Australian Digital Currency Industry Code of Conduct

What is the Australian Digital Currency Industry Code of Conduct?

The Australian Digital Currency Industry Code of Conduct is an audited, self-regulatory scheme that allows Australian digital currency exchanges to prove to consumers that they met strict best-practice standards in the operation of their businesses.

Australian consumers doing business with an ADCA Certified digital currency exchange can be confident that the exchange meets best practice standards in the following areas:

  • legal compliance
  • reputation and background of the exchange owners and operators
  • anti-money laundering and counter-terrorism financing protections and reporting
  • consumer protection including:
    • transparent pricing
    • dispute resolution processes
    • data security

How is Compliance with the Australian Digital Currency Industry Code of Conduct Confirmed?

A digital currency exchange applies the following process to confirm compliance with the Australian Digital Currency Industry Code of Conduct:

  • Appoint an Independent Auditor
    A digital currency exchange seeking ADCA Certification under the Australian Digital Currency Industry Code of Conduct must first nominate an independent and professionally competent external auditor.  The proposed auditor must be approved by ADCA’s AML/CTF Committee.
  • Collect Evidence of Compliance
    The external auditor will then conduct a review of the exchange’s policies and procedures to ensure compliance with the Code of Conduct using the formal checklist contained in the Code.  The auditor is required to collect evidence to prove ongoing compliance.
  • Auditor’s Certification and Explanation
    Once satisfied, the independent auditor provides a formal letter of certification to the ADCA AML/CTF Committee confirming that all the requirements of the Code of Conduct have been satisfied.  A meeting between the Auditor and the AML/CTF Committee is convened to allow the checklist to be reviewed and for any questions to be resolved.
  • AML/CTF Committee Certification
    Once satisfied with the auditor’s report and response to any questions, ADCA’s AML/CTF Committee provides formal certification that the exchange satisfies the requirements of the Code of Conduct.
  • Re-Certification
    One year after first being certified, a digital currency exchange must once again complete and submit the compliance checklist along with a letter formally self-certifying that they continue to meet the code requirements.

Two years after first being certified, a full new external audit and certification is required to maintain certification.

How Can I Confirm that a Digital Currency Exchange has been Certified by ADCA?

A digital currency exchange that has current certification from ADCA that it is fully compliant with the Australian Digital Currency Industry Code of Conduct is entitled to use the following Trustmark on its website to confirm certification.

IMPORTANT NOTE:

All exchanges that are Certified by ADCA as compliant with the Australian Digital Currency Industry Code of Conduct are also listed on this page of ADCA website.

Any exchange that is displaying this Trustmark on their website, or in any other way implies that it has been certified by ADCA as compliant with the Code of Conduct, that is NOT listed on the ADCA website is engaging in deceptive and misleading conduct.

Which Digital Currency Exchanges are ADCA Certified?

The following Digital Currency Exchanges have been Certified by ADCA as fully compliant with the Australian Digital Currency Industry Code of Conduct:

Independent Reserve
BTC Markets

Exactly What are the Obligations of an Exchange Under the Australian Digital Currency Industry Code of Conduct?

Download the full text of the Australian Digital Currency Industry Code of Conduct

ADCA