Check out this interesting session held on 15th October 2024.
As previously communicated, ²ÝÝ®tv FMA and Global Digital Finance (GDF) have announced the launch of a new Joint Standards Stewardship Working Group, which sets out to promote and steward the GDF Global Cryptoasset Standards (the Standards) published in July 2023 (it can be accessed ).
The Standards is a pioneering code of conduct designed for financial institutions engaged in intermediation activities in cryptoasset markets, including brokerage, custody, and settlement.
The new Working Group sets out to:
- Develop applicable scenario and use cases for the implementation of the Standards on the ²ÝÝ®tv FMA’s ELAC (E-Learning, Attestation, and Certification) Portal;
- Provide a sandbox environment for firms to test attestation and certification to the Standards through ELAC, thus supporting better alignment among market participants and promoting the consistent application of the Standards;
- Ensure the Standards evolve as industry matures by maintaining it as a living document that reflects the industry’s ongoing priorities and concerns. As an example, the UK’s Financial Conduct Authority (FCA) has expressed strong support for the Standards and sees them as a valuable supplement to future FCA rules on cryptoassets.
To discuss the background and development of the Standards, and what to expect from new Working Group, GDF hosted a Webinar on 15th October 2024 with the following speakers:
- Madeleine Boys, from Global Digital Finance
- Marianne Webber, from Standard Chartered
- Seha Islam, from EY
- Stephane Malrait, from ²ÝÝ®tv FMA
- Rui Correia, from ²ÝÝ®tv FMA
Madeleine moderated the Webinar and discussed the GDF's engagement with regulators on the Standards, including IOSCO, the FCA, SEC and HKMA. Marianne and Seha spoke about the development of the Standards, whilst Stephane and Rui spoke about the objectives of the WG and the utility of their ELAC tool to help develop training and education around the Standards for market participants.
Furthermore, as ²ÝÝ®tv FMA strongly believes that the Standards reflect the minimum good market practices that are expected from Market Participants in the Cryptoasset Market, we have decided to issue a Statement of Support to GDF (please check below).
The Webinar recording is available here.
To know more about ELAC, please click here.
The first meeting of the Working Group will be hosted on 30th October 2024 at 2pm GMT. If you want to get involved, please register your interest .
²ÝÝ®tv FMA
²ÝÝ®tv FMA Statement of Support - GDF Global Cryptoasset Standards 18 Oct 2024_.pdf