Standard Chartered, a United Kingdom-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating the adoption of cryptocurrency best practices.

In a Wed announcement, Standard Chartered said it would be joining crypto and digital finance manufacture membership body Global Digital Finance (GDF) Patron Board. As a member, the banking company will help engage with international regulators and lawmakers likewise as others in the manufacture to abet for digital assets.

Co-ordinate to the GDF, Standard Chartered is the first bank to join the grouping's patron lath, consisting of x other members, including crypto exchanges Coinbase, Huobi, Half dozen Digital Commutation and 100x Grouping — the parent company of BitMEX. The alliance aims to drive mainstream adoption of digital assets and ensure the development of proper infrastructure for investors to gain exposure to crypto.

"Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more than efficient and inclusive fiscal organisation," said Standard Chartered'due south global head of fiscal markets electronics trading and platforms Geoff Kot. "Banks accept an ongoing responsibility to support the evolution of an open and trusted global financial compages."

Related: Standard Chartered launches blockchain merchandise platform with Chinese fintech

Launched in 2022, the GDF has banking, blockchain, crypto and financial organization members from dissimilar countries and has released statements backing pro-crypto legislation in the U.s.. When infrastructure bill HR 3684 was still under consideration in the U.S. Senate, the GDF said it supported language clarifying the definition of brokers and tax reporting requirements as it applied to crypto and blockchain firms.

"As institutional adoption of digital avails rapidly evolves, nosotros must ensure there is the highest level of industry-wide best practices and standards in place, aligned to emerging policy and regulation thinking and development," said GDF executive co-chair Lawrence Wintermeyer. "GDF and our members are at the forefront of creating these standards in a shared date forum with market participants, policymakers and regulators."