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28 February 2020

Pushing for Crypto Self-Regulation Amid Tightening Government Scrutiny

Pushing for Crypto Self-Regulation Amid Tightening Government Scrutiny

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Even inter-governmental agencies like the Financial Action Task Force have in recent times put crypto governance at the forefront of their regulatory ambit.

Some critics posit that their recommendations do not come with the appropriate authoritative weight to trigger lasting changes in the crypto regulatory landscape.

As early as February 2018, Cointelegraph reported that the Korean Blockchain Association (KBA) was already considering the creation of a self-regulatory framework for local exchange platforms.

having no cryptocurrency regulations, CryptoUK has sought to lobby members of Parliament to create favorable laws for the local crypto industry.

In the U.S., exchanges have to carefully navigate unclear regulations about which crypto tokens constitute securities.

Securities and Exchange Commission (SEC) has consistently maintained that most ICO tokens are securities, some U.S.

platforms have been forced to geofence certain tokens or create separate local exchanges that list only tokens deemed not to be securities.

In the past, several commentators have called on the crypto industry to pursue self-regulation.

Commodity Futures Trading Commission (CFTC) have stated in the past that crypto businesses should develop modalities for self-regulation.

Back in mid-2018, Cointelegraph published a survey by Foley & Lardner LLP — an international law firm showing 86% of crypto executives being in favor of formalized self-regulation for the industry.

In an email to Cointelegraph, Yusuf Hussain, head of risk at Gemini, explained that self-regulation could help to temper some of the more stringent crypto laws being enacted by several governments.

Government agencies in some countries appear to be exerting ever-greater regulatory pressure on their local crypto industries.

South Korean blockchain startups are electing to list their tokens on overseas exchanges, further causing the local token trading market to shrink

Related: South Korea Is Hoping for Regulatory Clarity as Crypto Laws Toughen

As a global SRO for crypto exchanges, such an organization may function like the World Federation of Exchanges in lobbying regulators across different countries to come up with more favorable laws. 

Commenting on the need for a global governance standard for the crypto industry, Cheung wrote to Cointelegraph, stating that an SRO is the only way for “exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.” For Cheung, rather than focus on any one local jurisdiction, the exchange’s planned SRO will have a more worldwide focus

CryptoUK also expressed willingness to join a crypto SRO with a global focus but maintained that the U.K

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