By
Mayowa Adebajo
March 12th, 2024
An international digital asset exchange council has been formed as a step towards the adoption of global standards for tokenization of assets and to improve regulatory measures for asset exchanging and digitization.
An international council, mandated to reveal the fruition of “real-asset” cryptocurrency sector, has been officially formed.
Launched at the 2018 Davos Blockchain Central last week, the International Digital Asset Exchange Council (IDAXC) represents the industry’s efforts to build a salient channel and actively promote adoption of global standards for tokenization of assets, as well as best practices in regulatory measures for asset exchanging and digitization.
Established by the Global Blockchain Business Council (GBBC), Blockchain Central hopes that IDAXC will be the starting point to distinguish legacy blockchain-based cryptocurrencies from their modern counterparts, so-called Blockchain 3.0 cryptocurrencies anchored to quantifiable, recognizable assets.
Founding chairperson Eric Van der Kleij, who took part in creating London’s Level39 Fintech hub and worked as CEO of the UK government’s Tech City incubator, will receive wide support and recognition for his continuing efforts at fostering innovation and financial technology.
As such, the Centre for Digital Revolution (C4DR) – a company owned by der Kleij – will become one of IDAXC’s founding members, working together with other projects active in fintech and blockchain.
This will include the likes of China-based ACChain, which, along with Bitcoin and Ether, will form a tri-basket supranational overseer of digital currencies, and Courage Investment Group Ltd (HK1145), a Hong Kong based company listed on the mainboard, focusing on both real asset backing and digital asset management, and fintech pioneer Ink Blockchain Co. Ltd.
Former RBS Director of Innovation and the founder of import.io and Kusiri, David White, will also join the council’s board to head up its policy department.
During the launch, Van der Kleij was looking for the cooperation with industry stakeholders – representing banks, start ups, academia and veterans – to provide feedback to IDAXC solidifying the field of real-asset digitization. Noting the incredible growth of “ordinary crypto currencies” that has collectively formed a market capitalization of half a trillion dollars, Van der Kleij said that the potential for blockchain’s decentralization can only be amplified by anchoring them with trusted real asset digitization channeled through common standards determined by a membership formed by the global community.
He believes this stage to be the last piece of the puzzle to the ongoing blockchain revolution, whereby cryptocurrencies backed by actual assets would eventually result in the marriage of conventional finance and regulators to the adoption, recognition and legitimization of cryptocurrency markets.
The non-profit council’s founders see this year as a significant point from where cryptocurrency can find stability and maturity, moving away from the wildly volatile experience of previous years. Its chief goal will be to enable the rapid tokenization of real assets by owners – allowing them to easily trade or exchange that asset in full compliance with existing and emerging Know Your Client (KYC) and Anti-Money Laundering (AML) practices.
Towards these aims, IDAXC will look to build a resource hub, providing capacity building opportunities for its members such as multi-disciplinary training on digital asset aspects such as AML, KYC and tokenization.