Some of the major UK cryptocurrency companies are uniting to launch a self-regulatory trade body to improve industry standards and engage policy makers on the future of the sector.

CryptoUK comprises seven founding members including trading platforms, exchanges, comparison sites, intermediaries, merchants and asset managers: BlockEx; CEX.IO; Coinbase; CoinShares; CommerceBlock; CryptoCompare; and eToro.

The association will work to raise understanding of the sector at a time of significant growth in popularity and call on government to introduce appropriate regulation to protect consumers and business certainty, allowing the sector to flourish in the UK.

CyrptoUK has a Code of Conduct which members must comply with and is intended to improve standards in the industry that includes appropriateness checks to ensure that investors are fit and proper to undertake transactions and due diligence on users to protect against illegal activity.

Iqbal V Gandham, UK managing director of eToro, has been elected chair for the first year, who said: “This is a severely misunderstood sector that has great potential to improve our society. But we are hearing instances of rogue operators and consumer harm. That’s why CryptoUK has been established: to promote best practice and to work with government and regulators to ensure that the UK benefits from the exciting potential of this international technology.”

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