OKEx, a Malta-based digital assets exchange, announced on Friday the launch of its new initiative to create a Self-Regulated Organization (SRO) aimed at standardizing cryptocurrency exchange practices and policies. The initiative was announced at the DELTA Summit by Enzo Villani, a former Nasdaq executive who joined OKEx as the company’s Head of International Strategy and Innovation.
“This SRO will be an independent, membership-based organization that is neutral and open to exchanges of all sizes and jurisdictions. Member exchanges will work together to define and adopt standards that will promote digital asset adoption globally, educate governments and regulators, and develop metrics and criteria for trading, listings, and reporting.”
While sharing more details about the initiative, Andy Cheung, Head of Operations for OKEx, stated:
“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough. 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.”
OKEx also noted that it invites other exchanges to join the company in establishing standards for market-making, listings, delistings of digital assets, and other items critical to the growth of the entire industry. Enzo Villani, Head of International Strategy and Innovation at OKEx, added:
“While other organizations have introduced initiatives to elevate standards for crypto exchanges, most are focused on one jurisdiction. We applaud their efforts and OKEx will determine which ones are important to our customers. Our initiative is focused on creating a global SRO that can provide international standards. We are in discussions with other exchanges and market participants to join us in formalizing a global SRO.”