Ethical Code of the Czech Crypto Association

1 Basic Provisions

The Ethical Code (hereinafter also referred to as the “Code”) of the Czech Crypto Association (hereinafter also referred to as the “Association”) constitutes a set of rules, principles, guidelines, and standards governing the provision of financial services by the regular members of the Association (hereinafter referred to as “members”). For the purposes of this Code, members also include the members of the Association’s governing bodies and individuals acting on behalf of the Association. The purpose of the Code is to improve ethical behavior and business culture in the market while also promoting equal standing among its participants. The Code is not intended to replace applicable legal regulations or their enforcement by the relevant regulatory institutions. It is not a static document but will continue to evolve in accordance with market needs.

In carrying out its activities in the cryptocurrency market, a member adheres to ethical rules governing procedures and behavior toward clients, in addition to its legal obligations, as specified in the codes to which it has committed.
A member maintains the confidentiality of information related to contractual relationships with clients and upholds the duty of secrecy. This includes the principle of not disclosing or sharing account details, names, or addresses of clients with third parties. Exceptions to this rule apply when the member is legally required to provide such information or when the disclosure is made at the request or with the consent of the client. Personal data of clients is processed by the member in accordance with data protection laws.
A member exercises caution regarding financial transactions whose origin cannot be reliably determined or whose origin appears suspicious. The member takes necessary steps to prevent any attempts to conceal the illicit origin of funds.
When promoting its services and conducting advertising activities, a member provides truthful information, free of misleading elements, does not withhold essential facts, and does not offer benefits that it cannot guarantee. The member adheres to the principles of responsible advertising, including fair comparisons of its services with those of competitors.
A member does not tolerate any form of direct or indirect bribery or corruption.

An employee of a member company performs their duties, arising from their position or role within the company, honestly and diligently, in good faith, with due care, and in the best interests of the company.
An employee of a member company avoids any activities that create a conflict of interest with the company. This particularly means that they do not independently engage in business activities using information or advantages obtained through their employment.
An employee of a member company strictly maintains confidentiality regarding the affairs of the company and its clients that they become aware of in the course of their duties.
An employee ensures that their personal interests do not conflict with their responsibilities toward the company or its clients. They must promptly inform their superiors of any circumstances concerning themselves that they know or suspect could lead to such a conflict of interest.

A member approaches all clients impartially and does not grant unjustified preferential treatment. When providing services, the member does not prioritize its own interests over those of the client and does not misuse its position to impose unfair or unequal contractual terms on the client.
A member provides services to clients professionally, honestly, and diligently, with due care.
In communication with customers, a member must provide truthful, accurate, and verifiable information and must not use ambiguous, exaggerated, or misleading statements. A member must not withhold essential information.
Regardless of how collected information is processed, each member must take appropriate measures to ensure the proper management and adequate protection of customer information and personal data against damage, theft, or misuse. Unless authorized by law, a member processes personal data only to the extent permitted by the customer’s consent.
A member informs clients of their right to submit feedback or complaints regarding its activities and provides details on the complaint-handling process within the company, including options for further action if a complaint is not resolved or if the client is dissatisfied with the resolution.

All members of the association are required to act in a manner that upholds and promotes the good reputation of the association. Additionally, members are obligated to appropriately inform their business partners about the association and their membership in it.
This Ethical Code was adopted by the association on April 15, 2020, and is binding for all members of the association.
Matters concerning violations of the Code are decided by the Board of Directors by a simple majority vote.
The Czech Crypto Association (ČKMA) will periodically assess the need for updates or revisions to this Code as necessary.