Due to the collapse of FTXthe crypto market has been negatively affected, markets have fallen and confidence seems to have started to erode from investors in centralized exchanges, according to the latest reports from Bitfinex. Because of this, the Blockchain Arbitration Society has created a commission of good exchange practices.
from the association They consider that state regulations have failed for exchanges. The most recent and emblematic example has been FTX, who have shown on their official website that they have obtained licenses to operate in countries such as Switzerland, Cyprus, Australia, the Bahamas, South Africa, Japan, the United Arab Emirates and the United States; and these licenses were not obstacles to the collapse of the exchange due to the inappropriate use of funds, in which most of the users lost their investments.
In this sense, the Blockchain Arbitration Society (BAS for its acronym) has a group of professionals with international experience in the legal, technological, industrial and electrical sectors.
BAS is an independent association created by lawyers associated with the cryptographic world, and has been dedicated to creating instances such as the arbitration for conflict resolution within the crypto ecosystem. These decisions do not generate effects against third parties, but rather this mechanism serves to regulate behavior between peers, and it is vital for the construction of a more decentralized society.
Currently the BAS has presence in Spain, Malta, Andorra, Estonia, Lithuania, Singapore, Hong-Kong, Japan, Colombia, Argentina, Chile, Ecuador, Venezuela, Honduras, El Salvador and the United States.
Due to the events derived from FTX, the Blockchain Arbitration Society considers that only the communities will be the ones that can regulate the development of the exchanges effectively. They assure from the association that the State has failed in its role of controller and regulator of these activities.
For this reason, they have proposed creating the commission “good practices for exchanges”, where the main players in the cryptographic world coexist and regulate themselves, guaranteeing the transparency of information, which is ultimately the spirit and reason of the Blockchain.
Up to now, the participation in the commission for the construction of this community has been confirmed by people such as: Daniel Valdés CEO of Nexxyo Labs (Outer Ring, and Bamboo Defi); Ibai Castañón (Nexxyo labs) specialist in Smart-contracts and cybersecurity; José Luis Sanjurjo (FBS lawyers), Compliance specialist; Javier Ortiz de Artiñano, expert in legality in Estonia and Lithuania; Enol Argüelles, with financial and banking experience, and knowledgeable about Maltese legislation; Shaun Leon, regulatory expert from Singapore, partner of the international firm Whitherworldwide; Edgar Antonio Mercado Plascencia, Spain Country Manager at Bitget Crypto Exchange; Adriá Llorens and Alex Fernández both from Bitbase exchange; Chainlink.
With this initiative, the BAS hopes to provide one more tool to the cryptographic space so that it continues to grow and diversify in a more transparent and secure way.
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