QRC Group Sponsors Development of First Security Token Specification with BSI
QRC Group Sponsors Development of First Security Token Specification with BSI
December 23, 2020
QRC Group Sponsors Development of First Security Token Specification with BSI
QRC Group Sponsors Development of First Security Token Specification with BSI
December 23, 2020

The QRC Group (QRC) has announced the first publication of a Security Token Specification, independently facilitated and published by BSI, the UK National Standards Body. Called PAS 19668, the specification provides requirements for the publication of relevant information and the technical attributes of security tokens, covering tokens issued on any distributed ledger system.

In the absence of an industry-wide standard, security token information has been organized and presented in various formats and different locations, making access highly inefficient and increasingly complex for investors and active market participants. PAS 19668 is an effort to fill that gap by specifying how information and properties relating to security tokens should be structured and presented.

PAS 19668 is for use by international security token issuers. It is also a reference for security token holders, security token exchanges and custodians, investors in security tokens and auditors checking conformity, and any third parties that provide services to issuers of security tokens. PAS 19668 does not cover utility tokens or unregulated tokens.

“PAS 19668:2020: Publication requirements for security tokens – Specification” is available here: https://shop.bsigroup.com/ProductDetail?pid=000000000030376033

ALSO READ :  Crypto staking services provider, stakefish simplifies staking with the launch of Eth2 staking platform

PAS 19668 has been independently facilitated by BSI following consensus by a steering group of experts from various industries including digital asset exchanges, traditional financial exchanges, issuance platforms and academia.

Shogo-Ishida, CEO of QRC Group, the sponsor of development, said:

“We are very pleased to announce PAS 19668. With BSI standardizing security token technology, and with development of a draft specification, we take a great step forward in legitimizing security token offerings and STO fundraising. Standardization will consolidate technology innovation and best practices from disparate STO platforms, and accelerate STO market growth.”

Ishida continued:

“Issuers will trust BSI-standards technology, with greater confidence in their technology provider or token distributor, this will drive adoption of STO fundraising activity. As digitization continues in various industries, PAS 19668 will lead to further efforts to digitize securities backed by blockchain technology. We hope that people will welcome the standard, and issue security tokens more securely and conveniently.”

Alexandre Kech, CEO, Onchain Custodian, Convenor ISO TC68/SC8/WG3 Digital Token Identifier, said:

“Standards are critical for the maturing of any new industry. PAS 19668, which already leverages the ISO 10962 Classification of Financial Instruments (CFI) standard, will be powerful when used in combination with the ISO 24165 Digital Token Identifier expected to be finalised and available for us in 2021.”

Thomas Borrel, CPO, Polymath, said:

“Mass adoption of security tokens can only happen through standardization. ERC1400 established the standard for security tokens and PAS19668 will materially contribute to transparency through simplified access to information and attributes of each token. PAS19668 reliance on existing and upcoming ISO standards will ensure consistency across all assets, traditional and digital.”

Luc Falempin, CEO, Tokeny Solutions, said:

“Blockchain technologies represent a great opportunity to use a common IT infrastructure for the world of finance. It is therefore essential to facilitate the interoperability of solutions and to formalize the data. We are delighted with this initiative as we can now complete the institutional-grade security token protocol T-REX with the PAS19668 specification model.”

Jor Law, Director, Prime Trust and consultant to several key players in the STO ecosystem, said:

“Having a standardized method of identifying security tokens globally promulgated by the BSI is important for the evolution of STOs and increased adoption. With a uniform method to digest security tokens, data flow and transaction handling can improve to allow greater interoperability across geographic regions and more seamless interaction between the different participants that comprise a healthy capital markets system.”

BSI Steering Group is composed of representatives from 1st Idea Limited, Bank Frick, BC Group, BitGo, Blockstream, BnkToTheFuture, CMS Cameron McKenna Nabarro Olswang LLP, CryptoCompare, DeversiFi, DSTOQ, London Stock Exchange Group (LSEG), Onchain Custodian, Polymath, Prime Trust, QRC Group, Singapore Management University (SMU), Tokenomica, Tokeny Solutions.

ALSO READ :  Korea Institute of Halal Industry To Adopt Blockchain-Based Halal Platform Worldwide

PAS19668 Technical Author: Adam Vaziri.
BSI Announcement: https://tinyurl.com/bsigroup-mediacentre-15dec20
QRC Announcement: https://www.qrc.group/top-news

QRC Group (QRC) is a RegTech and blockchain advisory firm providing technical solutions for the deployment of digital securities in conformity with international standards, including PAS19688. HK-based QRC has related company offices in Tokyo, Singapore, Kuala Lumpur, Labuan and Vietnam. Visit https://www.qrc.group.

Media Contact: Shogo-Ishida, [email protected], QRC Group.


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Blockpass Provides KYC Services For Blitz Network

Blockpass Provides KYC Services For Blitz Network

Blockpass is proud to reveal another new partnership, this time with Blitz Network - a union of miners, cross border traders, and early cryptocurrency investors. As part of the financial landscape, Blitz Network...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.