By Nathan Ferguson
The CMIC (Crypto Market Integrity Coalition), an institution constructed a couple of months back on the behalf of 17 crypto exchanges, industry associations as well as companies across the globe, declared that 13 unique participants have stepped in.
The group is focused on an assertion made by the participants’ chief compliance officers or CEOs that, along with the other factors, they will incorporate rules that sustain market efficiency as well as market integrity into their business strategy and operations. A market surveillance company Solidus Labs organized the respective coalition.
Kathy Kraninger – the regulatory affairs vice president at Solidus Labs – stated that to translate the promise of DeFi and Crypto into reality, the whole industry requires to loud their voice regarding their determination to minimize the hazards. She added that all the participants of the industry are permitted to have a membership free of cost. The well-known players of the industry including CryptoUK, the Chamber of Digital Commerce, Anchorage Digital, Huobi Tech, BitMEX, and Coinbase are the founding members of the project.
Apart from joining the diverse crypto groups at the back of the business principles of the coalition, it intends to promote the training programs as well as appreciate a discussion with the regulators. Additionally, it will contemplate developing shared surveillance as well as data-sharing agendas among the participants. The unique participants that are taking part in the coalition are TRM Labs, Kaiko, Elliptic, Chainalysis, Robinhood Markets, and Gemini.
The exclusively entered Nexo mentioned in its declaration to have engagement with CMIC. It added that they are known for their longstanding history of performing preemptive discussions with worldwide regulators, along with the extensive commitment to AML and KYC processes, and strict security procedures. A lot of the crypto industry’s supportive groups are present at the moment. Redix introduced GoodFi in 2021 to concentrate on DeFi (decentralized finance)-related awareness, best practices, and research.
The participant institutions of GoodFi are 55 who expect to obtain 100M people from which each would put a minimum of one dollar as a contribution to DeFi till 2025. A couple of years back in 2020, Square (presently called Block) launched the Crypto Open Patent Alliance. In this project, the number of participants is 33 and it keeps on maintaining its public patent library to assist the community of cryptocurrency to shield against patent trolls and aggressors.