21 Analytics Supports over 1800 Crypto Assets Leveraging DTI
21 Analytics Supports over 1800 Digital Assets Leveraging DTI
TRP: The First Travel Rule Protocol to Adopt The Digital Token Identifier (DTI), ISO 24165
21 Travel Rule’s primary protocol, the Travel Rule Protocol (TRP), was the first Travel Rule protocol to adopt the Digital Token Identifier Foundation’s (DTIF) managed ISO 24165, DTI Standard. Through its adoption, TRP, and thus 21 Travel Rule, is able to support the crypto industry’s regulatory needs while reducing operational risks.
Lucas Betschart, 21 Analytics CEO states: “As one of the key developers of TRP, it only made sense for us to push for the adoption of the DTIF’s ISO standard. 21 Analytics believes that this implementation will contribute favourably to the regulation of crypto assets and the global adoption of TRP, the open Travel Rule standard.”
What Is a Digital Token Identifier (DTI)?
A Digital Token Identifier (DTI) is a worldwide standard for identifying digital tokens* (also known as crypto assets in the EU), and it has been established under the ISO 24165 framework by the International Organization for Standardization (ISO).
A DTI consists of a unique code of nine alphanumeric characters arranged randomly and assigned to a digital token. This code is linked to a set of data associated with the token, referred to as reference data, residing within the DTI Registry. The reference data includes details about the distributed ledger technology on which the token operates and technical attributes such as address, name(s), and external identifiers.
What Is the Digital Token Identifier Foundation (DTIF)?
The Digital Token Identifier Foundation (DTIF) is a non-profit division of Etrading Software and is the Registration Authority for the International ISO standard 24165 for DTIs. The DTIF is the only foundation with the global mandate to issue DTIs according to ISO standards.
Assets included in its identification schema include digital assets such as stablecoins, utility tokens, cryptocurrencies, virtual currencies, tokenised financial instruments, and e-money tokens.
Why Should Travel Rule Solutions Adopt DTI ISO 24165?
The European Securities and Markets Authority (ESMA) has recommended that ISO 24165 DTI be implemented as a risk management measure within the European Union’s DLT Pilot program. Moreover, ISO 24165 DTI will be a part of the Market in Crypto Assets Regulation (MiCA), which will be in full force by December 2024.
Per Harm Aarts, 21 Analytics CPO, We support the DTIF due to its open data principles; it aligns perfectly with 21 Analytics’ pro-open-source attitude.
Virtual asset service providers and regulators can leverage the DTI to oversee crypto-asset transactions, ensuring compliance with anti-money laundering and counter-terrorist financing regulations. Additionally, it serves as a tool for monitoring potential systemic risks associated with the trading of global stablecoins and other digital assets.
About 21 Analytics
Founded by Bitcoiners in 2020, 21 Analytics is a leader in crypto compliance technology and security. By leveraging the team’s vast experience in blockchain, it has been possible to advance the company’s ethos of combining compliance with data protection while strengthening privacy for financial intermediaries and their customers.
Find out how you can support over 1800 digital tokens with 21 Analytics.