Etrading Software integrates a new ISO-based Digital Token Identifier (DSO) »CryptoNinjas

Etrading Software, through its non-profit division DTI Foundation, today announced the launch of a new service to enable tracking of all digital assets. The service will issue digital asset identifiers based on the new ISO standard Digital Token Identifier (DSO).

ISO has selected Etrading Software as the registration authority for the standard.

This new service is in addition to the existing ISO standard for tracking counterparties through the legal entity identification number (LEI). It was designed by the same committee that defined the ISO standard for Unique Product Identifiers (UPI) and is used to track all off-site derivatives globally. Both LEI and UPI have been recommended by the Financial Stability Board for regulatory reporting of G20 transactions to strengthen risk management and increase the transparency of traditional capital markets.

The new DTI extends the scope of the ISO standard to include cryptocurrency token asset classes.

“We are very pleased that the new DTI has begun work to help the industry uniquely identify digital assets based on objective and verifiable information. This is the industry’s ability to identify digital assets in a standardized way, reduce ambiguity, improve transparency and consistency, and further achieve globalization. An important step towards interoperability and lowering the barriers to greater institutional investment in this emerging asset class.”
—— Sassan Danesh, managing partner of Etrading Software

Initially, the DTI Foundation released the identifiers of the top 100 cryptocurrencies by market capitalization. With the opening of registration to market participants, the DTI Foundation aims to issue additional identifiers based on the requirements of market participants and regulators, giving priority to stablecoins.

“ISO 24165 is available to investors, exchanges, data aggregators, ecosystem participants, regulators and issuers. They can now submit applications to register alternative digital tokens and receive DTI. This is a random, unique And a clear identifier. DTI’s registration qualifications are based on objective and verifiable information provided by the applicant. This will help the market identify different tokens that may be exchanged, aggregated, listed or tracked.”
—— ISO/TC 68/SC 8 Chairman Dominique Tanner (Dominique Tanner)

Regulators can use DTI to monitor digital asset transactions to achieve anti-money laundering, combat terrorist financing requirements, and monitor the systemic risks arising from global stablecoin and other digital asset transactions. In addition, market participants can use DTI to uniquely identify a given digital token (for example, clearly distinguish between “Bitcoin” and “Bitcoin Cash”), thereby increasing the transparency of market participants and reducing operational risks.

Source link

You May Also Like

Leave a Reply

Your email address will not be published.