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A new working group called Virtual Commodity Association – led by Gemini Exchange owned by Winklevoss – will now hold its first meeting in September with the intention of forming a self-regulating organization consisting of major cryptocurrency exchanges in the United States [19659002] Gemini proposed for the first time the establishment of an association in March of this year, in which the company proposed that a self-regulatory framework, such as those seen in distant markets such as Japan, could to help the development of cryptocurrency markets.
On Monday, the group will initially include Gemini, Bitstamp, Bittrex and bitFlyer. Each exchange will host a representative who, under the aegis of a self-regulating organization, intends to develop best practices for the cryptocurrency sector and formalize the requirements for membership.
In a press statement, Yusuf Hussain, head of the risk at Gemini, joked that "This is the first of many steps in overseeing digital goods markets and responding to regulators' call", while the CEO of Bitstamp Nejc Kodrič added that "We believe in the value of self-regulation, which we have pursued in Europe almost since our inception, and I do not see the time to follow a similar path in the United States: Those who can not or will not comply with regulations endanger consumers – and their operations themselves.
The Virtual Commodity Association will be guided in the transition period by Maria Filipakis, the former Deputy Supreme Executive at the New York Department of Financial Services.
Filipakis offered positive feelings about the formation of the organization – stating "I appreciate the VCA and its members in their efforts to strengthen the regulatory landscape of the digital goods industry, the rules for the protection of customers and pursue industry-wide best practices and market transparency. "
In particular, Coinbase – the largest cryptocurrency exchange in the United States – has not yet said whether it intends to become part of the Virtual Commodity Association.
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