What is the Blockchain Association?

Unlike many other associations and organizations that have been formed to focus on integrating and advancing Blockchain technologies for different regions of the world, the Blockchain Association (https://blockchainassociation.io/) was created to help protect digital asset investors and resolve disputes that arise from the trading and storage of digital assets. Likewise, the Association unites Blockchain firms that are committed to upholding the highest standards of commercial honor and business practices.

As such, the Blockchain Association is an independent, neutral and impartial mediation body for Blockchain. Digital asset investors who trade or store assets and cannot resolve an issue with their exchange or e-wallet can submit their complaints to the Blockchain Association free-of-charge and a group of qualified independent experts will provide a review and recommend a solution. Today, it remains the only free and independent mechanism available to customers of unlicensed digital asset exchanges and wallets. 

In addition to dispute resolution, the Association provides security audit certifications for Blockchain projects, including contacts and tokens. Such services are critical to maintaining a secure environment for customers and satisfying requirements with many licensing regulators and B2B counterparties.

Finally, the Association also presents a closed networking opportunity for executives and management of Blockchain projects to interact with the Association’s Blockchain Expert Committee. The Committee, described in detail below, provides the opportunity to find new technology and business solutions, as well as legal and regulatory assistance from a diverse group of Blockchain professionals. 

How did the Association get started?

The Blockchain Association is the product of over 6 years experience in resolving disputes between Forex and CFD brokers and their clients by the Financial Commission, the parent organization of the Association. In 2013, the Financial Commission began offering dispute resolution services to FX brokers and customers. Since then it has processed and resolved more than 2,500 disputes and awarded over $2.5M to Forex traders.

In September 2018, the Financial Commission began accepting disputes from digital asset traders and investors who had unresolved issues with their exchanges or e-wallets. The organization has since been involved in resolving disputes for Blockchain participants. Given the sheer amount and nature of complaints received, the Blockchain Association was launched in July 2019 to create a full dispute resolution body specific to Blockchain.

How does the dispute resolution process work

Digital Asset investors and traders can submit their complaints to the Association, but only if they have already attempted to resolve the matter with their provider. The process then follows a specific set of Rules & Guidelines, allowing both parties to the dispute to submit information and evidence in order to assist the Blockchain Expert Committee (BEC) in its determination to find a resolution.

Unlike disputes involving Forex traders, Blockchain disputes are currently non-binding for each party to the complaint, meaning the BEC issues resolutions that are recommendatory in nature and are not enforced. Nevertheless, dispute resolutions issued by the BEC can be used in further attempts to resolve the matter in legal or arbitration settings with legal counsel. Resolutions provided by the BEC include a detailed explanation of the findings for the case and recommendations to both parties.

What is the Blockchain Expert Committee?

The Blockchain Expert Committee (BEC) is comprised of digital asset industry experts together with legal and compliance professionals who are committed to advancing self-regulatory efforts for the digital currency trading community while promoting greater transparency and disclosure by service providers. The BEC aims to find solutions to common issues arising from the physical exchange, transference, and storage of digital currencies, including key generation and custody,  and the distinction between crypto securities and other crypto assets in various jurisdictions, as well as token listing requirements and standards. 

BEC members provide a consulting role within the Association while also handling all incoming disputes and resolutions related to Blockchain complaints. 

What do I do if I have a Blockchain complaint?

If you have a dispute with your service provider – such as an exchange or e-wallet – regarding your digital assets, please click here to find out how to file a complaint with the Blockchain Association and the steps necessary to resolve a dispute. 

It is also important to find out if your service provider is regulated. For example, exchanges or wallets registered in Malta and Gibraltar may already have a Blockchain license to operate, in which case you can submit your dispute directly to the service provider’s regulator. 

For general questions or to check on the status of your digital asset service provider, please email us at [email protected]. 

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

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