Setting up a Crypto Regulatory body


#1

Hey Cryptonation,

So Peter’s video which discusses how Cryptocurrency Community should self regulate got me thinking, are we going to wait for someone to come along and regulate this space for us?

I believe we should start a regulatory authority within the crypto space to empower ourselves before too many people start crying to the government and then them stepping in to fix any sort of mess on our behalf. Which given their lack of understanding will make the crypto space unattractive to potential new comers.

So I propose that we start to create our own regulatory body (Crypto Conduct Authority) or named something similar to such proposal. Benefits of this would include:

  • Awarded certificates given to an organisation which handles crypto transfers this will instil confidence to the people and organisations knowing they have some form of protection and rights.
  • These certificates will allow crypto operates to proudly show that they are compliant in the industry
  • Scammy ICO’s and pyramid schemes would not pass with the credentials needed to be awarded thus not being able to prove they are compliant which should raise red flags to any potential consumers

Given the decentralised nature of cryptocurrency it will be difficult to provide any authority on shutting anything down which would be considered illegitimate, however putting pressure on anything criminally related will provide zero confidence and their ability to operate will be diminished dramatically.

In a nutshell this should:

  • protect consumers – we secure an appropriate degree of protection for consumers
  • protect crypto financial markets – we protect and enhance the integrity of the crypto financial system
  • promote competition – we promote effective competition in the interests of consumers

Our funding once established will come from those organisations who wish to be certified by us.

What am I looking for?

I’m looking to set up a team of exec’s which will help oversea the development of this regulatory body and hopefully bring some powerful names from the cryptoworld to also help bring this to fruition.

If anyone is interested in joining the team feel free to add me on telegram and we can discuss what it is you could bring to the table https://t.me/MisterCrypto101


#2

What your speaking of is not regulation, but a sort of credit rating agency like the known world has - S&P, Fitch, Moodys. Look into how those got started, and you will find an easy answer. They are not without bias. However, there is a reason they do not rate things in its infancy.


#3

@Matty It is definitely a regulatory authority I am describing, not a credit rating rating system. In the UK we have the FCA (Financial Conduct Authority) https://www.fca.org.uk/ this is where I base the foundation of what it is I am trying to describe and hope to create for the crypto community (which none of its kind is currently in existence).


#4

So like the better business bureau?


#5

@Matty Yea exactly like this, we would create a compliant standardisation(uk spelling) world wide :smiley: