Cryptocurrency commutation OKEx appear in a press release shared with Cointelegraph on Oct. 3 the creation of a Self-Regulated Organization (SRO) aiming to standardize crypto exchange compliance practices and policies.

A global self-regulatory crypto exchange trunk

Per the release, OKEx is already engaging with other exchange and market place participants to form their planned SRO. The arrangement in question is meant to be like to the Earth Federation of Stock Exchanges, FINRA in the United States and the World Economical Forum. OKEx made the announcement on the starting time twenty-four hours of the DELTA Pinnacle in Republic of malta.

Member exchanges volition supposedly collaborate to ascertain and comply with standards promoting digital nugget adoption, government and regulator instruction, and develop metrics and criteria for trading, listings, and reporting. Head of Operations for OKEx Andy Cheung commented on the development:

"Cryptocurrencies are global and decentralized, and the manufacture remains nascent, thus regulations past jurisdiction are not enough. [...] The only mode for exchanges to abound and deliver touch on is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks."

Exchanges to collaborate with governments

The writer of the report notes that crypto exchanges must "analyze their operational practices and procedures in club to all-time cooperate with governments and encourage innovation in this sector." Head of International Strategy and Innovation at OKEx Enzo Villani said that the firm is already in talks with other trading platforms:

"We are in discussions with other exchanges and market participants to join u.s. in formalizing a global SRO."

In an exclusive interview with Cointelegraph, Villani also noted that he believes that while they are competing, crypto exchanges should fight to observe an equal and fair field to compete in. He likewise explained that compliance is rather difficult in the industry as it currently stands:

"You're gonna accept the competitive matrix — it's gonna be at that place all the time — you'll compete on price, you'll compete on speed, you'll compete on listings, only yous accept to take a sandbox where everybody can play. And fortunately we have a sandbox already set up. What's unfortunate is that we are trying to become regulator-to-regulator, instead of saying let's just set some loftier level rules that fit into all these regulations at some level."

Equally Cointelegraph reported in Feb, United states of america Commodity and Futures Trading Commission commissioner Brian Quintenz has suggested that participants in the cryptocurrency manufacture should create a self-regulatory structure.