Global Digital Finance announces Code of Conduct To Drive Global Industry Standards In Crypto Assets

Global Digital Finance (GDF) recently announced the release of its industry-led Code of Conduct and Taxonomy for Cryptographic Assets. GDF also announced that key leaders in crypto aka digital asset market have joined GDF to drive its strategy and to grow its community of member firms.

What is GDF?

GDF is a not-for-profit industry body driving the acceleration and adoption of next-generation technologies in finance. The GDF was co-founded by Lawrence Wintermeyer, Simon Taylor, and Jeff Bandman.

GDF is based in London, New York, and Hong Kong. It endeavors to drive efficient, fair and transparent crypto markets by building a knowledge base and best practice for “Truly Digital” finance and the benefits tokens can bring all market participants.

Who joined GDF?

The newly joined crypto leaders include Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells and R3 have joined GDF as Founding Members of the not-for-profit initiative based in London, New York, and Hong Kong.

GDF held a series of global mini-summits with its community in Asia, Europe, and the USA.
The industry-led Code of Conduct (the GDF Code) and Taxonomy for Cryptographic Assets is released after approval of the Code by the GDF community

GDF Code of Conduct

The GDF Code of conduct serves as industry-led “shared rulebook”. It will help companies to demonstrate to their customers, markets, and regulators, that they abide by ethical and professional standards in their conduct with clients, money handling, risk management, and market practice.

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

Regulators around the world have diverse opinions in the assessment and treatment of crypto assets. E.g. Initial Coin Offerings (ICOs) which the US regulators have indicated should be offered or sold in accordance with US securities laws.

According to the announcement, GDF is engaged with global regulators, standard-setting bodies and non-governmental organizations.

Executive Opinion

CEO of Circle, Jeremy Allaire, 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."

GDF Co-Founder, Simon Taylor, 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.”

ConsenSys Legal & The Brooklyn Project, Patrick Berarducci, said, “The quality of the work the GDF team has produced in partnership with a large community of industry practitioners in 6 months is nothing short of outstanding. and includes a delivery pipeline which will continue to address additional participants within the space, such as funds and custodians.”

UK CEO of Coinbase, Zeeshan Feroz, said,“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 areasBy adhering to the Code of Conduct, firms are making it clear to their customers that they take safety and security seriously.”

GDF Co-Founder and the former LabCFTC innovation head, Jeff Bandman, said, “Regulators have been hugely supportive of the development of GDF and the Code. digital assets are global and no one jurisdiction has authority over the entire sector. The Code provides industry adopters a supranational toolbox to demonstrate to global regulators that they are good citizens.”

Subscribing to GDF Code of Conduct

Companies will able to register with GDF from Q12019. It will allow them to attest to their organization’s adoption of the Code. The registration scheme is currently in development, led by DLA Piper and in consultation with global industry firms, the announcement said.