UK Crypto Firms Begin Regulating Themselves, Not Waiting on Government

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.