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A-Team Insight Blogs

Etrading Releases Digital Token Identifier Registration Service, Initiates Use of Standards Across Digital Token Asset Class

Etrading Software has started Digital Token Identifier (DTI) registration following go live of the DTI registry in July 2021 and recent publication of the ISO standard for digital assets, ISO 24165. With the standard in place, early work by the registry includes coverage of the top 100 cryptocurrencies by market capitalisation – ultimately, all digital assets on a global basis will be identified and tracked using the standard.

Etrading operates the DTI registry through its non-profit division the DTI Foundation. The DTI service is complementary to the existing ISO standard – ISO 17442 – for the Legal Entity Identifier (LEI) that is used to track counterparties to a trade. It has been designed by the same committee that is working on an ISO standard for the Unique Product Identifier (UPI), which will come into play next year and track all OTC derivatives.

The DTI extends the scope of ISO standards to the digital token asset class for the first time, with the DTI service putting in place a means of processing of digital asset trades safely and with appropriate oversight.

Dominique Tanner, chairman of ISO committee ISO/TC 68/SC 8, says: “ISO 24165 can be used by investors, exchanges, data aggregators, ecosystem participants, regulators and issuers, who can now submit an application to register a fungible digital token and receive a DTI, which is a random, unique and unambiguous identifier. Registration eligibility for the DTI is 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.”

Regulators will use the DTI to monitor digital asset trades for anti-money laundering and terrorist financing requirements, as well as for monitoring systemic risks arising from the trading of global stable-coins and other digital assets. The identifier will be used by market participants to uniquely identify a given digital token, thereby increasing market transparency and reducing operational risk.

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