- The Association for Digital Asset Markets (ADAM) officially launched on the 27th of November 2018
- The body aims to create uniformity in practices within the digital assets industry
The Association for Digital Asset Markets (ADAM) was launched this Wednesday by ten financial services and tech firms. Their first order of business was to establish a code of conduct for emerging digital assets. This is the first of its kind and is significant in that it seeks to create some level of uniformity in the digital asset market.
While it is an organization in itself, there are no plans for ADAM to work as an island. Instead, they intend to work with new and emerging regulatory bodies to ensure uniform trading and custody of digital assets.
In the future, the guidelines will stress professionalism and efficiency in the trading of digital assets and they are to be used by their members alongside governmental regulations. There are also plans to, with time, earn the trust of regulatory bodies and work alongside them to better the industry.
A body like ADAM is greatly needed at this time because digital assets are an emerging market and as such, hasn’t entirely found its footing.
A non-governmental body like ADAM further stresses the need for those in the digital assets industry to follow guidelines to the letter.
The body also has advisors with great experience in the securities industry such as Duncan Niederauer, former Chief Executive Officer of the New York Stock Exchange and ADAM Advisory Board Member, who said:
“Rules are fundamental to the development of any market. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market. I applaud the firms leading the ADAM initiative and look forward to advising them on standards that will enable this market to thrive.”
The ADAM code of conduct will include guidelines on market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation and others.
Members of ADAM include BitOoda, BTIG, Cumberland, Galaxy Digital, Genesis Global Trading, GSR, Hudson River Trading, Paxos, Symbiont and XBTO.
It currently has offices in New York and Washington D.C and will announce its officers in the coming months.