Virtual Commodity Association Working Group

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On August 20, 2018 the Virtual Commodity Association Working Group announced its formation by four member cryptocurrency exchanges, Bitstamp (15), bitFlyer USA (23), Bittrex (32), and Gemini Trust Company (35), and provided notice that it would hold its initial meeting in September 2018.[1] (The number after each exchange's name indicates these exchanges' worldwide ranks by U.S. dollar value of all cryptocurrencies traded in the previous 24 hours, according to "Coinmarketcap" on August 21, 2018.)[2]

VCA SRO

The announcement followed the March 2018 proposal by Cameron Winkelvoss, one of the Gemini Trust Company's founding co-owners, to create a self-regulatory organization (SRO) called the Virtual Commodity Association (VCA).[3]

The Working Group's goal is to establish a self-regulatory organization for oversight of virtual currency marketplaces. The group will be headed up on an interim basis by Maria Filipakis, who as the executive deputy superintendent of the New York Department of Financial Services was involved in the drafting and implementation of the "Bitlicense," the only licensing program for cryptocurrency exchanges in the U.S. as of August 2018. The Working Group also announced that its agenda for the September 2018 meeting would address membership, best business and regulatory practices and organization.[4]

In July 2019, the VCA launched six committees to write white papers explaining best practices, KYC, custody and security, insurance standards, market integrity, and taxation for digital asset markets. The VCA said that it would model itself after FINRA, and will collaborate with experts from mainstream financial services organizations in order to design regulations and consumer protections.[5]

References