OKEx has been looking to make crypto exchanges self-regulated for a while. Now, OKEx has revealed its plans to make a “Self-Regulated Organization” (SRO), The organization will be responsible for standardizing exchange practices and policies.
OKEx wants exchanges and other crypto companies in the global crypto sphere to be the founding members of this exciting new initiative, which shares many similarities to the World Federation of Stock Exchanges, United States’ FINRA, and the World Economic Forum. According to Andy Cheung, COO of OKEx,
“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough,” said Andy Cheung, 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.”
As the organization is open to all exchanges of varying sizes and jurisdictions, it is planned that it will be a membership-based and will be independent. The new group will serve as an additional regulatory body to already existing traditional financial regulators.
The SRO Member exchanges are also planning to cooperate to decide and adopt regulatory measures with the objective of promoting crypto adoption globally, educate governments and regulators, and develop standards and criteria for trading, listings, and reporting.
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