UK Cryptocurrency Companies to Form a Self-Regulatory Body

February 14, 2018

British cryptocurrency companies has formed a self-regulation body called CryptoUK. Among its participants are companies such as CEX.IO, eToro, Coinbase, CoinShares, CommerceBlock, BlockEx and CryptoCompare. Managing director of eToro Iqbal Gandham became the head of CryptoUK.

Gandham says that this body was created "to promote best practice and to work with government and regulators", though he admits, that cryptocurrencies are extremely risky operations.

He told Telegraph: 

"We hope it can form the blueprint for what a future regulatory framework will look like."

All member of CryptoUK are obliged to sign a code of conduct. This measure allows CryptoUK to ensure greater due diligence that will help it to prevent illegal activities in the field of cryptocurrency. Moreover, this will protect this industry from cyberattacks. 

Zeeshan Feroz, UK CEO of a popular cryptocurrency exchange Coinbase said:

"The fundamentals are engaging as a single industry with the government. Regulation is imminent and that’s a good thing."

It is worthy to recall, than last month British Prime Minister Theresa May said that that it is necessary to ensure that bitcoin or other cryptocurrencies are not used in the illegal activities in the UK, because there is practically no crypto regulation in the European Union, and the United Kingdom is still a part of the union. 

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