Cryptocurrency markets such as Gemini, Bitstamp, Bittrex and bitFlyer have announced the creation of an organization to deal with the self-regulation of the digital asset market.
The new group sets ambitious goals. It wants to help investors to better understand the cryptocurrency market, work on the formulation of industry standards and consequently lead to self-regulation of the market.
The first meeting of the newly created team is to take place in September this year. It seems that the inspiration for its creation was the situation on the securities market. There, the stock exchanges have their own organizations that invent common standards and are jointly and severally responsible to regulators. The new group could act as an equivalent of this type of entities to the world of cryptocurrencies “inventing best practices for the industry, looking for ways to increase liquidity and eliminate market manipulation.”
The association was founded by four crypto-currency exchanges from the USA: bitFlyer, Gemini, founded in 2014 by the brothers Winklevoss, Bitstamp and Bittrex.
What may seem surprising, one of the largest US stock exchanges, Coinbase, is not part of the group and refused to comment on the initiative.
A similar idea, as US companies, had sixteen Japanese cryptocurrencies. In 2018, they decided to unite their forces and set up a “self-regulatory organization”. One of their main goals is still the attempt to develop common standards to improve the security of the operation of cryptocurrency platforms in their country.
The initiative was an answer to the January hacker attack on one of the largest stock exchanges in Japan, Coincheck, as a result of which cybercriminals managed to steal the platform of over 500 million units of NEM token with the then equivalent of approx. 550 million. dollars.
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It is worth remembering about the “canon of good practices” for Polish cryptocurrency companies, which was created in 2017 and was signed, among others, by Bitmarket. You can familiarize yourself with the details of the Polish document on the website of the Polish Bitcoin Association in the Documents section.