Hashkey joins DTCC working group as first Asian crypto service provider
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Hashkey has joined the Depository Trust & Clearing Corporation’s (DTCC) Digital Assets Advisory Services Industry Working Group as the first Asian digital asset service provider. The group, which includes over 100 global financial institutions like JPMorgan Chase and Goldman Sachs, aims to define how tokenized assets are issued, settled, and safeguarded at an institutional level. DTCC plans to launch access to tokenized securities in October.
Why it matters
According to the source, DTCC’s working group represents a significant effort to bridge traditional finance with decentralized finance (DeFi) infrastructure. This development is important as it could influence how institutional-scale tokenized assets are managed and regulatory frameworks evolve to accommodate more blockchain-based markets.
Key context
DTCC is a key post-trade infrastructure provider in traditional financial markets, currently custodying $114 trillion in liquid assets. The working group was established to facilitate the integration of traditional finance and DeFi, with a November 2023 project to enable access to tokenized securities. The US SEC has supported this push by issuing a no-action letter allowing DTCC’s subsidiary to pilot securities market tokenization, with SEC Chairman Paul Atkins advocating for innovation exemptions to reduce regulatory burdens on blockchain market transitions.
Key numbers and entities
DTCC, Hashkey, JPMorgan Chase, Goldman Sachs, Nasdaq, New York Stock Exchange (NYSE), US Securities and Exchange Commission (SEC), SEC Chairman Paul Atkins, $114 trillion in liquid assets custody by DTCC.
What remains unclear
The source does not provide detailed information on Hashkey’s specific role or contributions within the working group. It is also not clear how the launch of tokenized securities access in October will be implemented or its immediate effects on the market.