April 10, 2018
BTRIC Announces Call for Founders of FinTech Self-Regulatory Organization (FTSRO)Today Blockchain Technology Research Innovations Corporation (BTRIC) announced that it is seeking founders and tax-deductible contributions from across the crypto asset industry for the formation of “Financial Technology Self-Regulatory Organization” (FTSRO). BTRIC, a 501(c)(3) organization, has established a fund dedicated to the founding of FTSRO and is now seeking additional contributors as well as persons or businesses to be included as founders.
By forming a non-profit Self-Regulatory Organization (SRO), BTRIC believes that the crypto asset industry can better accommodate regulatory requirements in a streamlined and efficient manner, allowing for maximum innovation and participation in this emerging field. FTSRO will be focused on developing and implementing best-practices standards to cover areas such as crypto asset classification (i.e. determination if a crypto asset is a currency/commodity, a utility token, a securities token, a collectible or other special purpose token, etc.).
In addition, FTSRO will establish model standards for Know Your Customer (KYC), Anti-Money Laundering (AML), and Countering the Financing of Terrorism (CFT) that participants can utilize to ensure consumers and investors are protected against fraud and market manipulation.
Founders of FTSRO will play a role in the organization from the beginning, demonstrating their commitment to “light-touch” self-regulation that ensures that compliance is not expensive or cumbersome and that innovation continues to define and refine one of the most significant developments in the history of commerce.
BTRIC’s Chair of the Board of Trustees, Terri Lei Beideman, stated, “The founding of FinTech SRO is an important step in bringing regulatory clarity to a field that is often confusing and even, in some ways, contradictory. By sharing information and resources among members and working with regulators, FTSRO will move this industry, which began as a small movement just under ten years ago, forward with constructive and practicable standards and guidance. FTSRO provides a vehicle to ensure consumers and investors are protected and that crypto asset businesses and other participants are legally compliant while still accommodating the fast pace of innovation in this quickly growing field.”
Persons and businesses interested in participating as a founder of FTSRO, or those interested in contributing to the FTSRO organization fund, should contact BTRIC at
ftsro@btric.org. The concept for FTSRO, which is evolving as more people get involved, is
described in this blog article.
About BTRIC: Blockchain Technology Research Innovations Corporation is a U.S. based 501(c)(3) non-profit economic development organization that is focused on the emerging technology field. Within this field, BTRIC operates a
business incubator and startup accelerator, a
best-practices standards development, educational, and outreach initiative, and a
research and development laboratory. Due to the global nature of emerging technologies, we also operate a related U.K. based charitable organization (BTRIC UK) to enable contributions from donors located in the United Kingdom, European Union, Iceland, Norway, and Lichtenstein.
Contributions to BTRIC and BTRIC UK may be tax-deductible or eligible for other tax relief to the extent allowed by law. Contact your tax advisor for more information. U.K. based donors can contact
donations@btric.orgto donate in a manner that is eligible for the U.K. Gift Aid program.
Visit our website at
https://www.btric.org. You can also connect with us on Twitter at
https://twitter.com/BTRICorg, keep updated on our Medium blog at
https://medium.com/btric, join our Telegram chat at
https://t.me/BTRIC_General and reach out via email at
hello@btric.org.
