Seven of the largest cryptocurrency companies in the world have joined forces to form the CryptoUK, the first marketing association, whose goal is self-regulation of the crypto industry within the Kingdom, The Telegraph reported on Tuesday, February 13.
CryptoUK consists of global marketing platforms and services criptomonedas as Coinbase, eToro, CryptoCompare, CEX.IO, BLOCKEX, CoinShares, and CommerceBlock, as stated in the official website of the organization.
Zeeshan Feroz, CEO of Coinbase UK, commented: "The fundamentals are attractive as a single industry with the government. Regulation is imminent and that's a good thing. "
CryptoUK intends to work with the UK government to follow a code of conduct that helps prevent money laundering and other illegal activities involving Bitcoin and other cryptocurrencies, as well as better customer protection. However, the group will not try to regulate the Initial Coin Offers (ICO), an area of crypto-industry that has received criticism from regulators around the world.
President CryptoUK and managing director of eToro Iqbal Gandham said the new self-regulatory body is intended to "promote best practices and to work with government and regulators," adding that the company can become "the model for what will be a future regulatory framework. "