Coinbase, eToro, CryptoCompare and more …
Coinbase, eToro, CryptoCompare, and others set up a self-regulatory body for the cryptocurrency space
BlockEx, CEX.IO, Coinbase, CoinShares, CommerceBlock, CryptoCompare and eToro have announced the creation of a self-regulatory framework for the cryptocurrency industry called CryptoUK. Finance Magnates and Finextra write about it.
Igbal Gandham, Managing Director of eToro UK and elected Chairman of CryptoUK, said: “There are a lot of misconceptions about this sector. At the same time, he can transform our society. But we keep hearing about the activities of attackers and affected consumers..
This was the reason for the creation of CryptoUK: the formation of a model of behavior and cooperation with governments and regulators “.
The structure has enshrined norms of behavior that could form the basis of new legislation in the field of cryptocurrencies in the UK and possibly in the world.
Among other things, the organization requires due diligence to conduct due diligence, segregation of client and company funds, “honest, transparent and non-misleading” communication with clients, and the use of cold wallets to store client funds..
CryptoUK will ask the government to put in place appropriate regulation to protect consumers and ensure business certainty, leading to the prosperity of this sector in the UK, it said in a statement..
At the same time, they do not specify what kind of regulatory measures they are going to propose, but at the current stage of the ICO are not included in their range of tasks. However, they promise to develop norms for such campaigns..
“A behavioral charter is at the heart of everything we do. It is not over. It will be improved and transformed with industry, legislators and others, ”Gandham added..
It is unclear what role UK regulators will play in the new organization. Coinbase UK head Zeeshan Feroz said: “Regulation is inevitable, and that’s good.”.
Recently, Brian Quintens, a member of the US Commodity Futures Trading Commission, called on the cryptocurrency industry to self-regulate..
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