Industry Recovery Initiative
The Industry Recovery Initiative (IRI) is an effort by the cryptocurrency industry to create a unified plan to better protect consumers and reduce fraud. The initiative was launched in 2018 as a response to increasing media coverage of cyber-attacks, scams, and other fraudulent activities that have plagued the cryptocurrency sector. As such, IRI seeks to provide guidance on best practices for handling customer data and funds while also promoting transparency within the industry.
IRI is composed of over 20 companies that span multiple aspects of the cryptocurrency space including exchanges, wallets, payment processors, banks, developers and more. These members are tasked with developing tools and processes that will help ensure consumer protection as well as promote trust in digital transactions. This includes introducing measures such as encryption technology for protecting customer data from malicious actors or establishing “know your customer” (KYC) requirements for organizations operating within the sector. Additionally, IRI has developed guidelines around anti-money laundering procedures which include requiring exchanges to report suspicious activity when encountered.
In addition to providing technical solutions for improving security standards across the board, IRI also looks at legal aspects of cryptocurrency related business operations such as taxation policy reform or copyright regulations regarding digital assets like tokens or coins . Furthermore , IRI collaborates with government agencies so they can gain insight into how cryptocurrencies work and provide recommendations on possible regulatory changes needed in order to foster innovation while still protecting users from financial harm .
All in all , through its efforts , IRI is striving towards creating an environment where individuals can safely invest in digital currencies without fear of being scammed or having their money stolen . By doing so , it hopes to restore faith amongst those who may have lost hope due to past incidents involving crypto assets .
