Malta based crypto exchange OKEx is looking to make crypto exchanges self-regulated for a while.
The organization will be similar to FINRA in the United States, FINMA in Switzerland, The World Federation of Stock Exchanges, and the World Economic Forum, OKEx is engaging exchanges and market participants in the global crypto trading community to become members of this initiative.
Andy Cheung, the Head of Operations for OKEx says:
“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough. […] 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.”
Headquartered in Malta, OKEx is a top-tier digital asset exchange offering more than 400 token and futures trading pairs to millions of customers in 150+ countries. OKEx offers the most diverse trading products in the market, ranging from spot trading, fiat-to-token trading, margin trading, and crypto derivatives. The company also helps traders, miners, and institutional investors optimize their investment strategies.
Talking about the compliance in the industry, he says:
“You’re gonna have the competitive matrix — it’s gonna be there all the time — you’ll compete on price, you’ll compete on speed, you’ll compete on listings, but you have to have a sandbox where everybody can play. And fortunately we have a sandbox already set up. What’s unfortunate is that we are trying to go regulator-to-regulator, instead of saying let’s just set some high level rules that fit into all these regulations at some level.”
Member exchanges will work together to define and adopt standards that will promote digital asset adoption globally, educate governments and regulators, and develop metrics and criteria for trading, listings, and reporting.
OKEx was recently involved in a tangle with Blockchain Transparency Institute (BTI) on issues related to wash trading and reporting fake trading volumes.