A group of companies has commenced the creation of a self-regulatory body that is charged with the role of entirely eradicating bad practices associated with virtual assets such as cryptocurrencies.
The new body named the “Virtual Commodity Association (VCA),” originally founded by Gemini co-founders, Cameron and Tyler Winklevoss, has further widened its scope to accommodate three more participants, namely Bittrex, Bitstamp and Bitflyer USA, to ensure a great synergy. According to Nejc Kodrič, the CEO of Bitstamp, this is a measure to make their users have a sense of safety.
“We’re proud to be a part of the Virtual Commodity Association as a way to add another element of protection for consumers. We believe in the value of self-regulation, which we pursued in Europe almost from our inception, and look forward to following a similar path in the U.S. Those that can’t or won’t comply with regulations put consumers – and their own operations – at risk.” He explained.
As recently announced, the body is charged fully with the responsibilities of working to enable big investors to plant their feet into the soil of crypto market and working to devise methods to maintain industry standards. Also within its scope of duty is being the “be a precursor to the formation of a self-regulatory organization for digital commodities like Bitcoin and Ethereum,” according to Business Insider reports.
The body announced Maria Filipakis as its interim Executive Director. Maria had previously served as the Executive Deputy Superintendent at the New York Department of Financial Services (DFS).
The new group will hold its first meeting in September, which will include a series of events, ranging from determining guidelines for members to choosing an executive director for the organization.
100 BTC Rewards for Whistleblowers, as Crypto Community Watch Program Begins
In the same vein, a consortium of four like-minded companies interested in maintaining the safety and integrity of the cryptocurrency marketplace has announced the launching of Crypto Community Watch Program, a scheme to enable whistleblowing of scammers, dupers, and hackers, as well as a proper reward of whistleblowers.
The four industry giants are NewEconomies, ICO Alert, GZH, Step VC, and Ecoinmerce. The group aims to make the crypto world entirely free of evil perpetrators, as well as to reward those who reveal them anonymously.
This formation was announced on Monday, 20th of August by Ecoinmerce. While making the new creation known, the COO of Ecoinmerce, Rex Chen, stated that it is the end of the road for those whose primary job hacking crypto space.
“From the recent exchange hacks to the nearly-weekly reports of fraudulent projects taking off with investors’ money, it’s clear that crypto has a problem. Enough is enough. It’s up to the industry first and the regulators second to clean up the ecosystem. If you spend your time hacking, scamming, or intentionally misleading investors, your time is up.” He affirmed.
As an incentive for whistleblowers, the consortium has set aside 100 bitcoins in a third party escrow wallet. According to them, whistleblowers can fill an anonymous online form, submit their claim, with their wallet address. Any whistleblower whose report (when investigated) leads to the arrest of evildoers would be rewarded from the 100 BTC that has been allocated for this act. Once the scammer or hacker is known, the group would inform the appropriate legal body who would, in turn, get the scammer arrested.