as well as obtain consultation with crypto traders and their clients.
Extending The Commission’s Services from Forex to Crypto Traders
According to financemagnates.com, the financial commission disclosed that the work of establishing BEC soon revealed that the commission already provides for foreign currency traders. Crypto traders will also enjoy some services provided by the Commission to their foreign exchange business members.
The following are what the commission guarantees its forex traders:
- Protection of commission compensation fund up to € 20,000 per case
- Access to a neutral and interest-free realm to address any complaint
- A swift and efficient investigation and resolution (as opposed to rigid and bureaucratic regulatory bodies);
- Ability to learn and receive answers, never being “in the dark”.
- An opportunity to choose from more than 30 approved Members
Cryptographers, such as foreign currency traders who are members of the commission, will benefit from valuable information and professional advice on how to tackle problems they face while going about their work.
In the meantime, there are, however, some important differences with respect to the services crypto traders would be given. The resolutions made by the commission are all binding on members involved with Forex and CFD brokering.