HONG KONG / LONDON, Dec 20, 2020 - (ACN Newswire) - The QRC
Group (QRC) announces publication of the world's first Security
Token Specification, independently facilitated and published by
BSI, the UK National Standards Body. "PAS 19668" provides for the
technical specification and cross-blockchain publication of
security tokens, covering 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.
Media Contact: Shogo-Ishida, enquiries@qrc.group, QRC Group.
Source: QRC GroupBritish Standards Institution bsi.group
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