ANNA Develops New Technology Strategy On Digital Assets
ANNA, a mnemonic for the Association of National Numbering Agencies apprised the public that it has developed a new technology task force on digital assets which will help to investigate the identification of digital assets in the likes of tokens and cryptocurrencies, blockchain technology.
In a report published on Oct. 23, ANNA, the Association of National Numbering Agencies apprised the public that it has developed a new technology task force on digital assets which will help to investigate the identification of digital assets in the likes of tokens and cryptocurrencies, blockchain technology and its linked evolution and application in the financial industry and also help to scrutinize how ISINs can be used to identify possible blending of standards.
“With digital assets emerging as a new investment class, the availability of quality standardised reference data will serve as the foundation for a trusted token market. As the registration authority for the ISIN, ANNA has been responsible for evolving the ISIN standard through its work to benefit the industry at large," Uwe Meyer, Executive Director & Secretariat at ANNA, said.
Meyer also added that;
"ISINs are issued today in more than 200 jurisdictions worldwide, enabling efficient global cross-border trading and improved transparency. We hope that this TaskForce will ensure that we continue to utilise the ISIN standard wherever we can be sure it will be of most use to the industry. This evaluation process on digital assets is an important part of that journey.”
The new technology task force was developed with the sole objective to assess the importance and possibility of ISIN as regards to digital asset identification. It will also grant some proposals on the benefits of creating standards for assigning ISINs to all sorts of digital assets.
ANNA is a global member association that seeks to boost standardization in the financial industry by maintaining the principles of International Organisation for Standardisation (ISO), enhancing International Securities Identification Numbers (ISINs), Classification of Financial Instrument codes (CFIs) and Financial Instrument Short Names (FISN) for financial instruments.
As regards this development, Manuel Alonso, Convenor of ANNA TF 22, expressed that they set up the Technology Taskforce to examine the role that ISINs may take to help in the process of providing accurate and reliable data for suitable investment and trading decisions.
“Potential institutional participants in the digital token ecosystem will need accurate, reliable, and quality data attributes to make appropriate investment and trading decisions; much like participants in traditional financial markets have today. Issuers of digital tokens are in urgent need of trusted, machine-readable, ISO identifiers and related standards. We have set up the Technology Taskforce to assess the role that ISINs may take to help this process," he said.
Image via Shutterstock
Image source: Shutterstock
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