A group of European and Asian Central Securities Depositories is conducting research into creating a joint infrastructure for storing digital assets, the results of which it intends to present at the Sibos banking conference in October. The main areas of interest of the project participants are the protection of cryptocurrency investors' private keys and the tokenization of various assets. This is reported by CoinDesk.
A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.
Head of innovation, National Settlement Depository (NSD) of the Moscow Exchange Group
The International Securities Services Association (ISSA) cryptocurrency initiative was launched last year and currently includes more than 30 members. The key players in its next phase will be NSD, the Belgian financial services provider Euroclear, the Swiss stock exchange SIX and the Abu Dhabi Stock Exchange. According to Duvanov, their task at present is reduced to the formation of a “single vision” of the situation, and not to the creation of a full-fledged platform.
NSD architect Alexander Chekanov, who heads the working group for the security of crypto-assets, said that research related to tokenizedsecurities, definitely applicable to cryptocurrency.
So BNY Mellon would be there, HSBC, Standard Chartered, those types of banks. And of course a number of other European banks as well – again the usual suspects, BNP Paribas, Deutsche [Bank] and so on.
Global head of business model and innovation for the Euroclear Group
At the end of last year, Verbeke co-authored a study that describes the potential role of providers of infrastructure of financial markets in the cryptocurrency sector and the possibilities of interaction with custodian banks on the creation of an independent service for storing private keys.