Cryptoassets code of conduct launched

Global Digital Finance (GDF), a cryptocurrency industry body, has launched a code of conduct for cryptoassets that aims to lead to more efficient and transparent markets, protection for investors and an increased liquidity pool.

The overarching principles of the code include taking reasonable measures to comply with standing rules and regulations; conducting know-your-customer due diligence; putting in place a transparent management team and legal structure; managing conflicts of interest; and treating customers fairly.

GDF claims the code will result in private placements being reduced from six weeks to six seconds, and lead to a new route to capital. “The cryptoasset market is growing and needs a global rule set,” says Simon Taylor, Co-founder of GDF and consultancy 11:FS. “Securities tokens are coming, and they need a clear rule set too. The advantage of this new tech is that it’s global, so we need a global code of conduct which is an industry-led way to set and manage rules in an unclear regulatory space.”

More than 140 organisations and professionals have contributed to the development of the code. A consultation on its next version is running until 30th August 2018. The GDF open community includes organisations such as Circle, Consensys, Hyperledger, R3, Coinshares and Indiegogo.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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