Standard Chartered, the UK-based multinational banking firm, has joined the crypto and digital finance industry membership body Global Digital Finance (GDF) Patron Board to help engage with international regulators and lawmakers as well as others in the industry to advocate for digital assets.
It has been reported according to the GDF that Standard Chartered is the first bank to join the group’s patron board, consisting of ten other members, including crypto exchanges Coinbase, Huobi, Six Digital Exchange, and 100x Group, the parent company of BitMEX.
However, the alliance aims to drive mainstream adoption of digital assets and ensure the development of proper infrastructure for investors to gain exposure to crypto.
Geoff Kot, the global head of financial market electronics trading and platforms at Standard Chartered, 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.”
The report said that the GDF has banking, blockchain, crypto, and financial organization members from different countries and has released statements backing pro-crypto legislation in the United States. When infrastructure bill HR 3684 was still under consideration in the US Senate, the GDF said it supported language clarifying the definition of brokers and tax reporting requirements as it applied to crypto and blockchain firms.
Thus, Lawrence Wintermeyer, the Executive Co-chair of GDF, said:
“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.”