IOSCO Chairman Calls Blockchain Companies to Maintain Anti-Fraud Protection
According to Greg Medcraft, chairman at International Organization of Secirities Commissions council (IOSCO), financial institutions implementing the blockchain technology shall consider reimbursing customers their assets in case of fraud.
Speaking to the Financial Times, Medcraft stated:
“One way to get consumer confidence is that someone has to look after the issue of fraud. At least at the start, exchanges will have to guarantee the customer behind [the trade].”
Medcraft pointed out that the blockchain may be potentially “good for investors and issuers”. However, he thinks, regular investors have to be convinced and rest assured their transactions are protected and safe.
IOSCO is an umbrella organizatios for more than 120 regulators of securities markets. Its dity is to define standards and international approaches for securities markets.
Subscribe to our Newsletter<
- NEAR Co-Founder: Bitcoin’s Level of Security Isn’t Necessary for Most Blockchain Use Cases
- Blockstack’s Muneeb Ali: Bitcoin as the Most Secure Blockchain Will Be the Best Foundational Layer for Web 3.0
- Voice Launch Rushed in the Face of Legacy Social Media Crisis
- Ethan Buchman: I Might Be a Covet Bitcoin Maximalist, but Future Is About Proof-Of-Stake
- Are Censorship Free Platforms Doomed to Become Den of Trolls? Gab’s Case
- Is First Decentralized Social Network Still Relevant: Steemit Retrospective Review
- How Crypto Grant Foundations Work: Expert Insights
- The Watchful Eye of Chainalysis: How Bitcoins Get Dirty and How It May Affect You