Four digital exchanges operational in USA has recently announced the declaration of a independent regulatory organisation for the digital assests.This new cluster of include the Bitstamp, bitFlyer,Gemini and Bittrex exchanges.
This new cluster is named ‘Virtual Commodity Association Group’ which is aimed to assist the traders and investors in getting more agreeable towards the digital market, while working on international business standards.
The first meeting of the freshly created association is about to take place in Sep this year. The Business Insider reported this meeting quoting:
“In equities, securities exchanges have their own organization to come up with common standards and together reply to declarations by regulators. The new cluster might function equivalent for the crypto world by employing best practices for the business to solve the problem related to liquidity and market manipulations.”
Meanwhile, one among the biggest U.S. crypto exchanges Coinbase currently isn’t a member of this cluster, and has refused to inquire into this initiative.
Earlier this summer, Winklevoss twins had won a patent for a system of exchange-traded product (ETPs) that would hold “digital assets” and “other product and/or services associated with ETPs holding digital assets.”