The “FTX’s Key Principles for Market Regulation” blog comprises of a 10-focuses proposition meaning to help U.S. controllers assemble a crypto-driven administrative system.
Bahamian-based cryptographic money trade FTX delivered a rundown of standards and proposition to assist policymakers with building the administrative system. The strategy suggests the market-structure decisions made by a few driving crypto trades and proposes its execution across all locales.
FTX shared the “FTX’s Key Principles for Market Regulation” blog after Maxine Waters, the seat of the House Committee on Financial Services, welcomed a few CEOs of major crypto firms to affirm on the subject of computerized resources and the fate of money.
Out of the 10 key standards, one of the proposals requires an option administrative methodology that proposes a brought together administrative system for spot and subordinates commercial centers. As per the blog:
The regulatory label on a given product or market need not change the core goals of regulation, and the same rulesets should generally apply across all markets.
FTX likewise clarifies the requirement for an immediate enrollment market structure, i.e, permitting elements to perform controlled exchanges without the contribution of an outsider. The trade likewise recommends a guideline requesting more prominent straightforwardness around the overseers of crypto resources, contending that the stage “clients ought to be given perceivability” into how custodial administrations intend to address concerns identified with extortion and robbery.
The blog further requests systems for announcing value-based action to stay away from market control and guarantee client assurance. FTX additionally called attention to the requirement for directing stablecoin issuance:
A platform operator that permits the use of stable coins for settlement of transactions should be required to explain the standards the platform operator uses in deciding which stable coins it permits for such purposes.
In August, FTX CEO Sam Bankman-Fried reported the trade’s proactive measures to smooth out its Know Your Customer (KYC) tasks.
Refering to the significance of KYC apparatuses for digital currency’s standard reception, Bankman-Fried introduced another component on FTX that affirms a client’s ward dependent on their enrolled telephone number:
We check users’ phone numbers against their submitted names in KYC1, in order to further verify them. When this doesn’t work or there isn’t data, we’ll require KYC2 to access some features of the site, including futures.