Iqbal V Gandham, Managing Director of eToro social trading company, explained that the organization's goal will be to work cooperatively with governmental agencies and regulators "to promote best practice". Ideally, Mr. Gandham would like this self-governing trade body to propose a practical roadmap and blueprint that will help the crypto-community develop a comprehensive regulatory framework. Meanwhile, Zeeshan Feroz, CEO (UK) Coinbase, remarked that CryptoUK intends to open up the communication channels between the crypto industry and the government's regulatory bodies. Per the Coinbase executive, regulation is not only "imminent" but also a "good thing".
This CoC has been proposed at a time when the crypto-industry is "severely misunderstood" by regulatory authorities and other mainstream organizations because they lack sufficient knowledge of this domain. In fact, that's why CryptoUK was established, according to Mr. Gandham. With this bold initiative, the eToro director hopes that this organization will be able to help increase understanding and awareness, particularly amongst governmental entities, about crypto-technology.
Presently, the UK's first such group does not cover ICOs. This might be one of the more obvious weaknesses of this group, because numerous scams have been orchestrated under the guise of ICOs. Nevertheless, the formation of this group is a step in the right direction because of the transparency and accountability that it intends to promote. Clearly, the crypto-market could benefit from such measures given the rise of crypto-related crime.
