Digital Token Identifier Registration opens with Etrading Software
By Joy Dumasia
Etrading Software, through its non-profit division, the DTI Foundation, has launched a new service to enable the tracking of all digital assets on a global basis. The service will issue identifiers for digital assets based on the new ISO standard, the Digital Token Identifier. ISO has selected Etrading Software to be the Registration Authority for this standard.
The new service complements the existing ISO standard for tracking counterparties to trade via the Legal Entity Identifier (LEI). It is designed by the same committee that has defined the ISO standard for the Unique Product Identifier (UPI) for tracking all OTC derivatives globally.
With the DTI Foundation’s launch of the DTI service, a key building block is now in place to upgrade the financial market plumbing to process digital asset trades safely and with appropriate oversight. Until now, such monitoring and tracking were impossible due to the lack of available ISO standards for digital assets.
Regulators can use the DTI to monitor digital asset trades for anti-money laundering combating terrorist financing requirements, and monitor systemic risks arising from trading global stable coins and other digital assets. The DTI can be used by market participants to uniquely identify a given digital token, thereby increasing transparency and reducing operational risk.
Sassan Danesh, Managing Partner of Etrading Software, said: “We are delighted that the new DTI has begun work, helping industry uniquely identify digital assets based on objective, verifiable information. This is an important step for the industry in being able to identify digital assets in a standardised way and reduce ambiguity, increasing transparency and consistency, enabling further global interoperability and lower the bar for greater institutional investment in this burgeoning asset class.”
Recently, IBS Intelligence reported that The Digital Token Identifier Foundation (DTIF) announced the first meeting of the Digital Token Identifier (DTI) Product Advisory Committee (PAC), which took place on Thursday, 12th August 2021.
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