In order to enhance security in the crypto market, CMIC plans to work with regulators looking after various aspects of the sector. In a statement, the group said that crypto firms are aware of the concerns that still need to be looked into.
CMIC members are planning to meet with regulators, participate in advanced training programs and oversee research reports related to the crypto space.
Asaf Mir, Co-Founder and Chief Executive, Solidus Labs, said that the initial goal of this initiative is to bring industry-level unity across CeFi (centralized finance), DeFi (decentralized finance) and all digital assets. The group will also work on data-sharing and shared-surveillance frameworks, which are a concern in the crypto industry these days.
This development comes at a time when countries like the US, India and Russia are looking for ways to regulate the crypto sector and protect people from its risks.
Companies such as Anchorage Digital, CrossTower, Elwood Technologies and CryptoCompare have also joined as founding members of CMIC. Many more companies associated with digital assets can also become a part of this group and contribute to improve crypto business practice.
Last year, the global crypto market capitalization had increased to $3 trillion (about Rs 2,15,66,720 crore). However, due to the volatile nature of the crypto sector and the environmental concerns associated with it, the market cap of more than 1 trillion dollars (about 70,00,000 crores) has been wiped out in recent times. According to CoinMarketCap, the current market valuation of the crypto sector is $1.70 trillion (approximately Rs 1,26,38,492 crore).
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