In a first for the country, the Australian Digital Currency Commerce Association (ADCCA) has launched a digital currency industry code of conduct to protect consumers.
Commenting on the new development, ADCCA CEO Nicholas Giurietto explained that the code of conduct will enable Australian consumers to “easily identify” digital currency businesses that have implemented best practice standards for consumer protection.
He elaborated: “Given [that] the digital currency sector is such a fast growing and innovative area of the economy, and because we know that the pace of change in technology and business models can often outrun the ability of both regulators and organisations to keep up, key players in the industry have come together to voluntarily create [it].”
Richard Miller, a Deloitte advisory partner and head of the global professional services firm’s payment practice in Australia, noted that the code has been developed in order to help “make digital money safe”.
“Our collective aim is to develop standards of consumer protection that hold participants to account and to a very high standard of conduct,” Mr Miller said.
“To do so in an innovative new area like blockchain technology, that is likely to have a major transformative influence on all business sectors in the next few years, including payments and the way we manage identity, is very exciting,” he added.
ADCCA-certified digital currency businesses will be listed on the company’s website. The businesses must prove to independent assessors that they meet the rigorous standards for certification.
The code of conduct is a self-regulatory scheme that also voluntarily adopts Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) standards.
ADCCA’s Mr Giurietto said he believes the code will help give Australian consumers the confidence that they are dealing with businesses that they can trust.
“Importantly, it provides a platform for the growth of this innovative sector that will ensure Australian businesses do not miss out and will allow the nation to fully participate in the emerging global transformation that blockchain technology will bring about,” he concluded.