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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.