Currency.com joins self-regulatory trade association CryptoUK

abdelaziz Fathi

Belarus-based tokenized securities exchange Currency.com has joined CryptoUK, a self-regulatory trade association for the UK cryptocurrency industry, as an executive member.

Currency.com, which received Gibraltar’s DLT Licence in 2020, joins the ever-growing roster of businesses committed to engaging with the wider legislative dialogue around the future of blockchain technology.

CryptoUK was launched in 2018 and since then it has added more than 50 members as crypto adoption in the UK grows. The self-regulatory group counts the UK arms of Binance, Coinbase, Ripple, CryptoCompare, Electroneum, eToro, and CoinShares, among others, as its founding members.

Binance, however, has been issued a warning by the UK’s financial regulator. Britain’s Financial Conduct Authority (FCA) said that the world’s biggest cryptocurrency exchange is not permitted to undertake any regulated activity in the UK.

The association represents businesses that seek to promote higher standards of conduct, respond to industry developments, and help educate regulators about benefits of the blockchain technology. Executive members are tasked with collaborating to lead the CryptoUK’s strategic direction, as well as working with policy makers to develop a regulatory framework for crypto business.

Vitaliy Kedyk, Head of Strategy at Currency.com, said:

“Consumer and institutional adoption of cryptocurrencies and tokenised assets has grown steadily in recent months, suggesting the sector is on the cusp of turning mainstream. As demand for cryptocurrency picks up, regulation and best practices must continue to keep up with changes in the industry. To foster greater dialogue, collaboration and knowledge-sharing between the burgeoning crypto sector and regulators, we have joined CryptoUK as an Executive Member. Currency.com is committed towards ensuring the integrity of the UK crypto sector and the security of its investors and we have every confidence that we can achieve this with CryptoUK.”

Ian Taylor, Chair of CryptoUK, echoed these sentiments, saying:

“Our community collaborates to grow the UK’s digital asset sector and help develop a supportive regulatory framework for crypto asset businesses and consumers. Currency.com will bring significant local and global expertise to our Executive Committee and its initiatives. We look forward to working with them to help ensure the UK fulfills its global leadership potential and to foster innovation, job creation and investment opportunity.”

Currency.com allows investors to directly transact tokenized financial instruments, with payments being made directly in cryptocurrencies. Though its tokenized securities exchange offers its services to most jurisdictions, traders from the US and FATF-blacklisted high-risk nations are excluded from its service.

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