A Unified Approach: Digital Assets Standards Bodies Get Together
Posted by Colin Lambert. Last updated: May 25, 2022
With standards (and regulation) a hot topic in digital assets markets, two associations established to provide a framework for the nascent industry are merging, to provide a unified voice for the crypto-assets world.
The Global Blockchain Business Council (GBBC), which represents providers in the blockchain technology ecosystem, is merging with the market standards association Global Digital Finance (GDF). The two bodies will combine their respective resources, assets and membership to become, they say, the world’s largest industry association for blockchain technology and digital assets ecosystem.
The new body, GBBC Digital Finance, will have nearly 500 institutional members and 178 ambassadors across 95 jurisdictions and across multiple disciplines. GDF will be renamed GBBC Digital Finance and be based in the UK, with teams focused upon EMEA and APAC, while GBBC focuses largely on the Americas.
“I am so grateful to our GBBC and GDF community of changemakers, they are why we exist and drive our mission on educating, advocating and advancing partnerships to create new opportunities for the many, not the few,” says Sandra Ro, CEO of GBBC, who previously pioneered the crypto efforts at CME. “Our global collaboration, scale and influence will be a game-changer for our members and for Web3 as a whole. I am incredibly excited about the forthcoming positive impact of this combined network across industries and sectors.”
Lawrence Wintermeyer, GDF board chair has been appointed to the GBBC board of directors, and says, “The rapid growth and viability of blockchain, crypto and digital assets means there is a clear need for effective harmonised regulation built on a robust global framework. Leading global institutions and leaders need to work with each other, with governments and with regulators to deliver this framework, and there is a vital role for GBBC and GDF to play in facilitating and driving this crucial collaboration.”
The announcement comes five years after the formation of GBBC and probably signifies a further maturing and would appear to make absolute sense. While a fragmented marketplace is a factor of a competitive market, when it comes to standards-setting bodies a unified approach works best – as witnessed by the FX industry which has coagulated around the Global Foreign Exchange Committee.
‘The digital assets industry has seen unprecedented growth across both retail and institutional channels as businesses look to provide more transparent and secure infrastructures,” says David Treat, global metaverse continuum business group and blockchain lead at Accenture. “The merger of GBBC and GDF represents a significant move that will further accelerate the use case and benefits of this transformational technology. We believe this technology underpins the next wave of innovation that will open up a whole new range of game-changing opportunities for our clients.”