Rather than waiting for the UK government to create its own regulations, seven large crypto companies, including Coinbase and CEX.io, have banded together to form their own self-regulating body, CryptoUK. The group is advocating “greater due diligence against illegal activities” as well as “safeguards against hacking” and “[ensuring] customer funds are paid out in the event of insolvency.” The group hopes that by regulating itself, it can stave off harsher government intervention.