In order to build trust in the crypto industry, a need for a conduct authority that can provide ethical guidance has emerged. Cryptocurrency exchanges and other players are addressing the issue by implementing conduct codes of ethics. In the digital era, it is not enough for a cryptocurrency project to use a white paper to explain what the team intends to achieve. To avoid potential scams and build trust in the industry, we need more transparency on how they are going to do so. Cryptocurrency projects should be transparent about their vision and plans. They should also have an individual or an entity that has the power of ethical conduct authority that will oversee their code during the development and release of their products.
A crypto conduct authority is an individual or entity that has the power of ethical conduct authority over cryptocurrency projects by overseeing their code during the development and release of their products. Crypto Conduct Authority ensure that all aspects of crypto projects are carried out in accordance with regulations set by a jurisdiction such as KYC and AML rules, anti-money laundering. The current approach of relying on the authority of a legal system, which is often slow and inefficient, is no longer sufficient. The need for a cryptographically-based conduct authority has emerged.
The Cryptographic Conduct Authority (CCA) is an independent body to oversee ethical crypto practice. It will be run by the academic community, with software engineering and law experts as founding members. This CCA will be responsible for implementing technical standards and creating legal structures in order to protect people from unethical practices in cryptocurrencies. The blockchain is a technology that has created more opportunities for people to work with cryptocurrencies. The rise in adoption of this technology by individuals and organizations has made it necessary for there to be an entity or an organization that can best manage the ethical practices of crypto.