• Thu, 17 Oct 2019, 03:23 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Bitstamp, Bittrex, bitFlyer USA and Gemini join Virtual Commodity Association Working Group

VCA Homepage Screenshot (TokenPost)

Mon, 20 Aug 2018, 13:58 pm UTC

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $8,030.22 (-2.14%)
  • Ethereum (ETH) $175.32 (-3.00%)
  • XRP (XRP) $0.284700 (-2.12%)
  • Bitcoin Cash (BCH) $217.21 (-3.60%)
  • Litecoin (LTC) $52.81 (-4.39%)
  • Bitcoin (BTC) $8,030.22 (-2.14%)
Oct 16, 2019 (Wednesday)
Bermuda starts accepting stablecoin ‘USDC’ for tax payments
Oxford English Dictionary officially adds ‘satoshi’
Crypto Technicals: XMR/USD holds above trendline support, 'Bullish Divergence' raises scope for upside
South Korea seeks to transform trade finance using blockchain technology by 2021
Crypto Technicals: XRP/USD finds stiff resistance at 21W-EMA (0.3008), break above to accentuate gains
Layer1 raises $50M from Peter Thiel and others to build bitcoin mining facility in Texas
Crypto Technicals: LTC/USD consolidates break below 20-DMA, on track to test trendline support at 52.25
Ford trials geofencing and blockchain technology to optimize energy efficiency of vehicles
India's YES Bank wants to lure more clients for its next planned blockchain model
Crypto Technicals: ETH/USD hovers around 20-DMA, break below will support further weakness
SEC solicits comments on Wilshire Phoenix Bitcoin and T-Bills ETF proposal
Crypto Technicals: BTC/USD breaks below 20-DMA, momentum studies bearish
CipherTrace expands crypto tracing capability to 700 tokens
Oct 15, 2019 (Tuesday)
TRON unveils partnerships with crypto custodian BitGo and BUPT’s information security center
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: BCH/USD extends choppy trade along 20-DMA, bias bearish
Italian interbank blockchain project clears technical tests, likely to see full implementation by March 2020
DeltaTrak joins IBM Food Trust to tap into blockchain potential
Grayscale Investment secures FINRA approval for public quote of Digital Large Cap Fund
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.