cryptocurrency code of ethics
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Cryptocurrency code of ethics

Comply With Intellectual Property Laws Crypto respects the valid intellectual property rights of others, just as Crypto considers its own intellectual property rights to be important. Crypto Associates should not use the valid trademarks of others unless they have obtained a license or other right to do so first. Crypto Associates also should not make unauthorized copies of the work or portions of the work of others, including product and service specifications, data, know-how, formulae, compositions, algorithms, processes, designs, computer software and programs including object code and source code , information and data security protocol, technology and proprietary knowledge and procedures relating to currency trading, including but not limited to electronic trading systems, internal processing systems, portfolio valuation and risk management.

If you have questions regarding what materials you may or may not use, contact the Chief Technology Officer for guidance. Crypto expects that Crypto Associates will comply with computer software copyright laws. Crypto Associates may only use authorized software on Crypto computers, networks and electronic devices. If you have questions, you should contact the Chief Technology Officer. A conflict situation can arise when an employee, officer or director takes actions or has interests that may make it difficult to perform his or her work objectively and effectively.

Conflicts of interest may also arise when an employee, officer or director, or a member of his or her family, receives improper personal benefits as a result of his or her position in Crypto. It is almost always a conflict of interest for an Crypto Associate to work simultaneously for a competitor, consultant or other business associate. Conflicts of interest are prohibited as a matter of Crypto policy, unless approved by the Board of Directors or its delegate.

If a Crypto Associate becomes aware of a conflict or potential conflict, it should be brought to the attention of a supervisor, manager or other appropriate personnel. Corporate Opportunities Crypto Associates are prohibited from taking for themselves personal opportunities that are discovered through the use of corporate property, information or their position without the consent of the Board of Directors.

You may not use corporate property, information or a relationship with Crypto for improper personal gain and may not compete with Crypto directly or indirectly. Theft, carelessness and waste have a direct impact on profitability. Any suspected incident of fraud or theft should be immediately reported for investigation. Crypto equipment, property and supplies should not be used for non-Crypto business, though incidental personal use may be permitted. Proprietary information includes, but is not limited to, intellectual property such as trade secrets, trademarks and copyrights, as well as business, marketing and service plans, contractual terms, salary information and any unpublished financial data and reports, product and service specifications, data, know-how, formulae, compositions, algorithms, processes, designs, computer software and programs including object code and source code , information and data security protocol, technology and proprietary knowledge and procedures relating to currency trading, including but not limited to electronic trading systems, internal processing systems, portfolio valuation and risk management.

Unauthorized use or distribution of proprietary information would violate Crypto policy and could also be illegal and result in civil or even criminal penalties. Crypto has certain personal data of its third party business associates and present and former Crypto Associates. Crypto respects the privacy of this personal data and is committed to handling this data responsibly and using it as authorized for legitimate business purposes. Accordingly, Crypto Associates have an obligation to collect and use such personal data in a manner that 1 complies with all applicable laws and regulations and Crypto policies, including preventing unauthorized access to such personal data; and 2 upholds any confidentiality or privacy obligations of Crypto in its contracts.

The obligation to maintain and protect the confidentiality of personal data continues even after employment ends. Gifts and Business Courtesies Crypto Associates and their family members should never offer, give, provide or accept any gift or other business courtesy unless it: 1 is not a cash gift; 2 is consistent with customary business practices; 3 is not excessive in value; and 4 does not violate any laws or regulations.

Crypto Associates should discuss with their supervisor any gifts or proposed gifts that they are not certain are appropriate. Violations of this Code of Conduct and Ethics Crypto Associates are encouraged to talk to supervisors, managers or other appropriate personnel about observed illegal or unethical behavior in violation of this Code or whenever in doubt about the best course of action in a particular situation.

Officers and directors should consult the Audit Committee of the Board of Directors about any such concerns. Everyone is expected to cooperate in internal investigations of misconduct. Crypto will not retaliate against anyone for good faith reports of misconduct and violations of this Code. The Audit Committee of the Board of Directors is ultimately responsible for enforcing violations of this Code.

Violations of this Code may result in disciplinary measures, including counseling, oral or written reprimands, warnings, probation or suspension without pay, demotions, reductions in salary, termination of employment and restitution. Reporting Procedures for Accounting, Auditing and Anti-Bribery Matters Crypto is committed to achieving compliance with all applicable securities laws and regulations, accounting standards, accounting controls and audit practices and all anti-bribery laws.

To facilitate the reporting of complaints and concerns pursuant to Section of the Sarbanes-Oxley Act of , the U. Foreign Corrupt Practices Act, the U. Any person with concerns regarding any Accounting Matter or possible Illegal Payment may report their good faith concerns without fear of retaliation. For these reasons, multilateral institutions such as the World Bank, IMF, and the UN are eager to encourage remittances and reduce costs. Clearly, higher costs reduce the money that relatives of migrant workers can receive from transferred funds.

Banks are arguably the most secure form of transferring remittances. Banks can guarantee transfers will successfully cross-borders. Therefore transfer fails are extremely unlikely. However, in rare circumstances where the transfer does fail customers can be reimbursed Metzger et al. But banks are also the most expensive method for funds transfers. On average customers pay Post offices are cheaper costing 7. Bitcoin is significantly cheaper at a rate of less than 0.

Zulhuda and Sayuti. Figure 7: Remittances costs and volume There are several reasons why banks and other non-digital currencies have substantially higher remittance costs. The lack of financial infrastructure is a contributing factor to high remittance costs. Cash-based transactions demand at the first mile and the last mile of remittance delivery also plays a critical role in costs.

A considerable amount of funds are used for consumption purposes rather than savings or investment. The lack of financial services drives the popularity of cash-to-cash practices over cash-to-account. A migrant worker hands the cash over to a money transfer operator. Her relatives receive the funds in cash as they do not possess a bank account. Regulatory compliance is another contributing factor. However, this increase in compliance costs has increased the loss of money transfer operators.

The increase in regulatory standards has led to many banks cutting ties with money transfer operators. This phenomenon is known as de-risking. Companies incur regulatory costs from registration requirements designed to deter fraudulent practices. The lack of uniformity regarding registration requirements among countries has led to cost increases.

Driven by technological innovations such as digital currencies entering the international money transfer markets, the cost of remittances has been decreasing. While the average MTO and bank remittance costs from to were static and Post Office costs increased, overall average costs decreased World Bank Group b due to newcomers entering the market. The latter usually follow a strategy of low costs to enter the market and offer the customer an affordable alternative to bank channels.

Metzger et al. Cryptocurrencies as a Means of Transferring Remittances For Venezuela, cryptocurrencies provide a better method of payment than the national currency. Poor financial institutions, hyperinflation, a weak economy and deteriorating payment systems attracted Venezuelans to Bitcoin. Bitcoin has provided Venezuela with a faster and cheaper gateway for sending money home than traditional payment methods.

For example, South African schools have used blockchain technology as a method of combating fraud and corruption. School donors can buy electricity using Bitcoin and the money is transferred to a blockchain-enabled smart meter without the need for an intermediary. In addition, donors keep track of how much electricity is being consumed and calculate the amount of power their donations buy Kshetri. Digital technologies play a vital role in developing countries.

Even when poor households in developing countries lack electricity and drinking water, they still have access to mobile phones Pilkington and Crudu. Supported by existing digital technology, cryptocurrencies seem to be a credible solution in financially including the unbanked. But cryptocurrencies in developing countries face significant challenges.

The last-mile delivery problem plays a critical role in the rising remittance costs. It also creates an issue in transferring funds through digital currencies. Cash remains the most widely used payment instrument in many developing regions of the world, such as Sub-Saharan African Countries. This indicates a growing need for cash in day-to-day transactions. A small number of countries have been able to reduce the prevalence of cash; most of those countries are in Europe and the Oceania region.

Thus, even though Bitcoin is an efficient means of transferring funds between mobile devices, the demand for cash withdrawals would require cash-out locations or local exchanges. The last miler would need to possess the necessary liquidity to convert cryptocurrencies to cash.

Not all countries have the liquidity to meet local demand or the trust to absorb Bitcoin. The digital divide has a considerable effect on the use of Bitcoin to transfer remittances. Although mobile technology is prevalent in developing countries, there is a lack of internet access.

The mobile industry connects over 3. As cryptocurrencies are heavily reliant on accessible digital infrastructure, relatives of migrant workers may find difficulty in accessing Bitcoin from a lack of internet connectivity. Further, a currency should function as a medium of exchange and should thus be a commonly accepted means and payment method for current transactions.

Lastly, the price volatility and the insecurity about future performance rules out Bitcoin taking over the function of the store of value and the medium of deferred payments which both require expected long term stability. The volatility and instability of Bitcoin discourage creditors from accepting Bitcoins as a medium to fulfil medium- and long-term contracts, e. The advantage of a Bitcoin transaction being complete in about ten minutes and the very small transfer fee qualify Bitcoin as an intermediary between fiat currencies.

According to Metzger et al, Bitcoin can serve as the settlement currency because even if the settlement sum is high, there is no effect on the cost since the transfer fees are calculated by file size and not by the value transferred Metzger et al. Bitpesa is an African remittance start-up that may serve as a model for cryptocurrency money transfers.

The company uses Bitcoin for international money transfers and connects to a widely accepted payment system M-Pesa in the transaction process. After receiving Bitcoins from customers, the company then converts them into the local currency. The receiver decides whether the Bitcoin should be paid out in cash or sent to a mobile M-Pesa wallet. Cryptocurrencies, if utilized properly, can be a considerable benefit for low-income households in developing countries.

However, successful application depends on accessible digital infrastructure and considerable infrastructure changes need to be made to facilitate cryptocurrencies. Illicit Activities and Consumer Rights Cryptocurrencies are not accountable to a central authority. The lack of regulation and an accountable central authority is arguably one of the most significant ethical concerns for governments and scholars on cryptocurrencies. Bitcoin provides customers with a payment system that can circumvent institutionalised regulatory processes.

Consequently, the payment system has cultivated an optimal environment for illegal activity. Bitcoin appears to be the preferred method of payment for criminal activity. The security of anonymity and the lack of central authority make Bitcoin an ideal instrument for conducting illicit transactions. For example, an underground black-market website known as Silk Road emerged as the most sophisticated and extensive criminal marketplace on the Internet.

Individuals who value their privacy and want to cloak transactions in obscurity have taken particular interest in cryptocurrencies. They have become a means of evading and hiding other nefarious activities such as terrorism, money laundering, child pornography and human trafficking Middlebrook and Hughes.

The lack of supervision places consumers at risk. Scholars and policymakers question whether cryptocurrencies adequately protect consumers rights. The safety issues lie in the fact that blockchain technologies are relatively new, with cryptocurrencies still at the infant stage. As such, the payment system fosters significant security issues. If a transaction is made through Bitcoin, it is irreversible.

For example, Stefan Thomas, a Bitcoin user, accidentally forgot his account password and erased two copies of his e-wallet. Bitcoin theft has significantly increased through hacking and malware. The Bitcoin Foundation has warned users about the loss of Bitcoin money by hacking Android wallet applications Zulhuda and Sayuti. There is a lack of consensus on how to regulate cryptocurrencies. Some countries, such as Nepal and Pakistan, have called for a complete ban.

Venezuela avidly supports Bitcoin.

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Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another.

Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Read this Term like bitcoin, wallet providers and exchanges, to firms offering investment products in tokens, securities, and funds.

The areas of payment tokens cryptocurrencies and their volatility and Initial Coin Offerings ICOs have proven to be the most challenging. In the views of the founding members the companies which commit to adherence to the crypto Code of Conduct, show their customers that their safety and security are paramount.

Taxation and Regulations Both the taxonomy and the Code of Conduct documents have been developed within existing legal and regulatory structures. The commitment of the industry to the code can make the difference between legitimate crypto companies and a dishonest approach towards customers. The Co-Founder of R3, Todd McDonald says that the Code is of vital importance to firms wishing to demonstrate to regulators they are adopting professional practices.

He also highlights that questionable practices by some in the industry participants should not hinder the access to crypto assets offered in a transparent and responsible manner. The Code provides industry adopters a supranational toolbox to demonstrate to global regulators that they are good citizens. The registration scheme is currently in development, led by DLA Piper and in consultation with global industry firms.

Self-Regulation Key to Crypto Markets Sustainability Just like the Global Code of Conduct for the foreign exchange market, the crypto Code of Conduct can play an important role in the future development of the industry. The creation of a global industry-led self-regulatory body ensures that digital assets can work seamlessly across borders.

These companies and those already established in the space are constantly seeking talent with a strong understanding of cryptocurrencies. Prior to C4 there was no way for these hiring managers and placement firms to validate Bitcoin knowledge in their candidates like they can with other knowledge such as networking, security, and accounting.

C4 provides certifications so that professionals can assert their knowledge in cryptocurrencies the same way they are able to assert other skills. The CryptoCurrency Certification Consortium is a non-profit organization that provides certifications to professionals who perform cryptocurrency-related services.

Recipients of each respective certificate will have demonstrated comprehensive knowledge in various disciplines ranging from basic cryptography to low-level cryptocurrency development. Our Code of Ethics All cryptocurrency professionals who are certified by C4 recognize that such certification is a privilege that must be both earned and maintained.

C4 certified professionals who intentionally or knowingly violate any provision of the C4 code of ethics may be subject to disciplinary action which could include revocation of certification. A complaint process exists whereby suspected breaches of the C4 code of ethics by any C4-certified professional can be submitted anonymously online.