Three leading financial market infrastructures (FMIs) — DTCC, Clearstream, and Euroclear — along with Boston Consulting Group (BCG), have unveiled a blueprint aimed at establishing a robust industry-wide digital asset ecosystem. This initiative seeks to drive the adoption of tokenised assets, excluding cryptocurrencies, projected to represent a $16 trillion business opportunity by 2030.
The paper titled “Building the Digital Asset Ecosystem” outlines six core principles intended to guide the industry towards developing comprehensive standards for digital asset securities:
- Legal certainty – ensuring compliance with applicable laws
- Regulatory compliance – promoting alignment with regulatory frameworks
- Resilience and security – developing strong infrastructure to withstand disruptions and protect data
- Safeguarding customer assets – implementing governance via smart contracts for secure asset management
- Connectivity and interoperability – facilitating transactions and settlements across diverse networks
- Operational scalability – achieving efficiency and cost-effectiveness through standardisation
Nadine Chakar, Managing Director and Global Head of DTCC Digital Assets, emphasized the need for collaboration to demonstrate blockchain’s potential for cost savings and risk reduction in financial systems. Jens Hachmeister, Managing Director at Clearstream, highlighted the importance of unified standards for integrating digital assets into global financial ecosystems. Philippe Laurensy, Managing Director at Euroclear, underscored the collaborative effort to innovate and address customer needs through tokenisation.
The partnership leverages decades of experience in global capital markets infrastructure and aims to build on last year’s efforts to establish a digital asset ecosystem. The initiative includes recommended controls to mitigate risks associated with digital assets, such as defining access to smart contracts and maintaining comprehensive transaction records.
BCG conducted extensive research, reviewing regulations and conducting interviews with market participants and technology vendors, to inform the initiative’s framework and controls.
This collaborative effort marks a significant step towards transforming financial markets with innovative digital asset solutions, paving the way for new business opportunities and enhancing market efficiencies globally.
