Circle Joins Industry Body for Developing Global Crypto Standards
Circle, crypto finance company has alliance with the Global Digital Finance (GDF) industry body as a founding member to build a global “Code of Conduct” for crypto, as per a press release shared with Cointelegraph on Wednesday, Oct. 31.
Circle has admitted participation with the GDF on Twitter, forcing the company’s commitment to establish standards for the industry in order to endorse the acceleration and acceptance of digital assets. Other industry players in the group allegedly comprise Coinbase, ConsenSys, DLA Piper, Diginex, and others.
Today the GDF introduced the Code of Conduct and Taxonomy for Cryptographic Assets after approbation by the GDF community in a series of global mini-summits conducted in Asia, Europe and the U.S., as per the press release. The Code had undergone a 60-day consultation with contributions from over 200 organizations from the global crypto industry and community.
The “Code of Conduct” will be the initial stage of a “shared rulebook” of standards relating to money handling, risk management, interaction with customers and regulators, and market practice.
Lawrence Wintermeyer, GDF co-founder stated that the industry body aims to create a global self-regulatory model for the industry, targeting to make “digital assets work seamlessly across borders which challenges current jurisdictional models.”
Companies can enroll themselves with the GDF as Code-compliant starting in the first quarter of 2019. As per the press release, the organization is still creating a registration scheme.
Last week, Japan’s Financial Services Agency (FSA) endowed self-regulatory status to the Japan Virtual Currency Exchange Association (JVCEA). The JVCEA is a firm of crypto exchanges registered in Japan, which collaborate on rules to assist client assets, participate to Anti-Money Laundering (AML) policy, and offer work process standards for crypto exchanges.
Source Link:- https://xnews.io/circle-joins-industry-body-for-developing-global-crypto-standards/
Circle has admitted participation with the GDF on Twitter, forcing the company’s commitment to establish standards for the industry in order to endorse the acceleration and acceptance of digital assets. Other industry players in the group allegedly comprise Coinbase, ConsenSys, DLA Piper, Diginex, and others.
Today the GDF introduced the Code of Conduct and Taxonomy for Cryptographic Assets after approbation by the GDF community in a series of global mini-summits conducted in Asia, Europe and the U.S., as per the press release. The Code had undergone a 60-day consultation with contributions from over 200 organizations from the global crypto industry and community.
The “Code of Conduct” will be the initial stage of a “shared rulebook” of standards relating to money handling, risk management, interaction with customers and regulators, and market practice.
Lawrence Wintermeyer, GDF co-founder stated that the industry body aims to create a global self-regulatory model for the industry, targeting to make “digital assets work seamlessly across borders which challenges current jurisdictional models.”
Companies can enroll themselves with the GDF as Code-compliant starting in the first quarter of 2019. As per the press release, the organization is still creating a registration scheme.
Last week, Japan’s Financial Services Agency (FSA) endowed self-regulatory status to the Japan Virtual Currency Exchange Association (JVCEA). The JVCEA is a firm of crypto exchanges registered in Japan, which collaborate on rules to assist client assets, participate to Anti-Money Laundering (AML) policy, and offer work process standards for crypto exchanges.
Source Link:- https://xnews.io/circle-joins-industry-body-for-developing-global-crypto-standards/