Mexico has welcomed a blockchain association which is a first in the country. The association is a combination of notable companies across the blockchain ecosystem. They comprise Consensys, Lvna Capital, Exponent Capital, Bitso, among others.
Deployment And Application Of Blockchain
Among its goals, the Blockchain Association seeks to teach how the distributed ledger technology can be deployed and where it can be applied. The association is also trying to be the first to develop a framework comprising of practices and standards before the blockchain technology records higher adoption rates in the country.
According to Mouses Cassab, founder, Exponent Capital:
“The current application of the blockchain range from decreasing the cost of sending remittances and international payments, to the democratization of the financial system.”
The association’s provisional president, Felipe Vallejo, noted that the blockchain technology is capable of providing procedures that are efficient, transparent, and safe.
The Blockchain Association is open to ideas from new members in an open discussion format so that everyone is included.
Companies and thought leaders in the blockchain sector are moving towards the formation of blockchain associations to help financial regulators and authorities across the world develop a comprehensive regulatory framework around cryptocurrencies and the distributed ledger technology.
For example, at the end of last month, the Association for Digital Asset Markets (ADAM) was created by leading technology and financial firms to develop a ‘Code of Conduct for emerging digital asset markets.’
“Work with current and former regulators to provide rules for efficient trading, custody, clearing, and settlement of digital assets. Future guidelines will encourage professionalism and ethical conduct by all market participants; increase transparency by providing information to regulators and the public; … the Code of Conduct will complement all existing law and regulation.”
In September, Coinbase led a pack of virtual currency and blockchain affiliated firms in the United States in forming an association that will represent ‘entrepreneurs and investors who are building off the technology behind Bitcoin.’
The association will scrutinize and address laws governing the blockchain industry in the United States. It will also take part in the creation of AML and KYC policies in the U.S.