Hong Kong-based cryptocurrency exchange crypto.com announced today 17 November 2020 that it has joined the International Digital Asset Exchange Association (IDAXA), an organization that sets industry standards and helps facilitate smooth implementation of new regulations. The main goal of establishing the body was to enhance collaboration between regulators and the digital asset industry by serving as a liaison between the two.
Crypto.com has been working hard to enhance the mainstream adoption of cryptocurrencies and also ensure compliance with regulations which is why it is being admitted into IDAXA. Speaking on the development, Crypto.com Chief Compliance Officer Antonio Alvarez said:
“Joining IDAXA is yet another example of our commitment to achieve our mission of accelerating the world’s transition to cryptocurrency. IDAXA plays a pivotal role in bringing together the global blockchain and cryptocurrency industry to engage with legislative bodies, agencies and regulators. We look forward to participating in the development of regulations and global industry standards, such as compliance with FATF Recommendation 16.“
Crypto.com will be attending the V20 Summit in Riyadh, Saudi Arabia next week as a member of IDAXA alongside other members including Singapore Cryptocurrency and Blockchain Industry Association, Blockchain Australia, Hong Kong Blockchain Association, and Switzerland Crypto Valley Association to discuss The Travel Rule (Recommendation 16). This is a proposed rule that seeks to govern self-declaration of assets for citizens passing through customs.
Established during the V20 summit last year in Osaka Japan, IDAXA represents the global interests of industry, trade associations, and Virtual Asset Service Providers (VASP). The organization considers Crypto.com’s goals as “aligning” with its own and seeks to work with the exchange to improve the transparency of the industry to win the trust of regulators and the public alike. Chairman of IDAXA, Anson Zeall expressed delight in welcoming Crypto.com to the association.
“We’re delighted to welcome Crypto.com as a Corporate Member of IDAXA. Not only are they one of the largest cryptocurrency companies in the world, with a presence in major global markets, but their values are closely aligned with those of our organization. He said. “Together, we look forward to collaborating with the goal of fostering better standards and championing financial transparency. This will give the crypto industry greater legitimacy while enhancing its reputation in the eyes of regulators and the public alike,” he added.
Crypto.com was created in 2016 to bring financial freedom to its customers. It currently boasts of over 5 million users who utilize the crypto.com app to access decentralized financial services that the legacy financial system cannot provide. The exchange has security, privacy, and compliance at the core of its design, which are features that many seek in today’s financial industry and which makes it a leader in facilitating mainstream crypto adoption which is one of its goals.