Association of National Numbering Agencies (ANNA) to Address Digital Asset Standardization
The Association of National Numbering Agencies (ANNA), an important organization related to securities, has recently decided to assemble and launch a task force to address the way that digital assets are labeled in financial markets.
According to the announcement, the new task force will study several cases and consider how to move forward in order to create a standardization of securities. This way, it will consider International Securities Identification Numbers (ISINs) to promote a much more effective standardization on a global scale.
It was also be revealed that the task force will investigate how the labels for cryptos and the blockchain technology intersect in different markets and find solutions to help investors to understand the market better.
For instance, most cryptocurrency exchanges use standard ticker symbols to represent their offerings. An important example of the problems that arise when companies decide to label products differently can be seen on Bitcoin.
Most exchanges simply use BTC, which has been used for a while and it is the most well-known ticker. However, more recently, some other companies have decided to use XBT as well, which similar to the ticker symbol used by gold, XAU.
Uwe Meyer, the executive director of ANNA, affirmed that the task force will be important to increase the recognition that the crypto markets have with traditional investors and markets.
According to him, digital assets are currently emerging as an important new asset class and they will become the foundation of a new token market that can be trusted, so creating consensus is very important.