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 thefreshlycreated associationis aboutto takeplace inSepthis year. The Business Insider reported this meeting quoting:
“In equities, securities exchanges have their own organizationto comeup with common standards andtogetherreply todeclarations by regulators. The newclustermightfunction equivalent for the crypto world byemploying best practices for thebusinessto solve the problem related to liquidity and market manipulations.”
Meanwhile,one amongthe biggestU.S. crypto exchanges Coinbase currentlyisn’tamember of thiscluster, and has refused toinquire intothis initiative.
Earlier this summer, Winklevoss twins had won a patent for a system of exchange-tradedproduct(ETPs)that wouldhold “digital assets” and “otherproductand/or servicesassociated withETPs holding digital assets.”