The launch of this WG represents the next phase of GDF’s Global Financial Institutions for Crypto (GFIC) Working Group, through which we developed and published the Standards in July 2023. 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 ACI FMA’s ELAC (E-Learning, Attestation, and Certification) education 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. 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.