GDF Unveils Crypto Code of Conduct
A global organization is now taking the lead in pushing for the regulation and adoption of cryptos through the launch of a Code of Conduct. The code has been developed by a group of leading crypto firms.
Companies Urged To Adhere To Crypto Code of Conduct
Global Digital Finance has unveiled the Cryptocurrency Code of Conduct. The guidelines were released on Wednesday with the hope of having a standardized environment that will push for adoption of cryptos.
In a statement, GDF revealed that top crypto firms being led by Circle and Coinbase were now founding partners. The organization operates in different parts of the world. Partner members are mandated with assisting the organization in coming up with a worldwide Code of Conduct.
Before coming up with the guide, GDF held a number of forums across three continents. The forums resulted in a Code of Conduct and Taxonomy for Cryptographic Products.
As part ensuring that all stakeholders participated, members of the public were given two months to share their views. The code was later approved after receiving positive reviews from about 200 firms and 100 individuals.
The code that has been developed is based on shared interest from the crypto family. It will assist firms and investors by making it easy for policymakers. The code touches on things like ethics, professionalism, risk management and market practices.
According to Jeremy Allaire the head of Circle, the guidelines show that investors can place their faith in the hands the crypto sector. He added that the finance sector was witnessing democratization through the use of digital properties and open ledger. Allaire added that he was thrilled to be part of GDF by assisting in establishing the code meant to enhance the customer experience.
On the other hand, Simon Taylor a founding partner of GDF stressed the importance of having ethics in the sector. He pointed out that customers are keen to know that firms are observing all the prescribed regulations.
According to Zeeshan Feroz from Coinbase UK, we need to have a clear distinction between firms that are campaigning for cryptocurrency adoption legally and those that exploit the legal limitations. He pointed out that firms can gain trust among investors through observing the Code of Conduct. GDF is also engaging regulators globally by giving a voice to the industry.