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FollowingAs Asia's leading digital asset company, Hashkey has officially joined the Depository Trust and Clearing Corporation (DTCC)'s Digital Asset Advisory Services Working Group, becoming the organization's first digital asset service provider from Asia.
DTCC's Digital Expansion and Industry Alliance
Hashkey will work with more than 100 global financial institutions and asset management companies in the working group to develop industry standards for tokenized asset issuance, settlement and custody at the institutional level. According to an announcement released by Hashkey on Wednesday, major market participants such as JPMorgan Chase, Goldman Sachs, Nasdaq and the New York Stock Exchange are also members of the working group.
DTCC is a core post-transaction service provider providing clearing and settlement services for securities transactions in traditional financial markets. The working group was established to bridge the gap between traditional finance and decentralized finance, focusing on industry best practices as digital assets are increasingly integrated into the mainstream financial environment.
DTCC plans to join working group members in October this year to open access to tokenized securities. Currently, the agency holds $114 trillion worth of liquid assets, including stocks and exchange-traded funds.
Dictionary:
DTCC (Depository Trust and Clearing Corporation) is a US-based financial services company that provides clearing, settlement and custody services for securities transactions in global markets.
SEC's support for securities tokenization
In December last year, the U.S. Securities and Exchange Commission (SEC) issued a "no action" letter to a subsidiary of DTCC. The move allows the subsidiary to start offering new services for the tokenization of securities, providing a regulatory green light for further innovation in this area.
Securities and Exchange Commission Chairman Paul Atkins described the approval as an early but important step in introducing blockchain technology into the regulated financial sector. He said the committee would consider creating innovation exemptions that would allow market participants to gradually move their business up the chain while avoiding excessive regulatory obstacles.
Atkins emphasized that regulatory approval of the DTCC pilot is only the first step and noted that the SEC is willing to consider innovation exemptions designed to support the industry's transformation into the chain. "We want to support builders to push the market up the chain without being bound by onerous regulatory requirements," he said.
Atkins originally proposed the concept of innovation exemptions at the cryptocurrency task force roundtable on decentralized finance held on June 9.
Asia's digital asset ecosystem is becoming increasingly active
Hashkey's joining this global working group marks an important development for the Asian digital asset industry. As companies such as Ripple and Coincheck have recently reached digital asset custody agreements, Asian institutions are playing an increasingly important role in large-scale infrastructure projects for tokenized assets.
