Standard Chartered said on Wednesday that it will collaborate with the Patron Board of the crypto and digital finance industry membership group Global Digital Finance (GDF).
As a member, the bank will work with international regulators and politicians, as well as others in the sector, to push for digital assets.
According to the GDF, Standard Chartered is the first bank to collaborate with the group's patron board, which also includes crypto exchanges like Coinbase, Huobi, Six Digital Exchange, and 100x Group – BitMEX's parent firm.
The alliance's goal is to encourage popular acceptance of digital assets, while also ensure the creation of suitable infrastructure for investors to acquire exposure to cryptocurrency.
“Thoughtful use of digital assets based on consumer safety and compliance norms may create a more efficient and inclusive financial system,” said Geoff Kot, Standard Chartered's global head of financial markets electronics trading and platforms.
“Banks have a duty to make sure to promote the growth of an open and trusted global financial architecture.”
The GDF was founded in 2018, has banking, blockchain, crypto, and financial organization members from all around the world issued comments in support of pro-crypto legislation in the United States.
When the infrastructure bill HR 3684 was being debated in the United States Senate, the GDF said that it supported provisions clarifying the definition of brokers and tax reporting obligations as they applied to crypto and blockchain businesses.
“As institutional adoption of digital assets accelerates, we must guarantee that the highest level of industry-wide best practices and standards are in place, linked with growing policy and regulatory thinking and development,” said GDF executive co-chair Lawrence Wintermeyer.
“GDF and its members are at the forefront of developing these standards in a collaborative forum with market participants, politicians, and regulators.”