Circle, Coinbase And R3 Join Crypto Industry Body As Founding Members

Group, News | November 1, 2018 By:

The Global Digital Finance (GDF), a not-for-profit industry body that aims to accelerate adoption of cryptocyurrencies, has announced its founding members and released its industry-led Code of Conduct.

The GDF was co-founded by Lawrence Wintermeyer, Simon Taylor, and Jeff Bandman, and is based in London, New York, and Hong Kong. It endeavours 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.

The not-for-profit initiative’s founding members include Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells and R3. The 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.”

GDF’s crypto industry Code of Conduct, which was approved following a series of mini-summit events held in Asia, Europe, and the USA, represents a set of standards which are to be adhered to by companies which are committed to working together with customers, markets and regulators for the establishment of ethical and professional standards.

GDF’s Code of Conduct, which also underwent a 60-day consultation with contributions from over 200 firms from the global crypto industry and community, currently has three parts: Overarching Principles, Principles for Token Sales and Principles for Token Platforms. Firms can register with the GDF as code-compliant starting in the first quarter of 2019.

“Customers want to know the firms they are doing business with are ethical and not breaking (international) laws,” said Simon Taylor, GDF Co-Founder. “This extends from cryptocurrencies like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.”

Jeff Bandman, GDF Co-Founder, said that the Code of Conduct provides industry adopters a supranational toolbox to demonstrate to global regulators that they are good citizens.

“Regulators have been hugely supportive of the development of GDF and the Code,” said Bandman. “Digital assets are global and no one jurisdiction has authority over the entire sector.”

Jeremy Allaire, CEO of Circle, said that 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,” said Allaire.

Zeeshan Feroz, UK CEO of Coinbase, 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.

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