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Galaxy Digital, Ripple and others mull establishing industry standards for crypto space

Thu, 09 May 2019, 09:12 am UTC

Some of the biggest crypto firms met in Chicago this week with the objective of keeping a check on con artists and criminals flocking to the crypto space, Bloomberg reported.

Per the report, traders from 35 digital assets firms discussed various options and measures that would help curb fraud and illicit activities in the rapidly growing cryptocurrency ecosystem, which remains largely unregulated.

Companies including DRW Holdings Inc.’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings and Ripple discussed creating a blacklist of entities that are known to engage in illegal activities. Some companies also proposed establishing an accreditation of firms in good standing as approved by an association of crypto firms, called the Crypto OTC Roundtable Asia (CORA).

The first CORA meeting was held in Singapore in January. The recent meeting was organized with the help of crypto trading firm QCP Capital.

“A community-wide effort to improve compliance standards would prevent liabilities that might stem from trading with bad actors or dealers that trade with bad actors,” said Darius Sit, a Singapore-based managing partner at QCP Capital. “A self-governance initiative like this is also something that regulators are keen to see.”

Other suggestions made during the Chicago meeting include establishing a common standard for verifying customer identities and source of funds, CORA disseminating information on counterparties that default on derivatives trades, and others.

The gathering particularly underscored the unanimous will among big crypto players to impose standards from the conventional financial sector to the nascent crypto market. It highlighted that more efforts will be required to establish an “ordered and trusted trading environment, especially in the over-the-counter derivatives contracts CORA is focused on,” Bloomberg said.

The participants made no conclusive decisions or creating the blacklist and intend to discuss the suggestions in further forums.

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