Leading British crypto companies have created a self-regulatory organization

According to Finance Magnates and Finextra, the seven largest cryptocurrency companies in the UK have decided to create their own cryptocurrency self-regulatory organization called CryptoUK.

The organization includes the following companies: Coinbase, eToro, CryptoCompare, BlockEx, CEX.IO, CoinShare and CommerceBlock.

Igbal Gandham, managing director of the British branch of eToro, was elected chairman of the structure. He, in turn, noted the fact that the future lies in the field of cryptocurrencies, which can transform our society. At the same time, information about affected users and attackers does not stop coming in. In fact, this was the main reason for the creation of the CryptoUK regulatory body: the lack of standards of conduct in the cryptocurrency sector.  

The CryptoUK framework has set out standards for behavior and cooperation with governments and regulators, which are likely to be used as a basis for the creation of new legislation related to digital currencies. And not only in the United Kingdom, but throughout the world.

It became known that CryptoUK has already developed a code that all members of the structure must sign. It will provide protection against cyber-attacks, provide due diligence for companies in relation to any illegal activity, and guarantee the return of funds to customers in the event of company insolvency.

 CryptoUK will propose that the authorities establish appropriate regulation to protect consumers, as well as ensure the productive functioning of the industry in the UK. What specific regulations will be proposed is still unknown.

Zeeshan Feroz, head of the UK branch of Coinbase, noted that regulation is inevitable, which is good news.

According to https://www.finextra.com