At present, more than 2000 different coins exist in the market. Each of these coins has its own unique identity, uses, and features. Specific communities support these coins. There are multiple exchanges and platforms which deal in these coins, and they are all competing with each other, and the same time adding value to the market.
On the one hand, competition and decentralized structure are the reasons behind the success and origin of the cryptocurrencies, while on the other hand, these same features are keeping many investors away from this market. Lack of uniform regulations, a system for handling grievances and lack of specific morals to drive the transactions are slowing down the spread of the use of crypto.
The previous year witnessed efforts toward building strong and reliable international standards for the cryptocurrency market.
Groups and institutions like Global Digital Finance and Blockchain Association have made efforts to streamline the universal standards on the operation of crypto platforms, how they should be run. CryptoUK group is more into setting standards at the national level.
However, the crypto industry is trying to find a fine balance between the core nature of the crypto (which is decentralized and does not demand to be standardized) and the need of people to invest into assets which are well regulated and have a specific global standard.
Teana Baker-Taylor, who is the executive director of Global Digital Finance, has told that it is working towards developing a voluntary set of regulations which will motivate the best industrial practice. It is creating a code of conduct for exchanges, wallets, cryptocurrencies, and every other platform or network connected to the crypto market.
Big crypto companies and platforms like Circle, Coinbase, ConsenSys, Diginex, and R3 are a member of Global Digital Finance. They have stated the discussions with lawmakers too.
International government organizations have confusion over the definition of the crypto and its functionalities. GDF is attempting to produce unique economic setup cryptocurrencies to clear as much confusion as possible.
With the formation of GDF crypto industry has a chance to interact with government policymakers.
In October, the Financial Action Task Force accepted a few changes in the economy.
In the statement issued, the FATF made clear that it has no reason to do anything about the decentralization of cryptocurrency and its volatile nature. This indicates that the task force wants to leave the decentralized nature of crypto untouched.
Whenever the government and crypto industry is not finding common ground, groups like GDF are helping.