Crypto.com Joins IDAXA to Champion Global Cryptocurrency Standards

Crypto.com Joins IDAXA to Champion Global Cryptocurrency Standards

Crypto.com, a leading cryptocurrency app and exchange platform, has announced its membership in the International Digital Asset Exchange Association (IDAXA). This strategic move underscores Crypto.com’s dedication to promoting global standards and engaging in meaningful dialogue with regulators to shape the future of the cryptocurrency industry.

What is IDAXA?

The International Digital Asset Exchange Association (IDAXA) is a coalition of industry leaders and organizations committed to advancing standards for digital asset exchanges.

Key Members of IDAXA:

• Singapore Cryptocurrency and Blockchain Industry Association (ACCESS)
• Blockchain Australia
• Hong Kong Blockchain Association
• Switzerland Crypto Valley Association

Founded during the V20 Summit in Osaka, Japan, in 2019, IDAXA was established to enhance collaboration between regulators and the digital asset industry. The group plays a pivotal role in setting standards and addressing key regulatory frameworks, such as the FATF’s Recommendation 16 or The Travel Rule.

Crypto.com’s Commitment to Industry Standards

Joining IDAXA reinforces Crypto.com’s mission to accelerate global cryptocurrency adoption while ensuring compliance with evolving regulations.

Statements from Leadership:

• Antonio Alvarez, Chief Compliance Officer at Crypto.com:

  “Joining IDAXA is yet another example of our commitment to achieving our mission of accelerating the world’s transition to cryptocurrency. IDAXA plays a pivotal role in bringing together the global blockchain and cryptocurrency industry to engage with legislative bodies, agencies, and regulators.”

• Anson Zeall, Chairman of IDAXA:

  “We’re delighted to welcome Crypto.com as a Corporate Member of IDAXA. Their global presence and alignment with our values make them an ideal partner in fostering better standards and championing financial transparency.”

The Role of FATF Recommendation 16

At the heart of IDAXA’s mission is addressing the FATF’s Recommendation 16, known as The Travel Rule.

What is the Travel Rule?

• Introduced to combat money laundering and terrorist financing, the Travel Rule requires financial institutions and cryptocurrency exchanges to collect and share customer data during transactions.
• Compliance with this rule is essential for fostering legitimacy and trust within the cryptocurrency ecosystem.

Crypto.com’s inclusion in IDAXA positions the platform as a leader in driving global compliance with FATF standards while ensuring privacy and security for its users.

Why Crypto.com’s Membership Matters

Crypto.com’s entry into IDAXA marks a significant step forward for the cryptocurrency industry.

Key Benefits:

1. Regulatory Collaboration:

   • Crypto.com will play a direct role in shaping cryptocurrency regulations alongside other global leaders.

2. Enhanced Transparency:

   • By working with IDAXA, Crypto.com aims to champion financial transparency, improving the industry’s reputation among regulators and the public.

3. Global Influence:

   • With a presence in major markets worldwide, Crypto.com brings substantial expertise and resources to IDAXA’s initiatives.

The Upcoming V20 Summit

Crypto.com will participate in the upcoming V20 Summit, set to take place in Riyadh, Saudi Arabia.

Key Agenda Items:

• Discussion of FATF Recommendation 16 compliance.
• Advancing global blockchain and cryptocurrency industry standards.
• Engaging with regulators to address challenges and opportunities in the digital asset space.

Conclusion

Crypto.com’s membership in IDAXA signals a strong commitment to fostering industry-wide standards and regulatory collaboration. By working closely with IDAXA, Crypto.com is positioned to lead the charge in achieving global compliance, enhancing transparency, and legitimizing cryptocurrency in the eyes of regulators and the public.

As the cryptocurrency space continues to evolve, partnerships like this will play a crucial role in shaping the future of digital finance.

For more insights into Crypto.com’s innovations and their impact on the blockchain industry, explore our article on crypto compliance trends.