One of the three organizations involved in the development of the Cardano blockchain and its ADA cryptocurrency, The Cardano Foundation, has recently joined Global Digital Finance (GDF), an industry trade group, to help set regulatory guidelines for the cryptocurrency industry.
According to Finance Magnates, the Cardano Foundation went through a “mandatory rigorous process” to join the London-based industry membership organization GDF, which sets a “comprehensive code of conduct and overarching principles” when it comes to token sales, platforms, and fund managers.
The organization also rates the websites of its members to make sure there is total compliance with specific standards. Joining GDF means the Cardano Foundation entered several working groups revolving around know your customer (KYC) and anti-money laundering (AML) requirements.
The organizations, Finance Magnates reports, will also work on the tax treatment of cryptocurrencies and its markets’ integrity. The Foundation’s PR and marketing director, Bakyt Azimkanov, said:
The collaboration between the Cardano Foundation and GDF will strengthen ongoing efforts to create best practices and sound governance policies.
The Cardano Foundation is one of the three organizations focusing on the development of the Cardano blockchain along with IOHK and EMURGO.