BY CNA Team - November 28, 2018
Group seeking standardised crypto regulations formed
A group of leading financial services and technology firms have banded together to form the Association for Digital Asset Markets (ADAM) and also launched a code of conduct for emerging digital asset markets.
ADAM, which will have offices in New York and Washington, DC, seeks comprehensive standards for digital asset market participants.
An advisory board member to the organisation, former New York Stock Exchange (NYSE) CEO Duncan Niederauer, says the advent of digital markets requires similar efforts to draft rules just as over 200 years ago market leaders came together to draft rules for the NYSE.
He says in a Nov 27 announcement that this effort includes clarifying existing rules and giving both investors and regulators the confidence necessary to sustain this market.
Members will work with current and former regulators to provide rules for the efficient trading, custody, clearing and settlement of digital assets.
The code of conduct will complement all existing law and regulation as ADAM intends to earn the long-term trust of financial regulators and policymakers.
The code will include guidelines for market integrity, risk management, know-your-customer and anti-money laundering rules, custody, record keeping, clearing and settlement, market manipulation, data protection, and research, among other topics.
Among the 10 founding members are Galaxy Digital and Cumberland. The association intends to add new members announce office bearers in the coming months.
Image courtesy of Association for Digital Asset Markets (ADAM) website.