The seven largest cryptocurrency companies from around the world joined forces to form CryptoUK — the first of its kind trade Association, whose goal is self-regulation within the British cryptocurrency industry.
As stated on the official website of the organization to the CryptoUK became the largest cryptocurrency trading platform and services: Coinbase, eToro, CryptoCompare , CEX.IO BlockEx , CoinShares and CommerceBlock.
Zeeshan Feroz, CEO of Coinbase UK, commented : “Regulation is inevitable, and it’s good.”
CryptoUK intends to cooperate with the British government in accordance with the “code of conduct”, which will help prevent money laundering and other illegal actions using the cryptocurrency, as well as to strengthen the protection of users. The group will not engage in the regulation of the ICO, the field of cryptocurrency, which is worldwide under severe criticism from regulatory bodies.
CryptoUK Chairman and managing Director Iqbal eToro Gandham said that the new self-regulatory body seeks to “promote advanced technology and to cooperate with the government and regulators,” adding that the company could become “a model of what will be a future regulatory framework”.
Last week the head of the Commission on trade in commodity futures USA Brian Quintenz suggested that the cryptocurrency community needs to create its own regulatory system or self-regulatory organization, to avoid the ” tougher government regulation.”