IDCAP Certification for traditional financial services companies
Crypto assets, initially born out of financial crisis and in antithesis to the traditional financial system, have now crossed over into the world of mainstream financial services, with most participants at the very least analysing their options, and a number of high profile ones having established an important presence already. For “tradfi” players this is an opportunity as well as a risk: the lay of the land in financial services will change dramatically over the next few years, and established financial services companies can come out big winners on the other side – or they can lose significant market share. For traditional financial services players the success will not only depend on the competence they develop in the crypto asset space, but also to which extent clients and regulators trust them in this respect.
The key benefit for traditional financial services companies to have their staff IDCAP certified is that it is a credible signal to clients and regulators alike that the staff has the competence necessary to open in this new and different field.
As Jim Bianco, a well known analyst expressed it: “Crypto is going to be the most significant macro event of my career”. Also regulators are getting involved very heavily. Some are very positive and upbeat about the opportunities. For example, SEC Commissioner Hester Peirce concludes “a successful regulatory framework for the digital economy will unleash its ability to empower individuals to build better futures for themselves, their families, and their communities." This is an important statement when the traditional financial services world is still being held accountable for the damage done to regular people and small investors in the financial crisis – the crypto asset world is seen as an alternative here that is being activelt encouraged. Others are more cautious however. Christine Lagarde, President of the ECB is refers to Bitcoin as a “highly speculative asset, which has conducted some funny business [sic] and some interesting and totally reprehensible money laundering activity”. The free-wheeling days of crypto assets are coming to an end, and companies have to comply with the applicable rules – even if it is not always clear what those rules are.
Whilst crypto native companies may have some regulators' sympathies, traditional financial services players still have a number of advantages. One is that they do know how regulations work, and dealing with regulations – even contradictory or incomplete regulations – is in their DNA. Another one is that they have a large established customer base that mostly trusts them. The market of financial services is still theirs to lose – and the market of crypto asset financial services theirs to win – provided they can establish the competences needed to compete, and to convince regulators and clients of this. Aggressive crypto asset start-ups may have the more exciting story, and in some cases also an exciting new user experience. However, who will win in this battle for the attention and trust of the customer base is wide open at the moment, and those companies who position themselves best have the best chances to succeed.
IDCAP – founded by University of Nicosia and yet to be disclosed launch partners – is in a unique situation to lead the charge on crypto asset certification. UNIC was the first university to offer a crypto MOOC, the first university to offer and accredited MSc on crypto asset, and it made news when it was the first university to accept Bitcoin as payment for all its programmes in 2013. IDCAP’s CEO, Stefan Loesch is a financial services veteran with experience at J.P. Morgan and McKinsey, but also an advisor in the defi space. He is also the author of a highly successful book on financial services regulation, and co-author/editor of the PRMIA Handbook. IDCAP’s current board is Antonis Polemitis, CEO of UNIC and a highly regarded pioneer in the crypto space who lead the charge to establish the first crypto MOOC and MSc in the world. George Giaglis is the Executive Director of the IFF, a world leading crypto asset research institute and academic lead on the European Blockchain Observatory and Forum. Jeff Bandman is a regulatory lawyer who used to be in a senior position at the CFTC and is now advising companies and regulators on crypto assets. All of the above are teaching in UNIC’s highly regarded blockchain programs.
Like the CFA, the IDCAP certification programme is a three stage programme, with Level 1 being “Proficient”, Level 2 being “Advanced” and Level 3 being “Expert” level. Contrary to the CFA there is no requirement to take all three exams to become an IDCAP Certified Crypto Asset Professional – we understand that certification requirements can vary with the demands of the position. IDCAP Certified Professionals receive a blockchain registered diploma, administered by our sister company Block.co. IDCAP Members will follow continuous professional development (“CPD”) courses to maintain their level of knowledge. Those courses cover a wide range of topics, and they are offered by IDCAP as well as by our academic and training partners. IDCAP is also running Decentralized, the thriving global crypto and blockchain community, and is organising numerous events, including the eponymous flagship conference.
For companies that sign up their employees as a group we offer additional services. We allow for central management of the purchasing and sign-up process via HR or business units, making the whole process painless, especially for large companies involving bigger number. If you are a company that signs up their staff centrally we also provide you with official reports on the certification status of your staff, which you can share with clients and regulators as a signal that they can trust you in this matter.
Signing your staff up is easy: if you are interested in being part of our pioneer cohort of customers please contact us via email, phone or our form and we will take care of your needs. Please be mindful though that places are limited. We ensure that everything runs smoothly and we offer the best possible experience to our participating professionals. If you miss it you might not only miss out on the distinguished pioneer diploma on the blockchain that will be yours for life. You may also miss out on opportunities that present themselves in the crypto asset markets because regulators and client would have needed that last little push of trust to cross the line.