OKEx, one of the world’s largest cryptocurrency exchanges, has announced the launch of an initiative to develop global compliance standards for cryptocurrency exchanges.
The exchange, through a press release shared with CrypotGlobe, revealed it’s engaging exchanges and other market participants to develop a Global Self-Regulated Organization (SRO).
The move’s goal is to standardize exchange practices and policies, in a way similar to that of the World Federation of Stock Exchanges or of the World Economic Forum. The initiative was announced in Malta at theDELTA Summit by OKEx’s Head of International Strategy and Innovation Enzo Villani.
Villani, a former Nasdaq executive, noted that while other organizations have introduced initiatives to elevate standards for crypto exchanges, most focused on one jurisdiction only. While their efforts were applaudable, OKEx’s move looks to create a global SRO to provide international standards.
At the DELTA Summit, he said:
We can do things traditional exchanges can’t do, but we need mainstream adoption. If we think the way we are doing things now is going to work for a pension fund, we are mistaken.... we need to advance.
The SRO is set to be an independent, membership-based organization that’s open to cryptocurrency “exchanges of all sizes and jurisdictions.” Member exchanges will work to define and adopt standards that’ll help promote cryptocurrency adoption at a global scale.
Per the press release the organization will also work on educating governments and regulators, while developing metrics and criteria for trading, listing, and reporting.
Andy Cheung, OKEx’s Head of Operations, stated:
The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.
The press release adds that together, cryptocurrency exchanges can effectively set standards to “usher in financial security for millions of people.” As CryptoGlboe covered, OKEx made up over one-third of crypto derivatives trading volumes in August.
Featured image of Enzo Villani at the DELTA Summit.