The Australian Digital Currency & Commerce Association is today launching code of conduct for its industry, intended to fill what it sees as a regulatory gap in yet another corner of the fast moving fintech sector.The Digital Currency Industry Code of Conduct - an industry-based voluntary agreement - is being pitched as a ready-made standard that will meet existing and future AML/CTF regulations. It's being implemented well ahead of proposed Australian Government legislation that will extend anti-money laundering rules to new sectors, including the digital currency sector."Industry players are working in co-operation with regulators to voluntarily adopt AML/CTF safeguards ahead of this formal regulatory process," said Nicholas Giurietto, ADCCA chief executive officer.The Code places a strong emphasis on consumer protection, but is not a mere feel-good marketing exercise. Its proponents are keen to emphasise the genesis of the Code was a recommendation of the Senate Enquiry into Digital Currencies from August 2015, and it has been written in conjunction with the Attorney-General's Department and Austrac."[The Code] is all about making digital money safe," said Richard Miller, a Deloitte advisory partner and head of the global professional services firm's payments practice in Australia. "Our collective aim is to develop standards of consumer protection that hold participants to account and to a very high standard of conduct."There is, of course a commercial imperative as well. Giurietto, the ADCCA's chief executive, has been watching with concern as business and home-grown blockchain expertise gets pushed offshore to jurisdictions that have rules in place.In stark contrast, Australia's digital currency businesses are exposed to the risk that their banking relationships can be terminated without notice."It's not unreasonable for the banks to say 'we need to be sure you can meet our own compliance standards', and while there is ambiguity, the industry can't actually meet those expectations," said Giurietto."The risk is that if we take too much longer we will end up with a well-designed regulatory system, and no industry to regulate."He points to one example of how a bank is working with bitcoin businesses in an uncertain regulatory patch - Silvergate Bank in the US, which has assessed the AML/CTF compliance standards in its region and mandated its own set of expectations, giving it a competitive advantage in what is expected to be a growing part of the economy. "The bank has reassured customers it will work with them to ensure they have appropriate compliance standards in place. That allows the bank to offer secure banking relationships, but to terminate if the customer stops complying," said GiuriettoThe expectations are clear in that case - albeit applied unilaterally. Giurietto suggested that a similar partnership model would work in Australia, where the Code would ensure certain minimum compliance expectations are reliably met, meaning that banking services can be provided.There is, of course a further imperative - the worry over where the next scandal with erupt - and Giurietto is working hard to make sure it doesn't happen on his watch."It's important to act quickly because consumers deserve a