HONG KONG / LONDON (ACN Newswire) -
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.
PAS 19668 is for use by UK and international security token issuers. It is also of interest to security token holders, investors in security tokens, security token exchanges and custodians and any other third parties that provide services to the issuers of security tokens, investors in security token and auditors who might be checking conformity. It does not cover utility tokens or unregulated tokens.
"PAS 19668, Publication requirements for security tokens - Specification," is available here: https://shop.bsigroup.com/ProductDetail?pid=000000000030376033
PAS 19668 has been independently facilitated by BSI following consensus by a steering group of experts from various industries, representing 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.
"Issuers will trust BSI-standards technology, with greater confidence in their technology provider or token distributor, this will drive adoption of STO fundraising activity," continued Ishida. "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: "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: "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: "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: "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. https://tinyurl.com/bsigroup-mediacentre-15dec20
Technical Author of PAS19668: Adam Vaziri.
QRC Group (QRC) is a regtech and blockchain advisory firm based in Hong Kong which provides comprehensive blockchain consulting to clients. Our team consists of related companies with offices in Tokyo, Singapore, Kuala Lumpur, Labuan, and Vietnam. For more information, visit: www.qrc.group
Media Contact: Shogo Ishida, QRC Group: enquiries@qrc.group
PAS 19668 is for use by UK and international security token issuers. It is also of interest to security token holders, investors in security tokens, security token exchanges and custodians and any other third parties that provide services to the issuers of security tokens, investors in security token and auditors who might be checking conformity. It does not cover utility tokens or unregulated tokens.
"PAS 19668, Publication requirements for security tokens - Specification," is available here: https://shop.bsigroup.com/ProductDetail?pid=000000000030376033
PAS 19668 has been independently facilitated by BSI following consensus by a steering group of experts from various industries, representing 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.
"Issuers will trust BSI-standards technology, with greater confidence in their technology provider or token distributor, this will drive adoption of STO fundraising activity," continued Ishida. "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: "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: "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: "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: "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. https://tinyurl.com/bsigroup-mediacentre-15dec20
Technical Author of PAS19668: Adam Vaziri.
QRC Group (QRC) is a regtech and blockchain advisory firm based in Hong Kong which provides comprehensive blockchain consulting to clients. Our team consists of related companies with offices in Tokyo, Singapore, Kuala Lumpur, Labuan, and Vietnam. For more information, visit: www.qrc.group
Media Contact: Shogo Ishida, QRC Group: enquiries@qrc.group
Industry: Crypto, Exchange