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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.
Dutch banking firm ING has taken a seat at the table of an organization working to develop best practices for the cryptocurrency industry.
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- 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.
See also: Digital Currencies Could Replace Low-Interest Bank Accounts, Says UN-Linked Expert
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
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- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
