The Association for Digital Asset Markets has been created to formulate a code of conduct for the cryptocurrency market.
On November 27, 2018, it was announced that a mixture of ten finance and tech firms had come together to establish the Association for Digital Asset Markets (ADAM). This body has been formed to undertake the creation of a cryptocurrency code of conduct. The code will look to consist of comprehensive standards for digital asset market users.
The members of ADAM include some well-known figures amongst crypto enthusiast; Galaxy Digital, a crypto merchant bank, BTIG, a capital market firm with influence that stretches across the globe, and Paxos, a start-up who has recently executed the introduction of their own stablecoin known as PAX. It is clear that a diverse group has joined together to create ADAM which is absolutely necessary if a comprehensive standard is to be formulated.
This code of conduct that ADAM aims to create will not seek to oppose or operate independently from the existing laws in the cryptocurrency sphere. Its purpose is to work in conjunction with the existing laws and to accelerate the development of future laws which will increase investor protection. As investor protection increases in the digital asset market the overall confidence of institutional investors, mum and dad investors, crypto enthusiast and the innovators themselves will grow.
If the creation of ADAM can lead to a growing confidence amongst digital asset market participants it could be exactly what the crypto market needs. In what has been a dark time for investments in cryptocurrencies an announcement like this can strike an impetus for not only the return of investors but the inflow of new investors too.
A code of conduct which is created by the firms that have first-hand contact with the digital asset market will be a great compliment to the laws slowly being implemented around the globe. Building the standards from the inside out will save a lot of time and money with the introduction of new laws. Without insider contributions, it is unlikely the laws would be practical upon the first installment and would need to be altered over the years