Code of Conduct for the Crypto Industry: Long-Overdue and Welcome

23.08.18.jpeg ICOBox’s Head of International PR Dima Zaitsev’s take on the news of the newly established ADAM

Ten financial and tech companies have just announced that they are establishing an Association for Digital Asset Markets (ADAM) to develop a “code of conduct” for the cryptocurrency market. ADAM’s founding members include such serious market players as merchant bank Galaxy Digital, global financial services firm BTIG, fintech firm Paxos, and crypto liquidity solutions provider GSR.

ADAM will be working with regulators to create “comprehensive standards” for digital asset market participants and provide a framework for “ethical conduct” and “professionalism,” according to the freshly issued press release.

Dima Zaitsev, Head of International PR at ICOBox, salutes the news. “Transparency is at the very core of blockchain technology. Yet humans will always be humans, and this industry, like many others, has been plagued by unsavory practices pretty much from the start. Creating and fine-tuning the rules of the game is extremely important. As the authorities around the globe are pondering how to regulate the wild crypto market, it is imperative that we as industry participants get a seat at the table.”

ADAM’s code of conduct is intended to work in conjunction with existing laws and regulations to help develop a fair and well-organized digital asset market and provide an added layer of confidence to both innovators and investors. The new partners envision the code that will include guidelines on “market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation, data protection, and research.”