UK Crypto Exchange CEX.IO To Participate In EU Crypto Regulation Development

News, Regulation | April 9, 2019 By:

London-based cryptocurrency exchange CEX.IO has joined the Blockchain and Virtual Currencies Working Group (WG) to educate regulators and advise the community on European legislative matters.

Established in 2013, CEX.IO provides a rich variety of trading tools for bitcoin, Bitcoin Cash, Bitcoin Gold, ethereum, Zcash, Dash, Ripple, Stellar, and Litecoin, and payment options including credit and debit cards as well as reliable and timely wire transfers. Since 2015, the firm has held Money Services Business status with FinCEN, a bureau of the US Department of the Treasury. It has recently been given “in-principleā€ approval for the coveted Gibraltar Distributed Ledger Technology (DLT) provider license.

The Blockchain and Virtual Currencies Working Group, a group of industry representatives, aims to foster an industry-led conversation with European regulators. WG members are required to comply with the following code of conduct: protect the consumer by law, contract and clear wording, protect the industry reputation and oppose financial crimes, among others.

The UK-based crypto exchange said that it joined the group because it has always been a long-standing proponent of initiatives that work with regulators to bring clarity to the industry.

“At CEX.IO, we see the Blockchain and Virtual Currencies Working Group as an avenue to develop an EU-wide approach for crypto industry regulation, which will serve as a template for all Member States, and is a great first step in the development of next-generation payment and value-transfer systems,” said Serhii Mokhniev, Regulatory Affairs Counsel at CEX.IO.

Monica Monaco, Founder and Secretary General of the Blockchain and Virtual Currencies Working Group, said that they believe CEX.IO’s expertise will be a very valuable contribution to their work.

“The WG is a group of industry representatives, and is a member of the European Commission Payment Systems Market Expert Group (PSMEG),” Monaco said. “We are delighted to have CEX.IO as a Member of our Blockchain and Virtual Currencies Working Group. CEX.IO, as do all our members, subscribes to our ethical guidelines.”