Etrading Software, through its non-profit division DTI Foundation, announced today that it has launched a new service to enable tracking of all digital assets. The service will issue identifiers for digital assets based on the new ISO standard, the Digital Identifier (DSO).
ISO Etrading Software has chosen to be the registration authority for this standard.
This new service complements the existing ISO standard for tracking counterparties in trade via Legal Entity Identifier (LEI). It was designed by the same committee that defined the ISO standard for a unique product identifier (UPI) to track all OTC derivatives globally. The Financial Stability Board has recommended the use of the Legal Entity Identifier (LEI) and UPI in regulatory reporting on trades across the G20 to enhance risk management and increase transparency in traditional capital markets.
The new DTI extends the scope of ISO standards to the crypto asset class.
“We are pleased that the new DTI has begun work, to help the industry uniquely identify digital assets based on objective, verifiable information. This is an important step for the industry in its ability to identify digital assets, in a standardized manner and reduce ambiguity, increase transparency and consistency, and enable greater operability. The global interface and reducing barriers to increasing institutional investment in this booming asset class.
– Sasan Danish, Managing Partner of Etrading Software
Initially, the DTI Foundation released identifiers for the top 100 cryptocurrencies by market capitalization. With registration open to market participants, the DTI Foundation aims to issue additional identifiers as required by market participants and regulators, prioritizing stablecoins.
“ISO 24165 can be used by investors, exchanges, data compilers, ecosystem participants, regulators and issuers, who can now submit an application to register a replaceable digital token and obtain a DTI, which is a random and unique identifier. DTI registration eligibility is based on objective information and verifiable provided by the applicant. This market will help identify different tokens that can be exchanged, aggregated, listed or tracked.”
– Dominic Tanner, CEO of ISO/TC 68/SC 8
Regulators can use DTI to monitor digital asset trading operations to combat money laundering, counter terrorist financing requirements, and also to monitor systemic risks arising from the trading of global stablecoins and other digital assets. Furthermore, DTI can be used by market participants to identify a unique digital token (for example to unambiguously distinguish “Bitcoin” from “Bitcoin Cash”) thereby increasing transparency for market participants and reducing operational risks.
