As Bitcoin weathers another rocky period of volatility, seven of the United Kingdom’s top cryptocurrency firms have joined together to form “CryptoUK.” The new trade body is designed to watch over cryptocurrencies, which are notoriously unpredictable and prone to dubious dealings. As global financial regulatory bodies take notice of the routine speculation and outright scams, CryptoUK is a move toward self-regulation that will aim to protect consumers, investors, and businesses alike.
The first quarter of 2018 was a difficult one for Bitcoin and its peers in crypto. CryptoUK boasts members from trading platforms, exchanges, comparison sites, merchants, asset managers, and more. The organization is the first to set forth a code of conduct for cryptocurrencies. Going forward, CryptoUK hopes to reassure and protect customers from illegal activity, though the cryptocurrency markets were initially founded on anti-regulatory principles.
Members of CryptoUK include BlockEx, CoinShares, Coinbase, Commerceblock, CEX.IO, eToro and CryptoCompare.