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In advocating for the adoption of digital assets, the bank joins Coinbase, Huobi, SIX Digital Exchange, 100x Group, and other industry giants.
Standard Chartered, a multinational financial firm headquartered in the United Kingdom, has joined an alliance of fintech startups and banks aimed at speeding the adoption of best practises for cryptocurrencies.
Standard Chartered announced on Wednesday that it would become a Patron Board member of the crypto and digital finance industry membership organisation Global Digital Finance, or GDF. As a member, the bank will work with international regulators and lawmakers, as well as other industry stakeholders, to push for digital assets.
According to the GDF, Standard Chartered is the first bank to join the group’s patron board, which presently includes crypto exchanges Coinbase, Huobi, SIX Digital Exchange, and 100x Group – BitMEX’s parent firm. 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.”
The group, which was founded in 2018, has members from many countries working in banking, blockchain, crypto, and finance, and has issued statements in support of pro-legislation in the United States. When the infrastructure bill HR 3684 was still being debated in the United States Senate, the GDF stated that it supported provisions clarifying the definition of brokers and tax reporting obligations as they applied to crypto and blockchain enterprises.
“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.”