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Leading crypto and blockchain firms have come together for a new initiative that aims to drive the adoption of digital finance.
Circle, Coinbase, ConsenSys, Diginex, R3, and law firms DLA Piper and Hogan Lovells, have become the founding members of Global Digital Finance (GDF) – a not-for-profit initiative based in London, New York and Hong Kong. These founding members will support GDF in “developing its global strategy and growing a community membership of firms who wish to adhere to the Code of Conduct.”
"Building public trust is essential to Circle and to democratizing finance using crypto assets and blockchain technology," said Jeremy Allaire, CEO of Circle. "We are proud to be joining an organization that is helping ensure the industry upholds the high standards the public deserves."
The GDF Code
GDF has released its industry-led Code of Conduct, or the GDF Code, and Taxonomy for Cryptographic Assets.
The release follows a 60-day open public consultation which received contributions from over 200 firms in the cryptoasset community and more than 100 individual submissions of feedback from individuals and organisations. The Code, according to GDF, is the starting point for a “shared rulebook” that will enable companies to demonstrate to their customers, markets and regulators that they are adhering to ethical and professional standards in their conduct.
“Individuals need to be able to distinguish crypto businesses that are trying to facilitate the safe transfer of digital assets, with a compliance-first approach, from those that may be pushing the boundaries of what may be considered legal in other areas”, says Zeeshan Feroz, UK CEO of Coinbase. “By adhering to the Code of Conduct, firms are making it clear to their customers that they take safety and security seriously.”
Notable industry contributors to the GDF Code of Conduct and Taxonomy include 11:FS, Accord Project, Applied Blockchain, Blockchain Research Institute, Circle, Coinfirm, Coinfloor, CoinShares, ConsenSys, Dash Core Group, DLA Piper, HUOBI, R3, State Street Corporation, Templum Markets, and others.
GDF said it also reached out to global regulators, standard-setting bodies and non-governmental organizations to help provide a consistent professional voice of responsible industry practitioners. It said that future components of the code under development will include additional principles for Custody, Anti-Money Laundering and Counter-Terrorism Financing.
According to the official announcement, companies will be able to register with GDF to attest to their organization’s adoption of the Code from Q1 2019.
GDF has published additional principles to the GDF Code of Conduct: Part IV – Principles for Cryptoasset Funds and Fund Managers and Part V – Principles for Token Comparison and Rating Websites. This consultation is currently open and will close on 31 January 2019.
