IOSCO Chairman Calls Blockchain Companies to Maintain Anti-Fraud Protection
According to the chairman at IOSCO (International Organization of Secirities Commissions) council, Greg Medcraft, 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. Ă€t 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.
Recently, Nasdaq launched a private trading system underpinned by the blockchain technology.
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