The crypto industry has been on the target of financial and legal teams of several countries. The reason is simple; the governments are worried about the regulatory terms and conditions.
As a result, the digital token identifiers come into help for making investments (buying and selling) transparent. In simple words, the regulators want cryptocurrencies to go mainstream.
To recall, in April the crypto market around the world reached $2trilion in capitalization. Since then, monitoring the digital currencies has become a headache for lawmakers and regulators as they can’t see what is happening in the digital world.
Moreover, the crypto industry has seen wild volatility after so many cryptocurrencies and tokens come into the market. Hence, the competition of virtual currencies among one another has increased.
Digital Token Identifiers (DTI)
The DTIs or digital token identifiers will register themselves at the DTI Foundation. The DTI Foundation is a not-for-profit unit or platform of E-trading Software. In simple words, it’s a fintech (financial technology) company that provides market infrastructure for the crypto industry.
As we all know, digital currencies are growing day by day, therefore, the ballooning market will need identifiers to track the digital assets, according to Sassan Danesh – managing partner at E-trading Software.
According to sources, these identifiers (DTIs) will work like a bridge between traditional securities and the new tokenized world. Also, they will be using different norms from the International Organization for Standardization (ISO). Furthermore, these norms will complete by the end of September.
Interestingly, the DTIs will also tell us and compare which crypto exchanges and platforms offer the suitable price or value for different digital coins. The digital identifiers will be issuing 100 most crypto tokens and coins that makeup over 80 percent of the whole crypto industry.
These 100 digital coins and tokens will include big names, including Bitcoin, Ethereum, Dogecoin, and Ripple.
Since we’re seeing increasing in crypto almost in the entire world, therefore, there will be someone (identifier) to regulate the virtual industry of currency. This is a good initiative to bring digital assets to the mainstream.