Etrading Software announced it’s been picked by the International Organization for Standardization (ISO) as the exclusive Registration Authority, (RA), for the new standard for Digital Token Identifiers (DTIs).
The crypto asset class includes cryptocurrencies such as bitcoin, as well as multiple other product types, such as stable-coins, security-tokens and utility-tokens. With thousands of crypto assets in the market, and the list rapidly growing, there has so far been no standard way to identify one digital token from another. Currently, the same digital token can have multiple different identifiers. For example, bitcoin is currently known by BTC and XBT.
The identifiers conforming to the new standard, ISO 24165 DTI, will be vendor-neutral, open, freely available, and global. The first DTIs, registered through Etrading Software, are expected to be available by the second half of 2021. Dominique Tanner, ISO/TC 68/SC 8 Chairman said in a statement: “As the asset-class becomes more mainstream and attracts more institutional investment, we recognized the need for a standard frame of reference so buyers, sellers (and regulators) can have confidence they are talking about the same digital token.”
Sassan Danesh, managing partner of Etrading Software, said, “DTIs will bring many benefits to users of this burgeoning asset class, from facilitating price discovery and improving liquidity, to allowing for easier identification of counterparties and improving the operational efficiency of post-trade processing.”
It is expected standardization could help investors that operate at scale and consequently manage large operations groups (e.g. banks and institutional investors) to process crypto asset transactions without having to significantly rework their existing systems and processes. Further standardization is expected as central banks and regulators look at ways in which they can make the crypto markets more stable, transparent and safer, for a wide range of current and future participants.