15 December 2020
BSI, in its role as the UK National Standards Body, has today published the first standard on the presentation of security token information and properties. Its publication harmonizes the publication and access of security token attributes as disclosed by the asset issuer.
This internationally applicable standard, called PAS 19668, Publication requirements for security tokens – Specification, enables users to search across different blockchain networks for security tokens that have certain properties. For example, using the newly standardized information, a market participant could filter security tokens issued on different blockchains based on jurisdiction alone or investor classification requirements.
The new standard sets out requirements for the publication of relevant information and the technical attributes of security tokens. It covers security tokens issued on any distributed ledger system.
Tim McGarr, Digital Standards Lead at BSI, said: “Security tokens allow securities to be digitized in a manner that’s expected to increase openness and the inter-operability of the financial system. Until now there’s been no cross-blockchain industry-wide standard on how information and properties relating to security tokens should be structured and presented. PAS 19668:2020 introduces a cross-chain standard that harmonizes the publication and access of security token attributes as disclosed by the asset issuer. It provides requirements for the consistent publication of relevant information and the technical attributes of security tokens.”
Shogo Ishida, CEO at QRC Group, said: "We are very pleased to announce PAS 19668. I would like to congratulate all the parties involved in the creation of this unprecedented standard. As digitization continues in various industries, this standard will further develop innovative efforts to digitize securities backed by blockchain technology. We hope that people around the world will adopt the standard and will be able to issue security tokens securely and conveniently."
This standard has been produced by a steering group1 of technical experts representing
digital asset exchange, traditional financial exchange, exchange technology providers, issuance platforms, crypto custody services and academia.
The standard is available here.
1Steering group
The steering group is made up of representatives from the following organizations; 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.
