Crypto News: Cryptocurrency firms form self-regulating, Crypto UK

Source: information-age.com

In response to mounting regulatory pressure from European governments, seven cryptocurrency providers came together to create a trade body called Crypto UK. Included in the group are exchange and trading platforms such as eToro, CryptoCompare, Coinbase, and BlockEx. Crypto UK will have its members sign a code of conduct, thereby aiding with due diligence against illegal activities, helping with insolvency issues when an exchange may be unable to pay out its customers, and protect against hacking of customer accounts.

As mentioned in the linked article, regulation in the UK seems inevitable. It would make sense for the cryptocurrency providers to take pre-emptive measures to form their own self-regulating body. They hope by doing so, government regulators will buy into their regulatory measures and not be left to the whim of the regulators to dictate how it will all shake out.

Disclaimer: I’m a self-proclaimed crypto-noob and trying to learn every day. While I hope my information and commentary are helpful, please always rely on your own research before making any investment decisions.