GDF releases code of conduct to establish Global Crypto Standards

GDF releases code of conduct to establish Global Crypto Standards

On 31st October, Global Digital Finance (GDF), the industry body driving adoption of the digital finance announced that cryptocurrency leaders all around the globe have worked upon a new code of conduct for crypto-assets.

The GDF along with the cryptocurrency family, Circle, Diginex, Coinbase, ConsenSys, DLA Piper, Hogan Lovells and R3 have joined hands with the GDF as Founding Members of the not for profit initiative based in London, Hong Kong and New York.

All of them together will form a group that will support GDF in the development of its global strategy and will help grow a community membership of companies that will follow the Code of Conduct.

The Code completed a successful 60-day open public consultation which was shut down on the 31st of August. It received contributions from over 200 firms all across the globe in the cryptocurrency family. It also received over 100 individual submissions of feedback from both individuals as well as firms.

GDF also announced on the 31st of October the release of its industry-led Code of Conduct (the GDF Code) and Taxonomy for Cryptographic Assets. This was after it got an approval of the Code by the GDF community in many global mini-summits held in Europe, Asia and USA.

Simon Taylor, GDF Co-Founder said, “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.”

The Code is marked as the start for an industry-led rulebook to enable firms to demonstrate to their customers, markets and regulators that they follow professional approaches and standards in their conduct with clients, money handling, risk management, and market practice. 

Jeremy Allaire, CEO of Circle said, “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.”

Global Digital Finance has conducted a consultation on the Code of Conduct for Cryptocurrencies and a supporting Taxonomy.

Lawrence Wintermeyer the co-founder of GDF said, “Ultimately we believe the direction of travel is for GDF to help create a global industry-led self-regulatory model, digital assets work seamlessly across borders which challenges current jurisdictional models and this will require a federation of industry participants and membership organisations with the support from organizations like national fintech and crypto members’ associations, the OECD, and the IMF.”

The Code of Conduct has three parts. Part I consists of Overarching Principles. Part II includes Additional Principles for Token Sales and for Token Sale Service Providers and Part III has Additional Principles for Token Trading Platforms.

Companies will now be able to register with the GDF to attest to their organization’s adoption of the Code from Q1 2019. The registration scheme is currently unfinished and needs development. It is led by the DLA Piper and in consultation with industry firms all across the globe.

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