DTI Foundation Update: August 2023

Spotlight: DTI within regulatory and industry documentation

Introduced in September 2021, the ISO 24165 Digital Token Identifier (DTI) standard is steadily integrating into regulatory and industry documentation as the global framework for identifying digital tokens. The latest announcement came from SIX Digital Exchange (SDX) last week as the first private DLT-based financial infrastructure to adopt the DTI standard for all its services.

The DTIF has published a non-exhaustive list of DTI integration and references within regulatory guidelines, financial industry standards and best practices.

See the page here.

DTIF responds to HM Treasury consultation on Digital Securities Sandbox

The DTIF responded to HM Treasury’s consultation on the first Financial Market Infrastructure Sandbox, laying out details for the Digital Securities Sandbox (DSS).

DTIF considers it to be important for DSS participants and regulators to follow industry standards and best practices when managing data and information. The use of recognised standards will facilitate efficient information exchange and interoperability across participants and market infrastructure while preventing unnecessary fragmentation of digital asset markets.

See the full response here.

DTIF responds to IOSCO consultation on Crypto and Digital Asset Markets

The DTIF responded to IOSCO’s consultation report ‘Policy Recommendations for Crypto and Digital Asset Markets’ with the intention of addressing concerns related to market integrity and investor protection issues arising from crypto-asset activities.

See the full response here.

Enhancement to DTI registration process

The registration and allocation process for Digital Token Identifiers has been optimised in the latest release. The new process makes it easier for all users to request and receive DTIs through the Token Registry Portal.

See the new Token Registry Portal here.

DTI Foundation resources

July DTI statistics

The total number of DTIs assigned is 1,636, a 2.6% increase from the previous month. Breakdown of DTIs:

• 1,460 Auxiliary digital tokens
• 121 Native digital tokens & ledgers
• 55 Functionally fungible group tokens

Events

The DTI Foundation will be participating in the below upcoming relevant industry events.

CryptoCompare Digital Asset Summit, 2-3 October 2023, London

European Blockchain Convention, 24-26 October 2023, Barcelona

Digital Asset Week, 14-15 November 2023, London

Relevant news and publications

15 August 2023: MAS published its regulatory framework for stablecoins, following a public consultation in 2022. The framework will apply to single-currency stablecoins pegged to the Singapore Dollar, or any G10 currency, that are issued in Singapore.

14 August 2023: US Federal Deposit Insurance Corporation published its Risk Review 2023, including a section on steps to monitor crypto-asset related risks.

10 August 2023: France’s AMF announced amendments to its General Regulation and policy on digital asset service providers (DASPs).

8 August 2023: US Federal Reserve Board provided additional information on its program to supervise novel activities in banks, including activities that involve crypto-assets and distributed ledger technology.

7 August 2023: UK’s HM Treasury published the Government’s response to its consultation on Payments Regulation and the Systemic Perimeter.

7 August 2023: Hong Kong’s SFC published a statement warning virtual asset trading platforms of potential legal and regulatory consequences of improper practices, and reminds investors to be wary of the risks of trading virtual assets on unregulated VATPs.

2 August 2023: Indian G20 Presidency published an input to the IMF-FSB Synthesis Paper for a Roadmap on Establishing a Global Framework for Crypto Assets. The paper is expected to be published end August.

26 July 2023: The United States House Committee on Financial Services passed several pieces of legislation for full House consideration. The legislation aims to provide clarity for the digital asset ecosystem.  

23 July 2023: US Government Accountability Office (GAO) published its report on blockchain in finance.

21 July 2023: Banque de France published its second report on lessons learned from its wholesale CBDC experiments.

20 July 2023: UK Treasury Committee published the Government’s response to regulating crypto report. The Government disagrees with the Committee’s recommendation to regulate unbacked cryptoassets like gambling and re-affirms its intention to regulate retail trading as a financial service.

17 July 2023: FSB published its global regulatory framework for crypto-asset activities.

12 July 2023: ESMA published its first consultation package on the Markets in Crypto Assets Regulation (MiCA). Comments are open until 20 September 2023.

12 July 2023: EBA published its consultation on draft Regulatory Technical Standards and Implementing Technical Standards on the authorisation and assessment of acquisition of asset-referenced tokens (ARTs) under MiCA. Comments are open until 12 October 2023.

11 July 2023: BIS published its report on results from the 2022 survey on CBDCs and crypto.

6 July 2023: Canada’s CSA published its guidance on crypto asset investment funds that are reporting issuers.

About the DTIF

The Digital Token Identifier Foundation (DTIF) is the Registration Authority for the International Organization for Standardization (ISO) 24165 Digital Token Identifier (DTI) standard, an ISO standard that enables the unique identification of all fungible digital assets which use distributed ledger technology for token issuance, storage, exchange, a record of ownership, or transaction validation.

The DTIF’s mission is to provide the golden source reference data for the unique identification of digital tokens. As its mandate, the DTIF issues and maintains DTIs on a non-profit basis, with the aim of increasing transparency in the digital asset space by creating a core reference data set based on open data principles and made available as a public good.