Global Digital Finance (GDF) is a non-profit body with the aim of driving adoption and acceleration of digital finance. On Wednesday, the company announced many leaders in the crypto asset space including Circle, Coinbase and ConsenSys as its founding members. The company also released its Taxanomy for Cryptographic Assets and its industry-led Code of Conduct.
Co-founded by Lawrence Wintermeyer, Jeff Bandman, and Simon Taylor, GDF launched in London on March 19th, 2018. GDF’s seven Founding Members are Goldman-backed FinTech startup Circle, blockchain-centered venture production studio ConsenSys, crypto exchange Coinbase, enterprise blockchain software company R3, blockchain solutions consultancy Diginex, international law firm Hogan Lovells and multinational law firm DLA Piper. This group will support GDF to develop its global strategy and grow a community membership of the firms who wish to adhere to the Code of Conduct.
GDF’s ‘Code of Conduct’ was approved following a series of mini-summit events which took place in the USA, Europe and Asia. It was created out of the contributions from more than 200 corporations in the global crypto asset community and with over 100 feedback submissions from individuals as well as organizations.
GDF states that it’s the beginning phase for an industry-led shared rulebook that will allow corporations to represent that they abide by the ethical as well as professional standards in their conduct with money handling, clients, market price as well as risk management.
Here are the comments from GDF co-founder and representatives from some of GDF’s Founding Members –
HDF Co-Founder, Simon Taylor:
“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.”
International Group Head of Finance and Global FinTech Co-Chair at DLA Piper, Martin Bartlam:
“Considering the cross-border nature of crypto assets, establishing a global standard of conduct for the crypto asset industry to commit to is a proactive way for member participants to demonstrate accountability and protection for investors. The Code provides a standard that fits within existing laws and regulations amidst potentially conflicting laws and regulations on a country by country basis.”