The goal is self-regulation in the British cryptocurrency industry
CryptoUK consists of global trading platforms and cryptocurrency services: Coinbase, eToro, CryptoCompare, CEX.IO, BlockEx, CoinShares and CommerceBlock, as mentioned on the official website of the organization.
Zeeshan Feroz, CEO of Coinbase UK, said:
The basis is acting side by side with the government. Regulations are inevitable – and good.
CryptoUK intends to work with the UK government to comply with a code of conduct that will help prevent money laundering and other illegal activities involving Bitcoin and other cryptocurrencies, and better protect customers. However, the group will not offer ICO, which is an area of cryptocurrency industry that has been criticized by regulators around the world.
CryptoUK President and Managing Director of eToro Iqbal Gandham said that the new self-regulatory body aims to “promote best practices and cooperation with the government and regulators”, adding that the company can become “a model of what future regulatory projects will look like”
Last week, the head of the American Commodity Futures Trading Commission, Brian Quintenz, suggested that the cryptocurrency community should create their own regulatory system or self-regulatory organization (SRO) to avoid a “hard government hand”.