Cryptocurrency Market Integrity Association Formed by Top Crypto Firms
A collection of 17 firms, comprising Bitstamp, Coinbase, BitMEX, Huobi Tech, and Securrency, have formed the “Crypto Market Integrity Coalition” (CMIC) to work toward making the general cryptocurrency market a more secure place to do business.
CMIC intends to collaborate with authorities and provide open debates about many areas of the crypto business. “Crypto businesses are acutely aware of the remaining issues and are dedicated to working with authorities to promote fixes to crypto’s particular difficulties,” CMIC group stated in a statement.
The partnership, as per CMIC, would aim to increase public and regulatory trust in the new financial asset. Additionally, it will foster a just crypto asset market by eradicating market manipulation and promoting market discipline. The recently founded organization claims to be devoted to guaranteeing best business practices and norms creation and implementation, as well as to a secure and rationally regulated cryptocurrency economy.
The group will launch training courses, exchange ideas and research, engage in dialogue with authorities, and develop future mechanisms for information sharing and collaborative monitoring.
“The pledge’s first objective is to foster industry-wide cooperation and action spanning CeFi (centralized finance), DeFi (decentralized finance), as well as all cryptos,” stated Asaf Meir, Solidus Labs’ co-founder and CEO.
Global Digital Finance, GSR, Bitstamp, CryptoUk, Anchorage Digital, Crosstower, Elwood Technologies, Security, MV Index Solutions, Liberty City Ventures and the Chamber of Digital Commerce, have all become a member of the alliance.
Additionally, the company is asking additional crypto currency enterprises to become a member of the CMIC.