UK banking firm Standard Chartered joins board of Global Digital Finance

Standard Chartered, a UK-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating th...



Standard Chartered, a UK-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating the adoption of cryptocurrency best practices.

In an announcement on Wednesday, Standard Chartered said it will join the crypto and digital finance industry member body Global Digital Finance, or GDF, Patron Board. As a member, the bank will help engage with international regulators and lawmakers as well as other industry players to advocate for digital assets.

According to GDF, Standard Chartered is the first bank to join the group’s board of directors, which currently consists of ten other members including crypto exchanges Coinbase, Huobi, SIX Digital Exchange, and 100x Group – the parent company of BitMEX. The alliance aims to foster widespread adoption of digital assets and ensure the development of an appropriate infrastructure for investors to gain exposure to crypto.

“Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system,” said Geoff Kot, Global Head of Electronic Commerce, Financial Markets and Platforms at Standard Chartered. “Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture. “

Related: Standard Chartered launches blockchain commerce platform with Chinese fintech

Launched in 2018, the group has members in banking, blockchain, crypto and finance from different countries, and has issued statements supporting pro-legislation in the United States. When the infrastructure bill HR 3684 was still under consideration in the US Senate, the GDF said it strong language clarifying the definition of brokers and tax reporting requirements as they applied to crypto and blockchain businesses.

“As the institutional adoption of digital assets evolves rapidly, we need to ensure that there is the highest level of industry-wide best practices and standards, aligned with emerging thinking and development in policies and regulations, ”said Lawrence Wintermeyer, Executive Co-Chairman of GDF. “GDF and our members are at the forefront of creating these standards in a forum of shared engagement with market players, policy makers and regulators. “