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Leading cryptocurrency exchange platforms have joined the Virtual Commodity Association (VCA) working group.
In March, Gemini proposed setting up an industry-sponsored self-regulatory organization (SRO) for the U.S. virtual currency industry, specifically virtual commodity exchanges and custodians. The VCA has now been established to foster consumer protection and market integrity for virtual commodity marketplaces.
According to the official website, the VCA is a working group “that will work toward the goal of establishing an industry-sponsored, self-regulatory organization for the U.S. virtual currency industry, specifically virtual commodity marketplaces.” It will focus on establishing a framework for industry best practices.
Initial participants include Bitstamp, bitFlyer USA, Bittrex, and Gemini Trust Company. The VCA interim Executive Director will be Maria Filipakis, former Executive Deputy Superintendent at the New York Department of Financial Services (DFS). Filipakis was instrumental in drafting the DFS rules and regulations for virtual currency.
“I applaud the VCA and its members in their commitment to strengthen the digital asset industry's regulatory landscape, rules for the protection of customers, and bring forth industry setting best practices and market transparency.”
The inaugural meeting of the working group will be held in September and expected to focus on formulating guidelines for membership in the VCA; guidelines for best practices and rules-based marketplaces that will promote fairness, transparency, risk management, and liquidity; guidelines for best practices that will address member conflicts of interest, client communications, client disclosures, and record keeping; and staffing the VCA.
“We believe adding a layer of oversight on virtual commodity cash markets, in the form of self-regulation, is important for consumer protection and to ensure the integrity of these markets. We look forward to participating in the VCA with our peers and working with industry leaders, participants, regulators, and legislators,” Cameron Winklevoss, Co-Founder & President at Gemini, wrote in a blog post.
