DTCC, FMI Partners To Review Regulations With $16 Trillion Digital Asset Vision Plan
Highlights
- DTCC, Clearstream, Euroclear plan to collaborate with Boston Consulting Group for a better digital asset future.
- Partnership is defined by a clear blueprint, forecasting a $16 trillion vision plan.
- Partners will review piles of regulations and whitepapers from industry players for a streamlined digital asset ecosystem.
DTCC and Financial Market Infrastructure (FMI) partners have come together to design a “blueprint” for the global digital asset ecosystem. Pushing for transition to the desired future, the partners cite a $16 trillion opportunity contingent on detractors being removed.
DTCC and partners envision a $16 trillion opportunity within global digital asset ecosystem
DTCC, Euroclear, and Clearstream have joined hands with the Boston Consulting Group towards a contemporary digital asset ecosystem. The firms envision a $16 trillion opportunity within the global digital asset space.
In a work plan, titled Advancing the Digital Asset Era, Together, the firms introduce a blueprint to remove obstacles. Among the cited detractors in the path to industry growth, include “years of smaller-scale deployments,” according to the report, which cited “sub-scale, isolated pools of instrument liquidity on propriety DLTs [Distributed Ledger Technologies].”
To this end, DTCC and the team will review almost 100 regulations and whitepapers from diverse ecosystems within the industry. They also plan to conduct more than 20 interviews with different market participants and technology vendors.
Innovation And Adoption Remains Fragmented Despite Clear Opportunity, DTCC
There is only a handful of DLT protocols recording significant consolidated trading volumes. This, according to the report, is an obstacle to digital assets’ future because of a fragmented liquidity system and stagnating tokenization.
The aftermath is costly maintenance of digital assets relative to their traditional alternatives in the short term. The blueprint therefore highlights medium and long-term opportunities that are already in place. These are legal clarity, regulatory compliance, resilience and security, customer asset protection, connectivity and interoperability, and operational scalability.
Citing Managing Director and Global Head of DTCC Digital Assets, Nadine Chakar, “While many firms see potential in blockchain technology, including less risk and lower costs, the financial services industry still needs to pivot to distributed ledger technology.”
Chakar therefore calls for “Collaboration across a wide cross-section of firms to build the infrastructure, standards, controls, and governance to underpin digital markets.” Clearstream Managing Director, Head of Issuer Services and New Digital Markets, Jens Hachmeister, supported the call.
DTCC Digital Assets mobilizes the power of blockchain technology to build a global, liquid, and interconnected ecosystem for digital assets. Its key capabilities leverage blockchain to tokenize any asset, automate compliance, support market requirements, and launch digital assets marketplaces.
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