bitFlyer USA is excited to announce our involvement in the formation of the Virtual Commodity Association (VCA) working group, along with other industry leaders in the virtual currency space including Bitstamp, Inc., Bittrex, Inc., and Gemini Trust Company, LLC.

“Regulations in the cryptocurrency space are evolving to encompass this new technology. Industry leaders with extensive knowledge and who are impacted by regulations should really be part of the conversation,” said Hailey Lennon, bitFlyer USA’s Director of Compliance. “bitFlyer is excited to see the start of coalitions and SROs in the US and we look forward to the formation of this working group.”

The Working Group will work towards the goal of establishing an industry-sponsored, self-regulatory organization (SRO) to oversee virtual commodity marketplaces. The VCA will have an executive director, independent board, and establish a framework for industry best practices.

At the initial meeting, Working Group participants expect to discuss:

  • Guidelines for membership in the VCA.
  • Guidelines for best practices and rules-based marketplaces that will promote fairness, transparency, risk management, and liquidity.
  • 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.

The VCA interim Executive Director will be Maria Filipakis. Ms. Filipakis was formerly an Executive Deputy Superintendent at the New York Department of Financial Services (DFS) and was instrumental in drafting the DFS rules and regulations for virtual currency.

Upon announcement of the launch of the VCA, Maria Filipakis stated, “I applaud the VCA and its members in their commitment to strengthen the digital asset industry’s regulatory landscape, rules for the protection of customers, and bring forth industry setting best practices and market transparency.”

The Working Group looks forward to providing an update on its progress following its inaugural meeting and welcomes indications of interest from other organizations that would seek to participate.

For further details, please read through the VCA’s press release and visit the VCA website.

If you are interested in becoming a future member of the VCA or are looking for more information, please email: inquiries@virtualcommodities.org.

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