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UK-based banking agency Commonplace Chartered joins International Digital Finance patron board

09/01/2021

The financial institution joins Coinbase, Huobi, SIX Digital Trade, 100x Group, and different {industry} leaders to advocate for the adoption of digital belongings.

Commonplace Chartered, a United Kingdom-based multinational banking agency, has joined an alliance of fintech corporations and banks aimed toward accelerating the adoption of finest practices of cryptocurrencies.

In a Wednesday announcement, Commonplace Chartered mentioned it will be becoming a member of crypto and digital finance {industry} membership physique International Digital Finance, or GDF, Patron Board. As a member, the financial institution will assist have interaction with worldwide regulators and lawmakers in addition to others within the {industry} to advocate for digital belongings.

In response to the GDF, Commonplace Chartered is the primary financial institution to hitch the group’s patron board, which presently consists of ten different members together with crypto exchanges Coinbase, Huobi, SIX Digital Trade, and 100x Group — the dad or mum firm of BitMEX. The alliance goals to drive mainstream adoption of digital belongings in addition to guarantee the event of a correct infrastructure for buyers to achieve publicity to crypto.

“Considerate adoption of digital belongings based mostly on the ideas of client safety and compliance can promote a extra environment friendly and inclusive monetary system,” mentioned Commonplace Chartered’s international head of monetary markets electronics buying and selling and platforms Geoff Kot. “Banks have an ongoing duty to assist the evolution of an open and trusted international monetary structure.”

Associated: Commonplace Chartered launches blockchain commerce platform with Chinese language fintech

Launched in 2018, the group has members in banking, blockchain, crypto, and finance from totally different international locations, and has launched statements in assist of pro-legislation in the US. When infrastructure invoice HR 3684 was nonetheless into consideration within the U.S. Senate, the GDF mentioned it supported language clarifying the definition of brokers and tax reporting necessities because it utilized to crypto and blockchain corporations.

“As institutional adoption of digital belongings quickly evolves, we should guarantee there may be the very best stage of industry-wide finest practices and requirements in place, aligned to rising coverage and regulation pondering and growth,” mentioned GDF govt co-chair Lawrence Wintermeyer. “GDF and our members are on the forefront of making these requirements in a shared engagement discussion board with market contributors, policymakers, and regulators.”