The announcement says that representatives of Virtual community association (VCA) will be meeting on September. However, the association initially includes the participation from major cryptocurrency exchanges that serves U.S. crypto-customers.
The representatives will discuss plans to form a self-regulatory body. However, this plan will be rolling out the best practices for the industry and set guidelines for membership for the association. Additionally, the four major firms that initially formed the VCA include Gemini, Bitstamp, Bitflyer USA, and Bittrex.
However, in a statement made by the head of the risk at Gemini, he said that the planned meeting is one of the first of many steps in policing the digital asset markets. Also, Bitstamp CEO Nejc Kodric, warns the firms do not comply with regulations putting their operations at risk.
At press time, the VCA’s interim Executive Director remains Maria Filipakis, who was formerly the executive Deputy Superintendent of New York Department of Financial Services. However, she owns the credit of being a part of the team that drafted the controversial Cryptocurrency regulatory framework known as BitLicense.
Filipakis applauded the move taken by the association and its members. However, they commend the commitment to strengthen rules protecting customers and setting practices to make system transparent.
Expected Discussions for the VCA’s Proposed Meeting.
Also, Marketwatch reported that the inaugural meeting of the working group participants is expected to address the following:
- Membership guidelines for VCA
- The best practices and rules-based marketplaces guidelines that will promote fairness, transparency, risk management, and liquidity.
- The guidelines for best practices that will address Member conflicts of interest, client communications, client disclosures, and record keeping.
- Staffing the VCA, to include an Executive Director, among others, and composition of the Board of Directors.