Institutionalized By Its Own Proponents? Virtual Currency Industry Leaders Announce Foundation Of Self-Regulatory Body
by
Andrew Saks McLeod
Bitcoin, among other digital currencies, has grown dramatically in popularity recently, much to the dissent of various worldwide goverments. Today, DATA, a self-regulatory authority was formed.
One of the most attractive facets of using virtual currency as a payment method or a tradable instrument is its anonymity and freedom from the clutches of worldwide governments and central banks.
Regulatory authorities also eschew the crypto-currency world, as by its very nature it is a peer-to-peer network, whereby in the case of Bitcoin, the actual currency is generated by private individuals, for use by private individuals without any issuance or oversight from government authorities.
Just yesterday, Thailand's financial markets regulator commenced steps to outlaw the currency, yet in Argentina where strict capital control laws, unsustainable inflation added to fear of governmental rulings banning US Dollar usage have plagued the minds of citizens to the point where Bitcoin is experiencing considerable popularity.
Today marks an interesting development in relation to the direction which Bitcoin is taking, as it gains further legitimacy as a genuine alternative to central bank-issued fiat currency, in that a self-regulatory body has been founded by a group of participants in the Bitcoin industry in order to gain a cohesive presence among the ongoing battle with regulators.
The organization has been designated the Digital Asset Transfer Authority, or DATA for short, and is intended to cover not only Bitcoin but other Cryptocurrencies like Ven and Ven Assets as they become popular financial instruments.
Institutionalization of Virtual Currency?
According to digital currency expert Stan Stalnaker, Global Strategic Head at digital currency firm HubCulture, leaders from the industry are working together for a new regulatory body designed to foster prudent, responsible development of emerging payment technologies.
“At the core of the effort is DATA, which is being created to help oversee the rapidly growing virtual currency industry as financial inclusion brings mobile Payments to over 2.5 billion of the world's unbanked” explained Mr Stalnaker.
“The list of leaders attached to the initiative is long, including the Hub Culture network, OpenCoin (managing Ripple), the Bitcoin Foundation and Bitcoin companies including BitInstant, BitPay and Bitstamp, exchanges like Tradehill, Payward's Kraken and CoinX, eToro, Lightspeed Venture Partners, and others”.
Future Growth Of Operational Framework
“When fully established, DATA will focus with immediate priority on addressing anti-money laundering and KYC issues endemic to the emerging payments space, setting standards and sharing best practices for member companies” concluded Mr. Stalnaker.
The mantra behind DATA is that it is poised to usher development for financial inclusion among the 2.5 billion people coming online in the next four years who do not currently have access to the global financial system through these emerging financial exchange technologies.
Balancing issues around privacy, access to capital, legality, efficient exchange and other aspects of trade enabled by virtual currency could become a part of DATA's mission.
The Committee for the Establishment of the Digital Asset Transfer Authority will “work proactively with regulators and policymakers to adapt their requirements to our technologies and business models,” said the new group, in a public announcement earlier today.
Although run by free market entrepreneurs and like-minded firms, this could mark a potential step toward digital currency becoming part of its own recognized, free market institutional framework. The cashless society could well be very close indeed.
One of the most attractive facets of using virtual currency as a payment method or a tradable instrument is its anonymity and freedom from the clutches of worldwide governments and central banks.
Regulatory authorities also eschew the crypto-currency world, as by its very nature it is a peer-to-peer network, whereby in the case of Bitcoin, the actual currency is generated by private individuals, for use by private individuals without any issuance or oversight from government authorities.
Just yesterday, Thailand's financial markets regulator commenced steps to outlaw the currency, yet in Argentina where strict capital control laws, unsustainable inflation added to fear of governmental rulings banning US Dollar usage have plagued the minds of citizens to the point where Bitcoin is experiencing considerable popularity.
Today marks an interesting development in relation to the direction which Bitcoin is taking, as it gains further legitimacy as a genuine alternative to central bank-issued fiat currency, in that a self-regulatory body has been founded by a group of participants in the Bitcoin industry in order to gain a cohesive presence among the ongoing battle with regulators.
The organization has been designated the Digital Asset Transfer Authority, or DATA for short, and is intended to cover not only Bitcoin but other Cryptocurrencies like Ven and Ven Assets as they become popular financial instruments.
Institutionalization of Virtual Currency?
According to digital currency expert Stan Stalnaker, Global Strategic Head at digital currency firm HubCulture, leaders from the industry are working together for a new regulatory body designed to foster prudent, responsible development of emerging payment technologies.
“At the core of the effort is DATA, which is being created to help oversee the rapidly growing virtual currency industry as financial inclusion brings mobile Payments to over 2.5 billion of the world's unbanked” explained Mr Stalnaker.
“The list of leaders attached to the initiative is long, including the Hub Culture network, OpenCoin (managing Ripple), the Bitcoin Foundation and Bitcoin companies including BitInstant, BitPay and Bitstamp, exchanges like Tradehill, Payward's Kraken and CoinX, eToro, Lightspeed Venture Partners, and others”.
Future Growth Of Operational Framework
“When fully established, DATA will focus with immediate priority on addressing anti-money laundering and KYC issues endemic to the emerging payments space, setting standards and sharing best practices for member companies” concluded Mr. Stalnaker.
The mantra behind DATA is that it is poised to usher development for financial inclusion among the 2.5 billion people coming online in the next four years who do not currently have access to the global financial system through these emerging financial exchange technologies.
Balancing issues around privacy, access to capital, legality, efficient exchange and other aspects of trade enabled by virtual currency could become a part of DATA's mission.
The Committee for the Establishment of the Digital Asset Transfer Authority will “work proactively with regulators and policymakers to adapt their requirements to our technologies and business models,” said the new group, in a public announcement earlier today.
Although run by free market entrepreneurs and like-minded firms, this could mark a potential step toward digital currency becoming part of its own recognized, free market institutional framework. The cashless society could well be very close indeed.
FCA Approval Expands Stratiphy's Retail Offerings with Customized Portfolios
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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