Standard Chartered Bank became a member of the Global Digital Finance alliance

Standard Chartered is the first bank to become a member of the industry organization Global Digital Finance (GDF). It was established in 2018 and now has ten companies including Coinbase, Huobi, SIX Digital Exchange, BitMEX and 100x Group.

The main task of the alliance is to facilitate the mass adoption of digital assets and the formation of an infrastructure that will give investors access to the cryptocurrency market. Standard Chartered’s management said that as a member of the GDF, the bank will interact with representatives of the cryptocurrency industry, as well as with international regulators and legislators, to increase their loyalty to digital assets.

“Cryptocurrencies need to be implemented in a smart way because of consumer protection and regulatory compliance. Banks play an important role in the development of an open international financial architecture, and we are ready to do our part, ”said Geoff Kot, Head of Foreign Exchange Trading at Standard Chartered.

GDF Executive Co-Chair Lawrence Wintermeyer said that due to the interest of institutional investors in digital assets, the alliance advocates the development of standards that will take into account the regulatory requirements of different countries, but will not hinder the development of cryptocurrencies. Wintermeyer believes that the creation of these standards should be discussed by cryptocurrency market participants, politicians and regulators.

The GDF supports an amendment to the US bill to clarify the definition of a broker. The alliance previously opposed the adoption of a law prohibiting retail traders from trading cryptocurrencies in Hong Kong.