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Laxman Pai, Opalesque Asia: Four major cryptocurrency exchanges - Gemini, Bitstamp, Bittrex, and bitFlyer USA - are teaming up to develop a self-regulatory organization (SRO) for digital commodities, such as cryptocurrencies.
The new group, named 'Virtual Commodity Association (VCA) Working Group', aims to help large-scale investors get more comfortable with the crypto market, work on formulating industry standards.
VCA Working Group will be working to draft, and lobby, sets of regulatory measures that would reduce the amount of fraud and scams within the industry.
The first meeting of the newly created association is set to take place in September this year.
Created by Gemini Trust co-founders Cameron and Tyler Winklevoss, VCA would also help world governments to implement common sense and "do no harm" regulation to the crypto industry. If taken seriously by regulatory authorities, the group could become a powerful SRO group that could change the cryptocurrency markets for the better.
VCA will have an executive director, independent board, and establish a framework for industry best practices. The VCA interim Executive Director will be Maria Filipakis. Ms. Filipakis was formerly an Executive Deputy Superintendent at the New York Department of Financial Services (DFS) and was instrumental in drafting the DFS rules and regulations for virtual currency.
A press release quoted Ms. Filipakis saying that: "I applaud the VCA and its me...................... To view our full article Click here
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