Huobi announced Wednesday that it is partnering with Global Digital Finance (GDF) to “develop best practices and standards within the digital asset community.” The move comes amid increased attention from policymakers around the globe, and continuing concerns about the industry's lack of regulatory oversight.
GDF Executive Director Teana Baker-Taylor described the goal in a press release announcing the news:
"Integrity and credibility of crypto markets are currently major hurdles for mainstream and institutional adoption of digital assets, as well as a key concern for regulators. The goal of GDF's Market Integrity Working Group is to devise a set of pragmatic, implementable guidelines that, if adopted by digital asset service providers, will promote a fair, ethical and transparent industry."
According to the press release, Huobi’s partnership with GDF included registering with the GDF Registry and a commitment to adopt its Code of Conduct. Huobi Chief Compliance Officer Elaine Sun stressed her company’s dedication to fostering a more responsive and responsible digital asset industry:
"We are delighted to join Global Digital Finance and this community-led global effort to set standards to promote client privacy and security, promote balanced regulatory policies and compliance, and promote responsible conduct in regards to lending, leveraging, and making promises to investors."