Crypto Exchanges Create Working Body to Bolster Bitcoin Trading Market and Increase Credibility

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Cryptocurrency exchanges are taking a page from successful stock markets, forming a working group to oversee the unregulated digital asset exchange space, according to Business Insider. Create the New Financial Market While it isn’t confirmed, the logical sequel to such a working group is the formation of a self-regulatory body or a “virtual commodity marketplace.” Related: Winklevoss Twins Charge Ahead Despite Second Bitcoin ETF Rejection According to an official press release, the effort is spearheaded by the Winklevoss twins, owners of Gemini Exchange, and includes Japan’s Bitflyer, the U.S.’s Bittrex and Luxembourg’s Bitstamp. Dubbed the Virtual Commodity Association (VCA), the group collectively handles tens of billions in the daily traded volume of the cryptocurrency market. Bitstamp CEO Nejc Kodrič said industry players value self-regulation, which was earlier centralized in Europe but has since shifted to a regulatory perspective. Kodrič added: “Those that can’t or won’t comply with