OKEx has launched an Initiative to develop a global Compliance Standards for crypto-exchanges. This will be achieved through a self-regulating organization whose members work together on appropriate Standards.
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OKEx is leading the way for the global crypto-exchange standards
The Lack of global Standards for the regulation of crypto exchanges was and is a persistent Problem in the industry. The global and decentralized nature of crypto-exchanges requires compliance with a jumble of local and international regulations and because of the strict or unclear laws, stock exchanges lose, therefore, often opportunities in the market.
However, this could change soon, as a consortium of stock exchanges, is working on the implementation of global Standards, which should contribute to the unification of the rules.
So OKEx, a leading crypto-Spot – and Futures-Trading platform with headquarters in Hong Kong and Malta has now announced that they will start an Initiative for development of global Compliance Standards for crypto-exchanges. For this purpose, the company establishes a self-regulatory organization (SRO).
The organization aims to integrate stock exchanges and market participants in the global crypto-Trading community and OKEx, according to a similar structure as the “World Federation of Stock Exchanges”, the US”Financial Industry Regulatory Authority” FINRA, and such as the World Economic Forum.
Andy Cheung, Manager of OKEx, is convinced that the rules of The Jurisdiction are not sufficient, in order to promote the worldwide dissemination of digital Assets.
“The only way for exchanges to grow and to achieve effect, is that we join together to develop practices and policies that set a global Standard and regional regulatory framework to adapt,” he explains in the press release.
A new era for the global regulatory
The new Initiative of OKEx was first presented in Malta during the DELTA summit in 2019. Enzo Villani, the Head of Strategy and Innovation of OKEx and a former NASDAQ Manager, announced the news and stressed that it will orders be an independent, members – based organization-neutral and open to the exchange of “information of all sizes and legal”.
All potential members need to clarify their operational practices, and governments work together to promote Innovation in this sector. The SRO will focus on the establishment of Standards for Market-Making, Listing and Delisting of digital Assets and other for the growth of the entire industry of critical points, so OKEx in the press release.
The Initiative seems to be the need of many crypto-to originate business, to want things even in the Hand. The beginning of the week, the Japanese financial service providers, Monex Group has announced, for example, that you have founded a Association that will advocate for the development of regulations at the time of Offering of the security Token in the country.
Text evidence: crypto slate, Priyeshu Garg