After nearly a year of development, the Australian Digital Currency & Commerce Association (ADCCA) has launched its Australian Digital Currency Industry Code of Conduct. The association’s CEO, Nicholas Giurietto, has indicated that the Code of Conduct was developed to provide best practice standards that can help to guide digital currency companies as they try to comply with Anti-Money Laundering and Counter-Terrorism Financing regulations. In addition, it will provide consumers with the confidence that comes from knowing that companies are using best industry practices.
The Code of Conduct is a self-regulating system that its creators believe can facilitate Australia’s efforts to ensure that its industries have the protections they need to keep pace with growth in the blockchain and digital currency marketplace. As Giurietto noted in February of this year, the Code of Conduct was developed to “provide confidence to consumers, banking partners and regulators that ADCCA Certified members have rigorous probity, anti-money laundering and consumer protections in place.”
According to the terms of the Code of Conduct, ADCCA cryptocurrency businesses will be permitted to include the term “ADCCA Certified” in any description of their enterprise. There is also a defined provisional certification. Members are permitted to use either the ADCCA Certified mark or the ADCCA Provisionally Certified mark, depending upon their status with the association.