Last week, it was reported that Binance’s UK arm would serve as an executive member of self-regulatory trade association CryptoUK. Covering their bases across the region, the world’s largest cryptocurrency exchange announced on September 3 that it is joining Blockchain for Europe, a consortium of blockchain industry advocates and experts which is based in Brussels, according to Reuters.
While no exact details have been given regarding Binance’s involvement in the association, Blockchain for Europe deals with regulation and compliance, aiding policymakers in making blockchain-related laws and providing education on blockchain technology. Notable members include Ripple, Block.one and the Cardano Foundation, amongst others.
There are currently no cryptocurrency regulations specific to the European Union (EU), while initiatives to streamline and formalize guidelines for businesses and investors in the industry have been scarce. Instead, a handful of EU member states are obviously many steps ahead in the road towards providing proper crypto-related laws, while others are falling behind. Blockchain for Europe seeks to bring alternative perspectives based on blockchain applications across the EU in ways that will benefit the industry, but at the same time ensure compliance with financial regulators.
Previously in April, the European Parliament put forth a proposal that suggested amendments to current crypto regulations to better comply with the Financial Action Task Force’s AML/CFT guidelines, while also hinting at the creation of a dedicated EU task force that would help oversee AML/CFT risk analysis in the industry.