Coinbase, Etoro & 5 Other UK Crypto Companies Form Self-Regulating Body
As the looming shadow of regulations grows, seven UK based cryptocurrency companies have taken matters into their own hands and formed a self-regulating body called CryptoUK. The association is the first of its kind in the UK, aiming to promote a dialogue between the crypto world and policy makers, as well as improving transparency and encouraging good business practice.
CryptoUK has been established to promote the development and recognition of digital currency technologies in the UK, and to ensure higher cross-sector standards of conduct and consumer protection.
The diverse group is made up of exchanges, trading platforms, comparison sites, merchants, asset managers and more. This includes some of the biggest players in the industry such as Coinbase, Etoro and CEX.io. The members believe that cryptocurrencies are misunderstood by governments and regulators, but are willing to work alongside them to help the UK become a leader in this innovative new industry.
Together, we are working to help educate politicians and regulators about the cryptocurrency industry, and to work with them in developing an appropriate operating framework for the UK. We believe that by working together we can ensure that the UK fulfils its potential to be a global leader in this exciting new industry.
Last week saw a flurry of statements from EU regulators that labelled cryptocurrencies as ‘high risk’ and warned consumers could ‘lose large amounts, or even all, the money invested’. It seems fairly safe to say regulators are circling and they are not taking too kindly to the industry, but associations like CryptoUK should help to ensure to fair and productive negotiations moving forward. If you would like to know more, check out the CryptoUK full Code of Conduct.