OKEx launches initiative to develop global compliance standards for cryptocurrency exchanges
OKEx, a spot and futures digital asset exchange, has launched an initiative to create a Self-Regulated Organisation (SRO) aimed at standardising exchange practices and policies.
Similar to the World Federation of Stock Exchanges, FINRA in the United States, and the World Economic Forum, OKEx is engaging exchanges and market participants in the global crypto-trading community to become members of this initiative.
Announced during day one of the DELTA Summit in Malta, the international “Blockchain Island” and OKEx’s headquarters, this SRO will be an independent, membership-based organisation that is neutral and open to exchanges of all sizes and jurisdictions. 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.
“Cryptocurrencies are global and decentralised, and the industry remains nascent, thus regulations by jurisdiction are not enough,” says Andy Cheung (pictured), Head of Operations for OKEx. “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.”
Exchanges must clarify their operational practices and procedures in order to best cooperate with governments and encourage innovation in this sector. OKEx invites other exchanges to join the company in establishing standards for market-making, listings, delistings of digital assets, and other items critical to the growth of the entire industry. Crypto exchanges share a common goal to protect investors and traders, and to foster innovation in the cryptocurrency ecosystem. Together, exchanges can more effectively set standards to usher in financial security for millions of people.
“While other organisations have introduced initiatives to elevate standards for crypto exchanges, most are focused on one jurisdiction. We applaud their efforts and OKEx will determine which ones are important to our customers. Our initiative is focused on creating a global SRO that can provide international standards,” says Enzo Villani, Head of International Strategy and Innovation at OKEx. “We are in discussions with other exchanges and market participants to join us in formalising a global SRO.”