Cryptocurrency is all the rage these days, and it seems like it’s all anyone can talk about. It’s being hailed as the new frontier in the world of finance, and savvy investors have already hopped aboard the bandwagon, eager to get first dibs on what can potentially be the next big thing. However, the Financial Industry Regulatory Authority (FINRA) may decide to regulate blockchain soon, and the Wild West days of cryptocurrency may very well be ending. If you’re interested in investing in cryptocurrency via blockchain, but wondering what will happen to your virtual wallets if the FINRA decides to start regulating it, then read on for more information.
You’ll need to Research Other Platforms
There are quite a few platforms available now that allow users to exchange currencies, from Euros, U.S. Dollars, to cryptocurrencies, and so on. You can look into any one of these platforms, and also research other sites that allow for a strict cryptocurrency to cryptocurrency exchange – which is about trading a Bitcoin for another cryptocurrency, for example – depending on your needs. Figure out what these platforms offer, and study the safeguards they provide very well. You should want to know what they can do to help protect users in the event of any market instability, or sudden regulatory demands being implemented.
Focus on Protecting Yourself From Cyber Attacks
We are still coping with how to deal with this new frontier of social media platforms, cryptocurrencies, and other forms of digital life. Cyber attacks don’t only happen in overheated films from the 1990s; it’s a very real possibility. Many people have fallen victim to this, especially on different cryptocurrency platforms; some losing hundreds of thousands worth of bitcoins in the blink of an eye. Having an attorney experienced in the nuances of this new form of financial trading should help you, and you can look into how much FINRA attorneys charge while you find the right one. FINRA attorneys are your best bet in fighting against this sort of malfeasance, or even if it’s just a matter of helping to retrieve a series of lost keys that make your cryptocurrency easily accessible to other hackers.
It’s Best to Look for Certification
Till FINRA makes it clear that it will begin regulating blockchain, you should look for the proper certification. According to the law in the U.S., any platform dealing with securities or trading needs to be certified by the appropriate channels in order to clear them to act as brokers. The Securities Exchange Commission (SEC) and FINRA both have different rules for certification and registration; the latter especially is responsible for writing the exams and licensing standards for professionals and platforms looking to get into this particular field. So, never buy, trade, or set up a wallet for your cryptocurrencies on a platform that does not clearly advertise its certifications from these important regulatory bodies.
Basically, FINRA works to educate investors and assist them in making educated decisions about the market and to recognize scams, and offer legal services to protect them from cyber-attacks. It also works to regulate different platforms and ensure that there is a modicum of accountability and control in the realm of markets. While cryptocurrencies and services like blockchain are still new, it is expected that they will come under greater scrutiny from FINRA.