In Davos, Switzerland, an institution has been formed to oversee and establish the best practices regarding asset tokenization and and asset-backed tokens, formally known as the International Digiital Asset Exchange Council (IDAXC). Whether this means helping others to find a more standardized way of tokenizing assets or how to best comply with the law – IDAXC is now the place to look towards for guidance.
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The launch of the council was made at Blockchain Central, a hub centering around blockchain tech, organized by the Global Business Council. The launch means that everyday peoples have an organization to go to quickly tokenize any asset they hold and subsequently trade while complying with any relevant laws including know your customer (KYC) and anti-money laundering (AML) standards.
Officially, IDAXC was created as a not-for-profit and mandated to promote industry adoption; asset-tokenisation standards; and best regulatory practices in both asset-digitization, and asset-exchange, globally.
Eric Van Der Kleij, the institution’s founding chair, is already a known figure in Fintech circles around the world. His reputation comes from the fact that he was the creator of level 39 fintech hub in London as well as from being the former CEO of the country’s Tech City Initiative. His resume is further improved by the fact that he was also heavily involved in the creation of the UK fintech trade body, Innovate Finance. The current company he’s leading is called the Centre for Digital Revolution and will become a founding member of IDAXC — lead by Eric, they help to spearhead the council’s vision and aim.
Some Familiar Names Join the Council
The founding of IDAXC will include some other names, such as ACChain, Courage Investment Group, and Ink Blockchain Co.Ltd. ACChain in particular is a project that is certainly well-suited to join IDAXC as it itself is hoping to become an accepted decentralized standard by which people will settle cryptocurrency with. In addition, it hoping to allow people to trade crypto for assets and vice versa through their blockchain-based platform.
Eric Van der Kleij believes that while cryptocurrencies have grown exponentially in recent months — now with over a $500 billion market cap — he thinks that, with the right conditions, the growth potential could be much larger. By tokenizing or digitizing real assets, fostered through consensually agreed upon standards that exist on a world-wide scale, they think financial service players and regulators will start playing ball with crypto startups and finally involve themselves in cryptocurrency markets.
IDAXC is the international, not-for-profit industry body being established to drive common best-practice across real-asset digitization and related token exchanges. They will be working with all participants of the ecosystem to create voluntary standards that represent best-practice relating to the issuing, trading and exchange of real digital assets.
The council provides its members with training on a wide variety of disciplines within the digital assets community including AML, KYC, token-issuing, and asset tokenisation – thus better preparing them for the demands and aspirations of their respective markets.
Visit the Official Website: idaxc.org