Cameron and Tyler Winklevoss, the cryptocurrency millionaire twins best known for suing Mark Zuckerberg over the creation of Facebook, have launched a push to legitimise the controversial world of digital currencies such as Bitcoin.

The Virtual Commodity Association, an industry group led by the Winklevosses’ own online cryptocurrency exchange, said it planned to “promote fairness, transparency, risk management, and liquidity” in the market.

The twins hope that the self-regulatory body will curry favour with industry regulators, having twice been thwarted in their attempts to launch a tradeable fund pegged to the price of Bitcoin.

Cryptocurrencies, digital assets that are not controlled by any central authority, have often been met with scepticism by regulators, due to an alleged popularity among cybercriminals and because of wild price swings. The price of Bitcoin spiked at the end of last year to almost $20,000 (£15,600) but has since lost more than two thirds of its value.

Four of the biggest cryptocurrency exchanges, the websites where the currencies are traded, have signed up to the body. The group has come together in the absence of any clear regulation for cryptocurrencies, and the asset is seen as occupying a legal grey area.