Shaping Global Standards for Cryptoassets
In a significant move for the evolving digital finance landscape, Global Digital Finance (GDF) and ACI Financial Markets Association (ACI FMA) have teamed up to launch a new Joint Standards Stewardship Working Group.
This collaboration aims to drive the adoption and maintenance of the Global Cryptoasset Standards, ensuring that the burgeoning crypto market remains fair, transparent, and aligned with global best practices.
Setting the Stage for Global Crypto Standards
GDF, a leading voice in digital finance, has long been at the forefront of advocating for robust standards in the crypto sector. Together with ACI FMA, a respected global trade association representing financial markets professionals, GDF is taking a crucial step to solidify a unified code of conduct for institutions involved in cryptoasset markets.
The launch of this new Working Group marks the next phase of GDF’s Global Financial Institutions for Crypto (GFIC) initiative, which initially set out to create a common framework for conduct and operations in the wholesale crypto market. The result was the Global Cryptoasset Standards, released in July 2023—a pioneering set of guidelines that offer a structured approach for financial institutions engaged in crypto intermediation, including brokerage, custody, and settlement.
As institutional interest in digital assets grows, particularly following the success of spot Bitcoin and Ethereum ETFs, the importance of having clear, actionable standards has never been more pressing. The new Working Group, co-chaired by industry leaders from both GDF and ACI FMA, aims to ensure these standards evolve in step with the rapidly changing market dynamics.
Key Initiatives: From Theory to Practice
The Working Group is not just about drafting standards; it’s about bringing them to life. One of its primary goals is to embed the Global Cryptoasset Standards within ACI FMA’s ELAC (E-Learning, Attestation, and Certification) education portal. This platform will provide market participants with practical scenarios and use cases to demonstrate how the standards can be applied in real-world settings.
Madeleine Boys, Director of Programmes and Innovation at GDF and Co-Chair of the new Working Group, emphasises the importance of this initiative: “This new Working Group with ACI FMA is a critical step in ensuring that the Global Cryptoasset Standards remain dynamic and relevant as the digital asset space rapidly evolves. By embedding these standards within the ELAC Portal, we are helping set a benchmark for best practices and supporting market participants by providing them with the tools they need to confidently navigate this complex landscape.”
In addition, the ELAC platform will offer a sandbox environment where firms can test their adherence to the standards. This setup will support better alignment across market participants and foster a consistent application of ethical and operational guidelines. The Working Group’s approach ensures that the standards are not static but are living documents that evolve with industry needs, reflecting ongoing priorities and regulatory developments.
A Pathway to Certification and Market Confidence
The integration of the Global Cryptoasset Standards into ELAC is more than just a tick-box exercise. By offering certification and attestation opportunities, the Working Group is actively promoting higher levels of accountability and professionalism in the crypto market. For institutions, this means a chance to demonstrate their commitment to ethical conduct, transparent operations, and market integrity.
Rui Correia, Executive Director of Education at ACI Financial Markets Association and Co-Chair of the new Working Group, highlights the educational value of the ELAC platform: “With the new Working Group, the ELAC Portal will offer a further combination of market practice ‘real time’ cases and theory questions tailored for the characteristics of these markets. It will allow participants to demonstrate, on a continuous basis, that they are successfully implementing the Standards in their daily roles.”
This hands-on approach is set to boost confidence in the crypto market, both among participants and regulators. By aligning practices with global standards, firms can better manage risks, enhance compliance, and build trust with clients and stakeholders.
Industry Support and Regulatory Backing
The Global Cryptoasset Standards have garnered support from key industry players and regulators alike. The UK’s Financial Conduct Authority (FCA) has recognised the value of these standards, noting that they provide a vital supplement to future FCA rules on cryptoassets. This endorsement underscores the growing recognition of the need for consistent conduct and operational standards in digital finance.
The Working Group’s commitment to maintaining the standards as a “living document” means that they will continuously reflect the latest industry developments and regulatory changes. This proactive approach ensures that the standards remain relevant and can serve as a cornerstone for integrity and transparency in cryptoasset markets.
Looking Ahead: A Collaborative Future for Digital Finance
The partnership between GDF and ACI FMA is a testament to the collaborative spirit needed to drive the next chapter of the crypto market. By bringing together financial professionals, regulators, and innovators, the Working Group aims to create a cohesive framework that supports the sustainable growth of digital assets.
As the digital finance sector continues to mature, the role of clear, enforceable standards will only become more critical. The efforts of the Working Group are paving the way for a market that not only thrives on innovation but also upholds the highest standards of conduct.
For market participants, adopting these standards is not just about compliance; it’s about embracing a shared vision for a transparent and ethical digital finance ecosystem. With the backing of influential organisations like GDF and ACI FMA, the Global Cryptoasset Standards are set to become the gold standard for institutions navigating the complexities of the crypto world.
