A consortium of virtual commodity providers including Bitstamp, Inc., Bittrex, Inc., bitFlyer USA, Inc., and Gemini Trust Company, LLC, are banding together to establish a self-regulatory organization to monitor the virtual commodity marketplaces.
The group, called Virtual Commodity Association (VCA) Working Group, will meet in September to draft an industry-sponsored SRO mechanism, the group said in a statement.
“The blockchain industry must focus on protecting its customers and operating responsibly to increase adoption globally significantly," said John Roth, chief compliance and ethics officer at Bittrex. "By working with the VCA, we can advance our shared goals of improving transparency, accountability, and security across all virtual currency trading platforms.”
He added the initiative would complement the discussions the group is undertaking with legislators and regulato...
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