OKEx pitches Global Compliance Standards for Cryptocurrency Exchanges

OKEx recently announced its plan for the Self-Regulated Organization (SRO) initiative aimed at standardizing crypto exchange practices and policies.

Enzo Villani, Head of International Strategy and Innovation at OKEx made an announcement in Malta at the DELTA Summit.

Executive Opinion

Head of Operations for OKEx, Andy Cheung, said, "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."

Head of International Strategy and Innovation at OKEx, Enzo Villani, said, "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."

Self-Regulated Organization (SRO) for Crypto Exchanges

SRO will be an independent, membership-based organization. OKEx is engaging different cryptocurrency exchanges and market participants in the global crypto-trading community to become members of this initiative. Members will collectively define and adopt standards. These standards will eventually promote digital asset adoption globally, educate governments and regulators, and develop metrics and criteria for trading, listings, and reporting, the announcement notes.

OKEx's initiative also plans to create standards for market-making, listings, delistings of digital assets.

The SRO initiative will be structured like the World Federation of Stock Exchanges, FINRA in the United States, and the World Economic Forum, the announcement says.