The Digital Market Assets Association (ADAM) has finalized a draft code of ethics for the cryptocurrency market. Approval of the final version of the document is scheduled for 2020.
The group, which includes companies such as Galaxy Digital, Genesis Global, Paxos, Cumberland and others, reported that the list of its members has expanded from 10 to 15. The custodian companies BitGo and Anchorage, the venture company CMT Digital, a cryptocurrency credit joined the ADAM BlockFi startup and Tagomi brokerage startup.
The developed rules are aimed at increasing the reputation of the cryptocurrency industry and are designed to regulate issues of management, ethics, honesty, risks and transparency, as well as business sustainability and legal compliance. Moreover, the rules suppress actions aimed at market manipulation, money laundering and the financing of terrorism.
For example, one of the paragraphs of the code states that members of the organization must provide truthful information and use terminology that is understandable to everyone, which eliminates the chance of a double interpretation, and also transmit to their clients and counterparties complete and extensive information about their business relationships.
A draft version of the code will be shared with all ADAM members who can leave comments and additions. According to preliminary data, the final version of the document will be approved in early 2020. Various sanctions will be applied to violators up to exclusion from the organization and the loss of “significant approval in the market”.
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