Business & Finance

A new body to govern cryptocurrency

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A new governing body that has been set up in order to look after the working of cryptocurrency is known as Global Digital Finance or GDF. As with every passing day, the crypto currency is becoming a global asset, it has become imperative to create a body or an organization that would help in establishing a generally accepted and universal global code of conduct that would be applicable in monitoring the transactions with crypto currency across the planet. The body would not only create the code of conduct but it would also ensure that they are implemented and followed everywhere. The body would also be responsible in monitoring the misuse of the currency and the risk factor involved in it.

To quote Simon Taylor, the renowned crypto currency expert, “There have been a number of positive initiatives to bring standards to the crypto currency sector around token sales (also known as ICOs) and tokens, and GDF has brought together some of the biggest industry players and influencers to move this agenda forward with global policy makers and regulators.” The agenda of GDF is definitely creating a universal code of conduct but it also aims at formulating a generally adopted framework for Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT).

 It has been observed that countries like China and South Korea has been behaving in a very strict and rigid fashion in their approach towards the crypto currency concept and transaction. It must be noted that the organization is already functional in the countries of the United States and Europe. To bring in Greg Medcraft, Director of the Directorate for Financial and Enterprise Affairs at OECD who said: “Cryptoasset applications like ICOs hold clear potential and are global in reach, but are subject to a wide range of regulatory treatments across jurisdictions. This demonstrates the need for international policy coordination, and the first step is to establish a common understanding.”He further added: “We welcome GDF’s initiative to develop a taxonomy and a Code of Conduct, and the OECD looks forward to collaborating with industry on these priorities.” 

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