ING to help develop best practices for cryptocurrency industry

On Thursday, Dutch banking firm ING announced it was joining Global Digital Finance (GDF) and will co-chair its Custody Working Group. As co-chair, ING will help guide the development of code-of-conduct principles for custody and custodians alongside fellow co-chair Onchain Custodian.

GDF is a digital assets industry body working with big names such as global professional services firm EY, enterprise blockchain tech company R3, U.S.-based cryptocurrency exchange Coinbase and data analytics firm Messari.

ING’s blockchain initiative lead on digital assets, Herve Francois, said the bank believed in providing an industry network to support the custody and transportation of digital assets which is vital for an “institution-grade ecosystem.”

The group is currently developing a custody roadmap, aiming to be compliant with recent changes and initiatives surrounding the adoption of the Financial Action Task Force’s “Travel Rule.”