Ten financial services and technology firms have launched the Association for Digital Asset Markets (ADAM) to create a Code of Conduct for emerging digital asset markets (cryptocurrency)
Duncan Niederauer, former Chief Executive Officer of the New York Stock Exchange and ADAM Advisory Board Member, said, “Rules are fundamental to the development of any market. Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market. I applaud the firms leading the ADAM initiative and look forward to advising them on standards that will enable this market to thrive”
According to the press release the Code of Conduct will include guidelines for KYC and AML, record keeping, market manipulation, data protection, and more. The standards aim to increase transparency and will be complement existing laws and regulations.