Seven of the world's largest cryptocurrency companies are grouped together to form CryptoUK, a first commercial association of its kind, The Telegraph reports on Tuesday 13 February.
CryptoUK is comprised of global cryptocurrency trading platforms and services. Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares, and CommerceBlock, as shown on the official website of the organization.
Zeeshan Feroz, CEO of Coinbase UK, commented: " The fundamentals are engaged as a single industry with the government.The regulation is imminent and it is a good thing . "
CryptoUK intends to work with the UK government to follow a code of conduct that will help prevent money laundering and other illegal activities involving bitcoin and other crypto -monnaies. as well as better protecting customers. However, the group will not discuss the regulation of Initial Coin Offeringings (ICO), a sector of the cryptography industry that has been criticized by regulators globally.
CryptoUK president and CEO of eToro Iqbal Gandham, said the new self-regulatory body aims " to promote best practices and work with the government and regulators "adding that the company"
Last week, the head of the Commodity Futures Trading Commission of the United States, Brian Quintenz, suggested that the cryptocurrency community should create its own system regulatory or self-regulatory organization (SRO) in order to avoid a "hand of government more severe ".