A consortium of cryptocurrency firms has launched an association to establish a code of conduct for emerging digital asset markets.
The 10 founding companies include Paxos, Galaxy Digital and Genesis Global Trading among others.
The Association for Digital Asset Markets (ADAM) was announced during Consensus Invest in New York, and its founders say it will ‘proactively seek comprehensive standards for digital asset market participants’.
The new group will work with current and former regulators to provide rules for the efficient trading, custody, clearing and settlement of digital assets.
“Rules are fundamental to the development of any market,” said Duncan Niederauer, former chief executive officer of the New York Stock Exchange and ADAM advisory board member.
“Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market. I applaud the firms leading the ADAM initiative and look forward to advising them on standards that will enable this market to thrive.”
ADAM’s code of conduct will include guidelines for market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation, data protection, and research, among other topics.
The association said it plans to add new members and will announce its officers in the coming months. It will maintain offices in New York and Washington, D.C.