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This is an archive article published on February 9, 2022

17 crypto firms join hands for creating fair digital asset marketplace

CMIC is planning to work with regulators and hold open discussions touching different aspects of the crypto sector.

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bitcoin, bitcoin value, bitcoin price, china bitcoin news, china bitcoin crackdownA representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. (REUTERS)

A group of 17 companies including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency have launched a new group called the “Crypto Market Integrity Coalition” (CMIC) to make the overall crypto market a safe space for conducting business.

CMIC is planning to work with regulators and hold open discussions touching different aspects of the crypto sector. “Crypto firms are keenly aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to crypto’s unique challenges,” CMIC group said in a statement.

According to CMIC, the coalition would work on promoting public and regulatory confidence in the new asset class. It will also cultivate a fair digital asset marketplace by overcoming market exploitation and promote market integrity.

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Read more | US couple accused of laundering $4.5 billion in Bitcoin: Here’s how this happened

For ensuring best practices and standards development and implementation, the newly formed group claims itself to be committed to a safe and sensibly-regulated crypto industry. The coalition will initiate training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks in the future.

“The pledge’s initial goal is to bring unity and action at an industry level, across CeFi (centralised finance), DeFi (decentralised finance), and all digital assets,” said Asaf Meir, Co-founder and Chief Executive of Solidus Labs.

Other crypto companies that have joined the coalition are GSR, Anchorage Digital, Crosstower, Bitstamp, Securrency, Elwood Technologies, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUk, and Liberty City Ventures. The group is further inviting other digital asset firms to come over and join the CMIC.

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