SDX Leads the Charge in Adopting Crypto Digital Token Identifier Standard

<p>The
financial industry is increasingly adopting the Digital Token Identifier (DTI)
ISO standard 24165, which is a unique identifier for the digital asset market.
The SIX Digital Exchange (SDX) has just become the first private distributed
ledger technology (DLT) financial infrastructure to adopt the standard
developed by the Digital Token Identifier Foundation.</p><p>What Is ISO 24165 DTI?</p><p>The DTI ISO
standard serves to pinpoint digital ledgers, tokens, and <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>. A
vital tool for regulators, DTIs assist in supervising digital asset exchanges,
ensuring compliance with anti-money laundering and counter-terrorism financing
measures, and monitoring risks associated with global digital currencies.</p><p>ISO
24165 is structured into two main sections:</p><ul><li>ISO 24165-1
outlines the procedure for registering and assigning a DTI.</li><li>ISO 24165-2
details the necessary data elements for registration and presentation in the
DTI registry.</li></ul><p>Underlining
its importance, the European Securities and Markets Authority (ESMA) promotes
the use of DTI within the EU's DLT Pilot initiative as a risk mitigation
measure. ESMA is mandated to formulate additional guidelines concerning the DLT
Pilot, where it advocates the application of DTIs.</p><p>"SDX
uses DTIs to identify existing cryptocurrencies and soon digital securities on
our platform," Alex Kech, the Head of Digital Securities at SDX, stated.
"This will become even more pivotal as we delve into the issuance or
management of digital securities on both private and public blockchains."</p><p>SDX Adopts DTI Standard
for All of Its Services</p><p>As reported
in a press release sent to Finance Magnates, SDX has become the first
private DLT market infrastructure to decide on the implementation of the DTI
standard across all of its products and services.</p><p>"We
are thrilled to issue a DTI to SDX's DL and are pleased with SDX's adoption of
DTIs on their platform. This marks another significant milestone for the
industry in identifying digital assets in a standardized manner," Sassan
Danesh, the CEO of Etrading Software, expressed.</p><p>SDX is an
entity of the <a href="https://www.financemagnates.com/tag/six/" target="_blank" rel="follow">SIX Swiss Exchange</a>, the third-largest stock exchange in Europe
and one of the most recognized post-trade service providers. Despite
challenging market conditions, the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> concluded 2022 with <a href="https://www.financemagnates.com/forex/six-ends-fy22-with-chf-185m-net-profit-despite-harsh-markets/" target="_blank" rel="follow">a
substantial net profit</a>.</p><p>Last year,
SDX entered into several vital collaborations, including one <a href="https://www.financemagnates.com/cryptocurrency/news/six-digital-exchange-forms-strategic-partnership-with-fireblocks/" target="_blank" rel="follow">with Fireblocks</a>, a
technology platform focused on digital assets. Meanwhile, the exchange partnered <a href="https://www.financemagnates.com/cryptocurrency/f10-will-tokenize-its-shares-on-the-sdx-platform/" target="_blank" rel="follow">with F10</a>, tokenizing the company's shares.</p>

This article was written by Damian Chmiel at www.financemagnates.com.