New standards on the horizon for the new digital asset class

New initiatives to keep an eye on

New York City, Aug. 29 2018

New standards on the horizon for the new digital asset class

The new asset class, DAC or Digital Asset Class, is soon to become more mature with new initiatives paving the way towards standardization and transparency. The reasons are obvious to those handling digital assets daily – operational risk is extremely high due lack of standards:

As companies, projects, ICOs and ITOs keep using simple mostly 3 digits alphanumeric codes, the data issues grow by the day.

While regulation varies on a country by country basis, steps and logic from other asset classes can be already adopted for the DAC, to make it more secure for the good of all participants.

One initiative is that of NYC based startup DACEBOOK, which is launching a unique, global, digital asset class identification number solution, called “DACIN”. It has the potential to become the ISIN of digital assets, given its open standard approach and distribution to the DAC industry as well as capital markets participants. DACIN operates under https://DACIN.org and miners and creators of new digital assets can apply for a DACIN free of charge with the advantage for them, that the info on their digital asset gets distributed together with the new DACIN identifier not only to them, but also to the institutional world, which is key to liquidity flows.

Another interesting initiative comes from Gemini, the Winklevoss twins wider bitcoin business, which is already closing the digital asset classes custody gap and now has become the founding member of the Virtual Commodity Association (VCA). VCA has already received positive comments from regulatory / advisory bodies, who of course are in favor of the new asset class self regulation, increased consumer protection and enablement of market transparency through standardization. The VCA working group will start their meetings on standards for the DAC as well. More info on https://virtualcommodities.org/