Seven UK Companies Form Cryptocurrency Trade Body
Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to 'improve industry standards and engage policymakers.'
Leading Cryptocurrency Companies form Crypto UK Trade Body
The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector.
'Regulation is Imminent'
The CEO of Coinbase UK, Zeeshan Feroz, stated that the 'fundamental' goal of Crypto UK is to 'engag[e] as a single industry with the government,' adding that 'Regulation is imminent and that's a good thing.'
Crypto UK has issued a code of conduct outlining the principles by which its members are expected to adhere. The code of conduct emphasizes the need for members to operate with transparency and in full adherence to UK regulatory requirements, in addition to making practical propositions with regards to the management of customer funds.
Cryptocurrency Sector 'Severely Misunderstood' by Regulators
Mr. Gandham described the cryptocurrency industry as being 'severely misunderstood' by mainstream institutions. 'That's why Crypto UK has been established,' Mr. Dandham said, 'to promote best practice and to work with government and regulators to ensure that the UK benefits from the exciting potential of this international technology.'
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