The bank joins Coinbase, Huobi, SIX Digital Exchange, 100x Group, and
other industry leaders to advocate for the adoption of digital assets.
Standard Chartered, a United Kingdom-based multinational banking
firm, has joined an alliance of fintech companies and banks aimed at
accelerating the adoption of best practices of cryptocurrencies.
In
a Wednesday announcement, Standard Chartered said it would be joining
crypto and digital finance industry membership body Global Digital
Finance, or GDF, Patron Board. As a member, the bank will help engage
with international regulators and lawmakers as well as others in the
industry to advocate for digital assets.
According to the GDF, Standard Chartered is the first bank to join the group’s patron board, which currently consists of ten other members
including crypto exchanges Coinbase, Huobi, SIX Digital Exchange, and
100x Group — the parent company of BitMEX. The alliance aims to drive
mainstream adoption of digital assets as well as ensure the development
of a proper infrastructure for investors to gain exposure to crypto.
“Thoughtful
adoption of digital assets based on the principles of consumer
protection and compliance can promote a more efficient and inclusive
financial system,” said Standard Chartered’s global head of financial
markets electronics trading and platforms Geoff Kot. “Banks have an
ongoing responsibility to support the evolution of an open and trusted
global financial architecture.”
Related: Standard Chartered launches blockchain trade platform with Chinese fintech
Launched
in 2018, the group has members in banking, blockchain, crypto, and
finance from different countries, and has released statements in support
of pro-legislation in the United States. When infrastructure bill HR
3684 was still under consideration in the U.S. Senate, the GDF said it supported language clarifying the definition of brokers and tax reporting requirements as it applied to crypto and blockchain firms.
“As
institutional adoption of digital assets rapidly evolves, we must
ensure there is the highest level of industry-wide best practices and
standards in place, aligned to emerging policy and regulation thinking
and development,” said GDF executive co-chair Lawrence Wintermeyer. “GDF
and our members are at the forefront of creating these standards in a
shared engagement forum with market participants, policymakers, and
regulators.”
source link: https://cointelegraph.com/news/uk-based-banking-firm-standard-chartered-joins-global-digital-finance-patron-board
