Surveillance Firm Launches Launches Push Towards Crypto Market Safety With 16 Other Industry Leaders

New York-based crypto surveillance firm Solidus Labs is teaming up with leading digital asset exchanges, trading firms and industry associations to launch a new crypto market safety initiative.

In a statement, the Crypto Market Integrity Coalition (CMIC) outlines how it will make the crypto market a safer space amid the emergence of new risks.

“The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. “

The initiative also wants to engage with regulators to address the challenges in the industry.

“Over time, the coalition will take further steps, including advancing training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks that can address crypto and decentralized finance’s unique cross-market supervision challenges.”

Solidus Labs initiated the formation of the group and co-founded the coalition with 16 other industry leaders, namely Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, BitMex, Bitstamp, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUK, and Liberty City Ventures.

The CMIC says it is inviting other members of the crypto community to join the coalition.

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UK-based banking firm Standard Chartered joins Global Digital Finance patron board

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

In a Wednesday announcement, Standard Chartered said it would be joining crypto and digital finance industry membership body Global Digital Finance, or GDF, Patron Board. As a member, the bank will help engage with international regulators and lawmakers as well as others in the industry to advocate for digital assets.

According to the GDF, Standard Chartered is the first bank to join the group’s patron board, 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 drive mainstream adoption of digital assets as well as ensure the development of a proper 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 Standard Chartered’s global head of financial markets electronics trading and platforms Geoff Kot. “Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.”

Related: Standard Chartered launches blockchain trade platform with Chinese fintech

Launched in 2018, the group has members in banking, blockchain, crypto, and finance from different countries, and has released statements in support of pro-legislation in the United States. When infrastructure bill HR 3684 was still under consideration in the U.S. Senate, the GDF said it supported language clarifying the definition of brokers and tax reporting requirements as it applied to crypto and blockchain firms.

“As institutional adoption of digital assets rapidly evolves, we must ensure there is the highest level of industry-wide best practices and standards in place, aligned to emerging policy and regulation thinking and development,” said GDF executive co-chair Lawrence Wintermeyer. “GDF and our members are at the forefront of creating these standards in a shared engagement forum with market participants, policymakers, and regulators.”