The Virtual Commodities Association which consists of cryptocurrency-related firms is on a mission to achieve self-regulation within the digital currency space through the creation of a new organization.
The consortium of digital asset providers is composed of key players in the cryptocurrency market such as the Gemini Trust Company formed by the Winklevoss twins, bitFlyer, Bittrex, and Bitstamp among others. The Virtual Commodities Association plans to hold a meeting in September in which they will work towards creating a mechanism for achieving the self-regulatory status. This is also part of its plan to make sure that the customers enjoy the highest level of protection.
“The blockchain industry must focus on protecting its customers and operating responsibly to increase adoption globally significantly,” stated John Roth, the head of ethics and compliance at Bittrex.
Roth also pointed out that Bittrex’s involvement with the Virtual Commodities Association will contribute towards achieving their common objectives. These common goals include achieving more security, accountability and transparency in crypto trading platforms. The proposal was initially introduced by the VCA in March this year but they kicked off on Monday
Cryptocurrency exchange platform Gemini’s founder, Cameron Winklevoss stated that proper regulation in the cryptocurrency space is highly important especially as they build towards the future of money. Winklevoss noted that self-regulation is a vital part of making sure that there is integrity in the market and that customers are protected. VCA is expected to hold a meeting in September, during which there will be a vote for key positions including the executive director position and also selecting the members who will join an independent board.
The push towards self-regulation comes at a time when the cryptocurrency market has been full of uncertainties following the long-standing bearish performance. This is due to numerous factors including heavy speculation and security issues as a result of numerous hack attacks that have led to the loss of digital currencies worth millions. These issues have therefore discouraged many people from venturing into the market but the consortium of cryptocurrency firms is determined to make sure that the situation improves. Also, the lack of proper regulations for the crypto market has been a major reason behind the push for self-regulation.