World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

QRC Sponsors PAS 19668 Security Token Specification With BSI

QRC Group (QRC) has announced the industry's first published Security Token Specification, independently facilitated and published by BSI, the UK national standards body. The PAS 19668 standard provides for the technical specification and cross-blockchain publication of security tokens, for tokens issued on any distributed ledger system. This PAS (Publicly Available Specification) takes effect from 31 December, 2020.

In the absence of an industry-wide standard, security token information has been organized and presented in various formats and different locations, making access highly inefficient and increasingly complex for investors and active market participants. PAS 19668 is an effort to fill that gap by specifying how information and properties relating to security tokens should be structured and presented.

PAS 19668 is for use by international security token issuers. It is also a reference for security token holders, security token exchanges and custodians, investors in security tokens and auditors checking conformity, and any third parties that provide services to issuers of security tokens. PAS 19668 does not cover utility tokens or unregulated tokens.

"PAS 19668:2020: 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 including digital asset exchanges, traditional financial exchanges, issuance platforms and academia.

Shogo-Ishida, CEO of QRC Group, sponsor of the PAS, said: "We are very pleased to announce PAS 19668. With BSI standardizing security token technology, and with a specification draft, 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 trust BSI-standard technology. This trust will lead to greater confidence in technology providers and token distributors, and drive adoption of STO fundraising activity," continued Ishida. "As digitization continues in many industries, PAS 19668 will encourage 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.

PAS19668 Technical Author: Adam Vaziri.
BSI Announcement: https://tinyurl.com/bsigroup-mediacentre-15dec20
QRC Announcement: https://www.qrc.group/top-news

QRC Group (QRC) is a RegTech and blockchain advisory firm providing technical solutions for the deployment of digital securities in conformity with international standards, including PAS19688. HK-based QRC has related company offices in Tokyo, Singapore, Kuala Lumpur, Labuan and Vietnam. Visit https://www.qrc.group.

© Scoop Media

 
 
 
World Headlines

 

Covid: 250 Groups Urge WTO Chief To Ditch Pharma-Friendly Approach And Embrace Vaccine Patent Waiver

by Jake Johnson, staff writer An international coalition of 250 civil society groups on Tuesday urged the head of the World Trade Organization to embrace a temporary suspension of coronavirus vaccine-related patents, warning against pursuit of a voluntary ... More>>

Samoa’s Stunning Election Result: On The Verge Of A New Ruling Party For The First Time In 40 Years

Tamasailau Suaalii Sauni , University of Auckland and Patricia A. O'Brien , Georgetown University Samoan politics is on a knife edge. After the country voted in general elections on April 9, counting so far has resulted in a dead heat between the two ... More>>

Timor-Leste: UN Agencies Support Response In Wake Of Deadly Floods

United Nations agencies in Timor-Leste are supporting response efforts, as floods and landslides left widespread damage across the country, including in the capital, Dili. According to media reports, at least 21 people died in the country and many ... More>>

Focus On: UN SDGs

Awake At Night: S3-Episode 21: There Is Hope

Brazzaville visit to CSI Pilote du Diabete with Health workers at a local government clinic. 2018 - Photo: ©CSI/Dr. Soumya Swaminathan 'When it comes to a pandemic, it really needs global collaboration and solidarity because the pathogens and viruses More>>

UN: Growing Calls For Revamping Development Financing To Ensure Sustainable Global Recovery From COVID-19 Pandemic

Forum to highlight new initiatives to tackle inequalities exacerbated by pandemic With many economies reeling as a result of the COVID-19 pandemic, and as inequalities continue to widen, world leaders will discuss options to unlock concrete investments ... More>>

How Can We Vaccinate The World? Five Challenges Facing The UN-Backed COVAX Programme

The aim of the UN-backed COVAX scheme is to get two billion vaccine doses into the arms of around a quarter of the population of poorer countries by the end of 2021. What are the main challenges that need to be overcome, if this historic global effort ... More>>