Launch of Australian Digital Currency Industry Code of Conduct
Leading operators of Bitcoin and other digital currency businesses in Australia have come together to launch an Australian Digital Currency Industry Code of Conduct.
The development of the Code of Conduct has been co-ordinated by the Australian Digital Currency & Commerce Association in response to a recommendation of the Senate Economic References Committee Enquiry into Digital Currency in September 2015.
The CEO of ADCCA, Nicholas Giurietto, said
"The development of a code of conduct for digital currency businesses is a critical step in the continued growth of the digital currency industry in Australia.”
“The Code of Conduct will provide confidence to consumers, banking partners and regulators that ADCCA Certified members have rigorous probity, anti-money laundering and consumer protections in place.”
ADCCA members have endorsed a self-regulatory framework based upon 6 key principles:
Members shall have appropriate AML/CTF processes in place including the ability to report any suspicious transactions;
Members shall have appropriate KYC processes and monitoring in place;
Members shall adhere to appropriate professional conduct standards including background checks for directors, officers and substantial shareholders;
Members shall participate in an external dispute resolution scheme to ensure that consumers have a fair opportunity to seek redress for any perceived service failures;
Adherence to the Code of Conduct shall be monitored through an annual audit and re-certification process;
and,ADCCA shall manage an accreditation review and sanctions process to deal with any breaches of the Code of Conduct.
These endorsed principles form the framework for the detailed Australian Digital Currency Industry Code of Conduct which is expected to be completed by May 2016.
Australian Digital Currency Industry Code of Conduct: http://www.adcca.org.au/
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