Companies specializing in cryptocurrencies and financial services have formed a group that will develop a code of conduct in the digital business space.
As it became known on Tuesday, the founders of the Association for Digital Assets or ADAM (Association for Digital Market Assets) were Galaxy Digital, Genesis Global Trading, GSR, Hudson River Trading, Paxos, Symbiont, BitOoda Technologies, BTIG, Cumberland and XBTO.
Together the companies are working on rules of conduct in the field of trading, storage, clearing and acquisition of digital assets, guided by the principle: “encourage professionalism and ethical conduct.”
ADAM also plans to work with regulators to promote compliance with existing laws and regulations and earn the trust of both financial observers and policymakers.
At first glance, the group may appear to be a self-regulatory organization (SRO), but according to its spokesman, Seth London, the founders will not seek to do so any time soon.
ADAM must earn the trust of market participants and regulators before it can discuss SRO with regulators and governments that grant this status. The historical parallels with the creation of many SROs reflect the path ADAM is heading towards.
ADAM currently includes a wide range of market participants: trading platforms, investors, asset managers, traders, liquidity providers and brokers. Its participants include all firms operating in the digital asset markets or seeking to do so after finalizing the code.
In the coming weeks, ADAM intends to announce the names of its leaders, as well as invite new members of the association. The Group is also in the process of establishing organizational governance.
According to https://www.coindesk.com
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