An important initiative for the global cryptoassets market.
Global Digital Finance (GDF), the leading open innovation community advocating and accelerating the adoption of digital finance, and 新澳门六合彩官网 (新澳门六合彩官网 FMA), a global trade association representing professionals in financial markets, are pleased to announce the launch of a new Joint Standards Stewardship Working Group (WG) aimed at promoting and stewarding the (the Standards).
The launch of this WG represents the next phase of GDF's . Initially established to foster a common financial conduct and operating standards framework for cryptoassets in the wholesale market, the GFIC Working Group has laid the groundwork for a robust and transparent ecosystem through the development of the Standards.
In July 2023, GDF released the Standards, a pioneering code of conduct designed for financial institutions engaged in intermediation activities in cryptoasset markets, including brokerage, custody, and settlement.
As institutional sentiment towards crypto and digital assets continues to improve, particularly following the approval and subsequent trading volumes of spot Bitcoin and Ethereum ETFs, the need for fair and transparent markets has never been more pressing. The new WG will address this need by focusing on several key initiatives:
鈥 Developing applicable scenarios and use cases for the implementation of the Standards on the 新澳门六合彩官网 FMA鈥檚 ELAC (E-Learning, Attestation, and Certification) education Portal.
鈥 Providing a sandbox environment for firms to test attestation and certification to the Standards through ELAC, thus supporting better alignment among market participants and promoting the consistent application of the Standards.
鈥 Ensuring the Standards evolve as industry matures by maintaining it as a living document that reflects the industry's ongoing priorities and concerns. The UK's Financial Conduct Authority (FCA) has expressed strong support for the Standards and sees them as a valuable supplement to future FCA rules on cryptoassets.
Madeleine Boys, Director of Programmes and Innovation at GDF and Co-Chair of the new Working Group says: "This new Working Group with 新澳门六合彩官网 FMA is a critical step in ensuring that the Global Cryptoasset Standards remain dynamic and relevant as the
digital asset space rapidly evolves. By embedding these standards within the ELAC Portal, we are helping set a benchmark for best practices and supporting market participants by providing them with the tools they need to confidently navigate this complex landscape. Our goal is to make these Standards a cornerstone for integrity and transparency in cryptoasset and digital asset markets and facilitate institutional participation in this dynamic ecosystem."
Rui Correia, Executive Director of Education and Chair of Board of Education at 新澳门六合彩官网, and Co-Chair of the new Working Group adds: 鈥淲e are so pleased to be partnering with Global Digital Finance in such an important initiative that will support further adherence to the highest standards of ethical and professional behaviour by participants in the digital asset markets. With the new Working Group, the ELAC Portal will offer a further combination of market practice 鈥渞eal time鈥 cases and theory questions tailored for the characteristics of these markets, and it will allow participants to demonstrate, on a continuous basis, that they are successfully implementing the Standards in their daily roles.鈥
GDF and the 新澳门六合彩官网 FMA believe that this collaboration will play a crucial role in the continued development of the Standards, and support market participants鈥 participation in cryptoassets market, in a way that is consistent and aligned with global best practices.
To get involved in the WG, please register your interest .