Banking is familiar with grey and black lists, a legacy of its tax disputes with countries across the world. A new initiative for a similar list by top cryptofirms will likely be well received.
On Tuesday, the story broke that cyber criminals had stolen bitcoin worth some $39.3 million. The hackers had stolen codes to enter digital accounts at the world's largest cryptoexchange measured by trading volume.
The news came at a most unfortunate moment for the crypto industry. After months of falling prices, the valuation of the biggest cryptocurrencies were about to recover and the companies are eager to preserve this gentle resurgence.
Industry Leaders Rally Around Black List
On Tuesday, 35 big hitters met at conference in Chicago, on the day when the news about the theft broke. The leading cryptobrokers plan to introduce a black list of fraudsters, thieves and other not-so-trustworthy individuals, according to «Bloomberg». One of the prominent backers of the list is Galaxy Digital Holdings of Mike Novogratz, a pioneer of the industry, as well as Ripple, the payment specialist.
The Chicago group went further than a previous meeting in Singapore, held in January, where industry representatives had launched the Crypto OTC Roundtable Asia (CORA), which aims to create a register of trustworthy cryptofirms. The CORA bid came as industry groups grew concerned about impending enforcement from the authorities and legal risks.
Swiss Concerns
Other exponents are equally concerned about the black sheep and agree that standards will be required if the industry is to convince banks and investors to come on board. At a conference in Zug held in March, the industry representatives emphasized the importance of having sound standards at such an early phase.
«We have to be really prudent, work with due care and not promise too much,» said Mathias Imbach, the co-founder of Sygnum, a fintech active in Switzerland and Singapore.
