Four Cryptocurrency Exchanges Join Forces to Come up with Self Regulatory Body

Four cryptocurrency exchanges, bitFlyer, Gemini, Bittrex and Bitstamp have come together to form a self regulatory organization or SRO.

The SRO will try to form a set of rules and regulations that will be effective in self regulation of cryptocurrency exchanges. The idea was suggested by Cameron Winklevoss, the co-founder of Gemini exchange, many months ago.

Order Cbd Pills Mastercard The body which goes by the name Virtual Commodity Association, is all set to hold its inaugural working group meeting in September 2018. Nejc Kodrič, the Chief Executive Officer (CEO) of Bitstamp said, “We’re proud to be a part of the Virtual Commodity Association as a way to add another element of protection for consumers. We believe in the value of self-regulation, which we pursued in Europe almost from our inception, and look forward to following a similar path in the U.S. Those that can’t or won’t comply with regulations put consumers – and their own operations – at risk.” At the first meeting, the body will discuss: Guidelines for membership in the VCA, Guidelines for best practices and rules-based marketplaces that will promote fairness, transparency, risk management, and liquidity, Guidelines for best practices that will address Member conflicts of interest, client communications, client disclosures, and record keeping and Staffing the VCA, to include an Executive Director, among others, and composition of the Board of Directors. John Roth, Chief Compliance and Ethics Officer at Bittrex said, “The blockchain industry must focus on protecting its customers and operating in a responsible manner to significantly increase adoption globally. By working with the VCA, we can advance our shared goals of improving transparency, accountability and security across all virtual currency trading platforms. This effort will also complement our discussions with regulators and legislators about developing a long-term solution that creates a fully-compliant environment for blockchain while encouraging innovation, economic growth, and U.S. leadership in the industry.”

Cbd Crystals For Sale Gemini was recently in the news, when it emerged that the Securities and Exchange Commission (SEC) had turned down the company’s application for bitcoin Exchange Traded Fund (ETF). Liked what you read? Join us on Telegram

Buy Cbd Oil Capsules The post Four Cryptocurrency Exchanges Join Forces to Come up with Self Regulatory Body appeared first on Crypto-News India.
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