DTI Foundation Issues First Official DTI Code to FXF Alt Coin
FINXFLO to sit on DTI Foundation Product Advisory Committee
Singapore, London, 18 November 2021 – FINXFLO, the world’s first cryptocurrency liquidity aggregator, and DTI Foundation, the global Registration Agency for the new ISO standard for Digital Token Identifiers (DTIs), are pleased to announce the first official issuance of a DTI code for FINXFLO’s native FXF token.
DTI Foundation (DTIF), a non-profit organisation established by Etrading Software, has the exclusive global mandate to issue DTIs to support industry and regulatory requirements for transparency and reduced operational risk. The service complements the existing ISO standards for tracking counterparties to trade via the Legal Entity Identifier. The ISO standards body is the preeminent global organisation providing standardisation across an array of products and services, focusing on process improvement, safety and quality.
FINXFLO welcomes this ISO and DTI Foundation initiative to promote standards for digital assets as a positive step towards a well-regulated marketplace. As cryptocurrencies gain momentum and broader adoption, imminent regulation of cryptocurrencies appears increasingly likely. FINXFLO is committed to the highest standard of global regulations and has invested heavily in an experienced Compliance team to anchor the business around consumer protection and good conduct, to offer top-notch security and a safe trading environment.
The DTIF’s new service fully complements FINXFLO’s belief in a cryptocurrency market built on the values of legitimacy and trust. The DTI can be used to monitor digital asset trades for undesired activities such as money laundering and terrorist financing, and to legitimately identify a digital token for increased transparency and reduced operational risks.
Obtaining a DTI code will give FXF traders confidence and peace of mind when investing in the token. The process followed by the DTIF to issue a DTI code ensures stringent adherence to detailed ISO specifications to verify the existence of a token, and ensure that the data supplied by the registrant meets the ISO standard’s strict validation criteria.
Further, DTIF welcomes FINXFLO as an additional member of its Product Advisory Committee, which acts as a global arbiter in instances of dispute around the classification and/or treatment of tokens and coins. As a member, FINXFLO will take on a critical role to assess and classify digital tokens. FINXFLO will be represented by its Chief Compliance Officer, Mark Hope.
“The implementation of DTI codes for digital token marks yet another milestone, not just for FINXFLO, but for the entire cryptocurrency sphere,” said Mark Hope, FINXFLO’s Chief Compliance Officer. “A unique identification of digital tokens based on ISO’s new standard for digital assets will elevate wider acceptance of cryptocurrencies, reduce ambiguity, increase transparency, and set a strong foundation for a well-regulated industry. I am excited for FINXFLO to be an early adopter and to play a critical role as a member on the DTIF Product Advisory Committee.”
Sassan Danesh, DTI Foundation, said, “DTI Foundation is the exclusive registration agency for ISO’s new DTI standard. We look forward to working with FINXFLO and other leading digital asset participants to classify and issue identifiers for all major digital tokens. We are pleased to see growing market awareness of the benefits of this important ISO standard and delighted that FINXFLO will be joining the DTIF’s PAC.”
Alexandre Kech, ISO TC68 / SC8 / WG3 DTI Convenor, said, “Digital assets require unique considerations when creating effective identifiers. The DTIF is working hard to bring together industry experts to help shape discussions between the private and the public sectors regarding standardisation in the crypto-markets. The DTIF, and the industry participation and collaboration it enables, will without a doubt help to shape an international standard that will make trading in digital assets a less risky, more secure and transparent activity.”