CryptoUK Becomes the First Self-Regulating Organization
A new announcement was released yesterday, February 13, 2018. Seven influential cryptocurrency companies joined to give birth to a project that promises to change the way crypto trading is being analyzed.
We are talking about Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares and CommerceBlock. These trading platforms have lined up together to form a unique organization called CryptoUK– “the UK’s leading association representing the interests of the cryptocurrency sector”.
According to the CryptoUK’s website, the platform is “open to new members and supporters who are willing to sign up to our code of conduct”.
The platform differs from others being “the first self-regulation for the wild west sector worth £290 billion”, replied Telegraph UK.
The CEO of Coinbase UK, Zeeshan Feroz has mentioned that “the fundamentals are engaging as a single industry with the government. Regulation is imminent and that’s a good thing.”
What’s the CryptoUK’s purposes?
CryptoUK plans to carry out its activities side by side with the British government, taking into account a code of conduct. This will allow them to prevent some situations related to money laundering and hacker attacks on crypto platforms.
It also aims to educate users about the way digital coins are used, thus providing them a higher protection.
*The organization is based on three principles: UK leadership, promoting appropriate regulation and self-regulating.
The Chairman of CryptoUK, Iqbal Gandham mentioned that the platform’s innovation will allow “to promote best practice and to work with government and regulators… The company can become the blueprint for what a future regulatory framework will look like.”
During the Finance All-Markets Summit held on February 7, 2018 in New York, the Commissioner at Commodity Futures Trading Commission, Brian Quintenz has responded to all the crypto platforms’ inconvenience, suggesting them to create their own project called “self-regulatory organization”. That’s what these seven platforms mentioned above did!
We want to believe that CryptoUK will put the citizens’ needs in front of the list and only then the idea of making profit and protecting their own platforms.