IDAXC: International Digital Asset Exchange Council For Tokens?
Have you ever heard of the International Digital Asset Exchange Council (IDAXC)? This is a new organization which is currently on a mission to define the new standards for the asset-backed token economy of the cryptocurrency world. If you are interested in this company, you have come to the right place because today we will review the IDAXC.
What is IDAXC?
The International Digital Asset Exchange Council (or, in short, IDAXC), is a new international organization which has been created in 2018 to help to find a consensus in the definition of a new set of standards for one of the driving forces of the cryptocurrency economy: the asset-backed token economy.
This organization is an international industry body which was reunited with the goal of finding proper solutions for this industry, something that is very needed right now. As the cryptocurrency industry expands, so does the need for regulation and, as this technology is being used all over the world, it is important not to let only the governments decide everything about.
The purpose of the IDAXC is to establish policies and a set of guidelines that will enable tokenized asserts to be adopted by the mainstream economy. These guidelines will be discussed with the most relevant members of the industry and of the financial market and this process will help the whole community to simply understand better how to solve all these issues in the most effective way.
The company was founded by David White (former founder and CEO of Import.io and Kusiri) and Eric Van der Kleij (founder and CEO of the Centre for Digital Revolution and Level39 Fintech Hub).
How Does IDAXC Work?
At the moment, the IDAXC is still not much more than an idea, but it is already working to become relevant in the cryptocurrency industry. The IDAXC will be a non-profit organization and it will fight for the best practices of the tokenized assets in the financial industry. The organization has created three pillars that will support it: policy, education and advocacy.
One of the goals of the IDAXC will be to work with the participants of the blockchain and cryptocurrency market to create a set of standards (policies) to regulate the practices of using this type of business model in the industry.
Education will also be a very important part of the IDAXC’s job. The members of the organization will be trained to understand many important concepts of the tokenization and token issuing process and how to launch tokens in a safe way without having economic or legal problems.
Finally, the IDAXC will also work for the advocacy of the tokenization of electronic assets outside of the blockchain market. This will be very important for the adoption of this technology and business model in the financial market at large and it is one of the most important goals of the organization.
How to Participate in the IDAXC?
If you are interested in participating in the IDAXC, you will have to contact the organization. It is still unclear whether only people working in the industry will be accepted or not and there still not an official way to enter in the organization, but contacting the IDAXC via their site is currently the best way of asking questions about this organization and to participate.
The IDAXC Verdict
Is the International Digital Asset Exchange Council an organization that will be relevant for your future? Probably it will, even if not in a very direct way because the organization will be an important player in the regulation of this market.
The cryptocurrency market is getting mainstream now and it will obviously be regulated by governments and the market, so this organization is appearing at the right time. The IDAXC might not be important for you specifically (especially if you do not work in the blockchain industry), but it is certainly important to this industry.
If you are interested in participating, just send a message to the IDAXC. If you are a relevant player in this market, the organization will surely be happy to let you participate and even if you are a small businessman, you will still probably have a place there.