Cryptocurrency trading company Currency.com will join CryptoUK, a self-regulating trading association for the cryptocurrency industry in the UK.
In an announcement made on Thursday, CryptoUK said that The company would become a managing member of the regulatory group along with Binance.UK, Crypto.com, CryptoCompare, Electroneum, eToro, Ripple, BCB Group, Outlier Ventures and Simmons Simmons. The executive members are responsible for the cooperation “to lead the strategic direction of the association”, and working with UK government policy makers to create a regulatory framework for cryptocurrencies.
Currency.com said it was planned “Promote more dialogue and cooperation with regulatory authorities and legislators” as a member of the group. The company’s chief strategy officer, Vitaliy Kedyk, Said regulation and best practices were necessary to cope with the growing use of crypto assets.
“Our community is working together to grow the UK digital asset sector and develop a comprehensive regulatory framework for crypto businesses and consumers.” said the President of CryptoUK, Jan Taylor. “Currency.com will bring significant local and global expertise to our Executive Committee and its initiatives.”
The company’s onboarding as the tenth board member comes the same week that CryptoUK accepted the UK-based cryptocurrency company. BCB group, and to the venture capital platform, Runaway Ventures. Binance’s UK subsidiary joined the self-regulatory group in August. CryptoUK was founded in 2018 and currently has more than 50 members.
The group said it is currently focused on helping develop the regulatory framework for cryptocurrencies in the UK, with the aim of making the country the “heart of fintech talent and skills.” However, other UK regulators appear to be the Financial Conduct Authority of Binanceordered the exchange to cease all regulated activities in June until he could do a review of his operations. Some local banks like Barclays and Santander UK have Payments have since been banned to the cryptocurrency exchange.