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North America 10 Block Chain and Financial Services Corporation Established Digital Asset Market Association

With the development of encrypted currency, “digital assets” has attracted great attention recently. Traditional financial institutions and entrepreneurship teams have launched digital asset custody services one after another. Many investors in the market are looking forward to it. But this trend is also a big problem for regulators. They do not want too rigid regulatory regulations to stifle the vitality of emerging economies, but worry that the market is full of illegal acts. Perhaps, just as the development of encrypted currencies and initial issuance of tokens (ICOs) required self-regulatory organizations to supervise, the “digital assets” need to be extended and depend on the industry’s own integrity.

Top 10 industry leaders in North America’s block chains and Financial Services announced in a press release on November 27 the launch of the Digital Asset Market Association (ADAM), which aims to develop codes of conduct for emerging markets.

According to the content of the press release, ADAM will work with legislators and regulators to develop a set of “comprehensive standards” applicable to the digital asset market, providing participants with “ethical standards” and “professional ethics” guidance.

ADAM will be used by regulators to make laws. The group will be advised by people already working in the region and will provide rules for effective transactions, custody, liquidation and digital asset settlement. According to these companies, the guide will also encourage professionalization and ethical behaviour of all market participants.

In this way, ADAM will be used to increase market trust and transparency and prevent market manipulation. The code of conduct created by ADAM will be used as a help to existing laws and will be used to guide legislators. In this way, the founders of ADAM will gain the trust of financial regulators.

According to Duncan Niederauer, the former chief executive of the New York Stock Exchange, the company is now a board member of ADAM, and he confirms that the rules ADAM will implement are crucial to the development of the market.

He compared the creation of ADAM with that of the New York Stock Exchange about 200 years ago, where market leaders came together to create an important entity to date. He believes that ADAM and codes of conduct will be the key to developing a better new market.

The Code of Conduct will include a set of guidelines for market integrity, risk management, understanding your customers (KYC), anti-money laundering (AML), custody, liquidation and settlement.

The founding members of ADAM include Duncan Niederauer, former chief executive of the New York Stock Exchange, Galaxy Digital, Mike Novogratz’s encrypted currency commercial bank, BTIG, Paxos, a financial technology company, and GSR, a provider of encrypted currency liquidity solutions.

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