The CMIC (Crypto Market Integrity Coalition), an institution built a couple of months ago on behalf of 17 crypto exchanges, industry associations, and companies from around the world, stated that 13 unique participants have weighed in.
The group focuses on a statement made by the participants' chief compliance officers or chief executive officers that, along with the other factors, they will incorporate rules that support market efficiency as well as market integrity into their business strategy and operations. A market surveillance company, Solidus Labs, organized the respective coalition.
Kathy Kraninger, Vice President of Regulatory Affairs at Solidus Labs, stated that in order to realize the promise of DeFi and Crypto, the entire industry needs to speak out in its determination to minimize risks. She added that all industry participants can have a free membership. The best-known players in the industry, including CryptoUK, the Digital Chamber of Commerce, Anchorage Digital, Huobi Tech, BitMEX and Coinbase, are the founding members of the project.
In addition to joining the various crypto groups behind the coalition's business principles, he intends to further the training programs and appreciate a discussion with regulators. In addition, it will contemplate the development of shared surveillance and data exchange agendas among the participants. The only participants that are part of the coalition are TRM Labs, Kaiko, Elliptic, Chainalysis, Robinhood Markets, and Gemini.
Nexo entered exclusively mentioned in his declaration to have commitment with CMIC. He added that they are known for their long history of conducting precautionary discussions with regulators around the world, coupled with extensive commitment to AML and KYC processes, and strict security procedures. Many of the crypto industry support groups are present at the moment. Redix introduced GoodFi in 2021 to focus on DeFi (decentralized finance) related awareness, best practices, and research.
The participating institutions of GoodFi are 55 that hope to get 100 million people each of whom would put a minimum of one dollar as a contribution to DeFi until 2025. A couple of years ago in 2020, Square (currently called Block) launched Crypto Open Patent Alliance. In this project, the number of participants is 33 and it continues to maintain its public library of patents to help the cryptocurrency community protect itself against trolls and patent abusers.
