We offer to your attention two stories that illustrate the attempts of the cryptocurrency sector to solve the internal problems. One group of companies started work on forming a self-regulatory organization, the other created a “national team” and incentive Fund in the amount of 100 bitcoins for those who will help to expose the “hooligans”.
Cryptocurrency self-regulatory organization
Several companies jointly formed a working group to create a self-regulatory organization, which will operate on the American trading platforms and sponsored by the cryptocurrency sector.
Among the first participants in the working group of the Association of virtual goods (VCA) — Bitstamp, Bitflyer USA, Bittrex and Gemini Trust.
Association, the structure of which provides for the presence of the Director and the independent Board intends to establish a conceptual framework, in order to develop industry standards and to monitor their compliance. Interim leader of the VCA will be Maria Filipakis, the former Deputy Director of the new York Department of financial services (responsible for bilicenii).
Chapter Bitstamp Nejc Kodric commented on the establishment of a working group:
We are proud to have joined the Association of virtual goods: this will allow us to strengthen the protection of our customers. We are convinced of the value of the phenomenon of self-regulation. We tried him in Europe almost since the inception and look forward to the opportunity to go the same way in the United States. The company is not able or not willing to comply with the rules, expose consumers and their own operations at risk.
Incentive Fund 100 bitcoin
Another group of industry participants, including Ecoinmerce, ICOAlert, GZH, Step VC or the New Economies, created a program called Crypto Community Watch (can be translated as “Cryptocurrency community radar” or “Cryptocurrency squad”). This is an anonymous hotline that allows you to complain about certain crimes or abuse.
As incentive Fund for “whistleblowers”, that is, people who have information about fraudulent activities in the sector, the group has collected 100 bitcoins.
According to representatives of the project, if the reported information leads to an arrest or other law provided for the punishment of the villain, the whistleblower receives a portion of funds from the Fund. All appeals will be considered by members of the Crypto Community Watch. In cases where they deem it appropriate, “vigilantes” will send the appeal to law enforcement agencies.
COO Ecoinmerce Rex Chen explained:
Judging by the recent hacker attacks on exchanges and the almost weekly reports of fraudulent projects, fleecing investors, we can say: in the cryptocurrency sector there are problems. But there is a limit. First of all, the sector itself, and then the regulators need to clean up the ecosystem. If someone is hacking, fraud, or intentionally introduces investors astray — his time is up.
Materials Bitcoin.com
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