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ING Joins Crypto Industry Body Working to Set Codes of Conduct

The banking group has joined crypto industry body Global Digital Finance to help develop best practices for custodial firms and wallets.

Jul 9, 2020 at 12:32 p.m. UTC
Updated Sep 14, 2021 at 9:28 a.m. UTC

Dutch banking firm ING has taken a seat at the table of an organization working to develop best practices for the cryptocurrency industry.

  • Announced Thursday, ING joins Global Digital Finance (GDF) and will co-chair its Custody Working Group.
  • As co-chair, ING will help guide the development of code-of-conduct principles for custody and custodians alongside fellow co-chair Onchain Custodian.
  • GDF is a digital assets industry body working with big names such as global professional services firm EY, enterprise blockchain tech company R3, U.S.-based cryptocurrency exchange Coinbase and data analytics firm Messari.
  • ING's blockchain initiative lead on digital assets, Herve Francois, said the bank believed in providing an industry network to support the custody and transportation of digital assets which is vital for an "institution-grade ecosystem."
  • In 2019, the Working Group presented a voluntary code of conduct, guided by regulation, called "Principles for Custody – Custodial Wallets."
  • The group is currently developing a custody roadmap, aiming to be compliant with recent changes and initiatives surrounding the adoption of the Financial Action Task Force's "Travel Rule."
  • The ING Group is a multinational banking and financial services company headquartered in Amsterdam.

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