The United Kingdom-based multinational banking firm, Standard Chartered, has now joined an alliance of fintech firms and banks aimed at accelerating the adoption of ideal crypto practices. The bank joins SIX Digital Exchange, 100x Group, Coinbase, Huobi, and several other industry leaders to advocate for the adoption of digital assets.
In a September 1, 2021 announcement, the banking institution said that it would be joining cryptocurrency and digital finance sector membership body Global Digital Finance (GDF), Patron Board.
As a member, Standard Chartered will help engage with international regulators and legislators, and others in the sector to advocate for digital assets. Based on the GDF, Standard Chartered is the first bank that has joined the group’s patron board that currently features up to ten other members including four crypto exchanges. 100x Group is the parent company of BitMEX.
The alliance strives to push mainstream adoption of digital assets and guarantee the development of proper infrastructure for the investors to gain exposure to cryptocurrency. Geoff Kot, Standard Chartered’s global head of financial markets electronics trading and platforms, said:
“Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system. Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.”
Launched in 2018, the group has members in crypto, banking, finance, and blockchain from various countries, and has released statements to support the pro-legislation in the United States.
When the infrastructure bill HR 3684 was still under consideration in the United States Senate, the GDF said that it supported language clarifying the definition of brokers and tax reporting needs as it applied to blockchain and cryptocurrency companies. GDF executive co-chair Lawrence Wintermeyer stated:
“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. GDF and our members are at the forefront of creating these standards in a shared engagement forum with market participants, policymakers, and regulators.”
