Blockchain and virtual currencies Working Group Ethical Guidelines

All the Members of the Blockchain and virtual currencies Working Group shall comply with the following code of conduct:

  • Protect the consumer by law

    All member companies comply with the law, specifically with the European law provisions regarding consumer protection in distance contracts, the GDPR, as well as with specific regulation relating to their offered products and / or services.

  • Protect the consumer by contract

    All member companies will take all the necessaries measures to protect the consumer by contract, providing (where applicable) :
    • Clear Terms and Conditions (T&Cs) on their website or in clients contracts;
    • Clear information about ICOs for investors;
    • Smart contracts clear enforcement rules and T&Cs;
    • Risk disclosure and awareness, disclosing risks in cryptocurrencies to investors and traders.
    • Duty of care towards the clients;
    • Clear services access conditions;
    • Clear and accurate information on their regulatory/licensing status, where relevant.

  • Protect the consumer via clear wording

    The member companies take the necessary measures in order to ensure that all communication regarding their products and services towards consumers is transparent and unambiguous.

  • Protect the industry reputation

    The member companies refrain from any sort of behaviour which could damage the blockchain and virtual currencies industry reputation in any way. In the same way, they will take reasonable measures to cooperate with regulators when approached.

  • Oppose financial crimes

    The member companies, in cooperation with other WG members, will take reasonable measures to prevent and oppose virtual currencies related financial crimes, including but not limited to:
    • money laundering
    • terrorist financing
    • fraud
    • market manipulation
    • bribery and corruption
    • tax evasion
    • sanctions evasion

  • Do not accept cash without appropriate controls

    The member companies will only accept cash when exchanging Euro or other fiat currencies to virtual currencies if they have appropriate AML controls in place to mitigate the risk of exposure to financial crime.

  • Quality assurance

    The member companies pursue systematic security and quality assurance, with due regard for their legal obligations.

  • Share

    Each member company will inform its employees, as well as anyone who may request a copy of the Code of Conduct, of this Code of Conduct. This Code of Conduct is also available online.