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As a member of the group, the company stated that it intends to “drive greater dialogue and collaboration with regulators and policymakers.”
Currency.com, a cryptocurrency trading company, has joined CryptoUK, a self-regulatory trade association for the cryptocurrency industry in the United Kingdom.
CryptoUK on Thursday said the firm would become an executive member in the regulatory group alongside Binance.UK, Crypto.com, CryptoCompare, Electroneum, eToro, Ripple, BCB Group, Outlier Ventures, and Simmons & Simmons. Executive members are in charge of collaborating “to lead the association’s strategic direction,” as well as working with government policymakers in the United Kingdom to develop a regulatory framework for cryptocurrency.
As a member of the group, Currency.com stated that it intends to “drive greater dialogue and collaboration with regulators and policymakers.” According to Vitaliy Kedyk, the company’s head of strategy, regulation and best practises are required to adapt to the growing mainstream use of cryptocurrencies.
“Our community collaborates to grow the UK’s digital asset sector and help develop a supportive regulatory framework for crypto asset businesses and consumers,” said CryptoUK chair Ian Taylor. “Currency.com will bring significant local and global expertise to our Executive Committee and its initiatives.”
The addition of the crypto trading company as its 10th executive member comes the same week CryptoUK accepted U.K.-based crypto firm BCB Group and venture platform Outlier Ventures. Binance’s U.K. subsidiary joined the self-regulatory organisation in August. CryptoUK was founded in 2018 and currently has over 50 members.
The group stated that it is currently focused on supporting the development of a crypto regulatory framework in the United Kingdom, with the goal of making the country the “heart of fintech capabilities and talent.” Other regulators in the United Kingdom, however, appear to have targeted Binance, with the Financial Conduct Authority ordering the exchange in June to cease all regulated activities until it could conduct a review of its operations. Since then, some local banks, including Barclays and Santander UK, have prohibited payments to the major cryptocurrency exchange.