Strategic Exchange Between DTCC and SEC on Cryptocurrency Tokenization
The Treasury and Central Clearing Commission (DTCC) met with the U.S. Securities and Exchange Commission (SEC) to discuss the tokenization trend in the cryptocurrency market. The meeting, attended by the U.S. Crypto Tax Task Force, focused on DTCC’s tokenization services and related legal issues.
Nate Geraci – President of ETF Store, shared about this development on social network X, emphasizing that this is a strong growth signal of the Tokenization industry. DTCC is a capital market infrastructure, providing payment, liquidation and transaction reporting services for financial institutions.
The Central Role of DTCC in Global Financial Markets
Not only does DTCC dominate the domestic US market, it will also process up to $3 trillion in payments by 2023, making it the world's largest financial processor. This in particular strengthens their position in the blockchain and cryptocurrency space.
Meeting details and direction of tokenization service development
According to the announcement on social network X, SEC and DTCC reviewed the basic foundation of Tokenization services, from operation flow, technology, design control, use of Tokens and other issues. They also discussed the development process of the service and the impact of legal regulations, especially in determining applicable laws and exemptions, especially in the responsibility of the liquidation center.
DTCC announced its intention to launch a tokenized collateral management platform in April, operating within its AppChain ecosystem, to optimize the flow of collateral in the financial market.
DTCC's Long-Term Efforts in Blockchain Technology and Cryptocurrency
Over the past five years, DTCC has been building a Tokenization platform and tested a pilot model last year with 13 partners on the Canton Network. Through this test, they tested 10 use cases, finding that Tokenization can improve liquidity and optimize collateral assets.
Policy to promote blockchain and cryptocurrency applications
In recent months, reports have suggested that DTCC is actively integrating stablecoins into its system. While it has not officially confirmed it, the company has published a blog post about using stablecoins as a means of payment in cross-border transactions and domestic payments.
They also closely monitor regulations from regulators and the US Congress, weighing options, including the possibility of launching a stablecoin to enhance the core service.
Tokenization Progress and Market State
DTCC’s tokenization efforts have been going on for years. In 2023, they acquired Securrency, an institutional-grade blockchain technology company, and have been experimenting with tokenization since 2020. Notably, at a recent parliamentary session, head of digital assets Nadine Chakar said that tokenization is the next step in simplifying complex financial processes.
DTCC has also joined the ERC3643 Association, which promotes the Ethereum-based security tokenization standard. These activities demonstrate their strong commitment to the emerging market trend.
The tokenized market is getting more and more exciting
At the same time, many traditional financial institutions and cryptocurrency developers are pushing towards tokenizing real assets (RWA). According to data from the total value of on-chain RWA, it has surpassed $24 billion, up about 6% in the last 30 days. The number of asset owners has increased by 99%, exceeding 204,000, reflecting strong interest from the investment community.
Source: https://tintucbitcoin.com/dtcc-va-sec-day-manh-token-hoa-tai-chinh/
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