A Crypto-Banking Association Headed by a Czech, Karel Filler, was Established in London
The BACCA – Crypto-banking Association has been recently established in London. The Crypto-banking Association has the objective of protecting the interests of its members and the entire crypto-banking field on an international level. Its president is a leading Czech figure of the crypto scene, Karel Fillner.
The leadership team will thus be physically based in Prague, which is an advantage for all Czech entities that have or will join this dynamically growing field. Due to modern technologies and blockchain, the worlds of classic banks and digital currencies are now becoming interconnected. The financing of companies and the future of currencies is thus entering a new era. Since up to 90% of projects fail due to the absence of a legal framework and regulation in the crypto-world, it is evident that there is a need for the creation of new rules and laws. In precisely this area, the new association will assist especially fintech companies engaged with this topic.
“The BACCA is a voluntary, non-profit association in the field of crypto-banking and crypto-finance. Its reason for being and objective is to represent, promote, defend and protect at both national and international levels the interests of its members in contact and discussions with governmental and non-governmental organizations and in connection with the creation of legal regulations, technical norms and standards”, said Fillner.
The association of cryptocurrency banking has been established at a time when the digital environment is changing the world of currency and even the financing of companies, and the digitalization of business is reaching a climax. The BACCA will help to classify and certify providers of services in accordance with applicable legislation, form and improve the good name of the field of crypto-banking and crypto-finance in relation to the broader public, representatives of the business and political life of the country, improve the quality and reputation of the field at both national and international levels, and seek the creation of suitable external economic conditions for the development of competitiveness in the field of crypto-banking and crypto-finance.
Another mission of the association will be the gathering of information and experience, their analysis and the subsequent provision of their access to members. “The association will also examine the legal, commercial and other relationships among providers of crypto-banking and crypto-finance services, their clients, agents and other intermediaries. We will also advocate ensuring their transparency and correctness”, adds Fillner.