On Wednesday, October 31, Global Digital Finance released the cryptocurrency industry Code of Conduct that will help to standardize and increase adoption of the crypto economy. It also noted that leading crypto companies, Circle, Coinbase, ConsenSys, R3, Diginex, Hogan Lovells and DLA Piper have joined the GDF as Founding Members of the New York, Hong Kong, and London-based non-profit initiative. The members help and support GDF in developing a global strategy for firms that wish to adhere to its Code of Conduct.
Code of Conduct for the Crypto Industry
After a series of mini-summits in the US, Europe, and Asia, GDF community designed a Code of Conduct and Taxonomy for Cryptographic Assets. The Code was open for public consultation for 60 days until August 31 and was approved in its final form with contributions from over 200 firms in the global crypto community along with over 100 submissions from individuals and organizations.
The Code is designed to be an industry-wide “shared rulebook” that will help both companies and customers while simplifying the market for the regulators. It includes ethical and professional standards in handling money, managing risk, conduct with clients and market practices.
Jeremy Allaire, Circle CEO commented on the Code, saying:
“Building public trust is essential to Circle and to democratizing finance using crypto assets and blockchain technology. We are proud to be joining an organization that is helping ensure the industry upholds the high standards the public deserves.”
Simon Taylor, the co-founder of GDF, focused on the availability of ethics in the industry, saying:
“Customers want to know the firms they are doing business with are ethical and not breaking (international) laws. This extends from cryptocurrencies like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.”
Why Is a Code of Conduct Important?
Simon Taylor, the co-founder of GDF, focused on the availability of ethics in the industry, saying:
“Customers want to know the firms they are doing business with are ethical and not breaking (international) laws. This extends from cryptocurrencies like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.”
Coinbase UK CEO Zeeshan Feroz emphasized creating a distinction between companies that are trying to facilitate crypto adoption within the limits of compliance and those that push the legal limits of the system. He noted that firms would send a message to their customers that they are serious about security and safety upon adhering to the Code of Conduct.
GDF has also started reaching out to global regulators, non-government organizations and standard-setting bodies to act as a professional voice of the industry.
