The crypto and digital assets ecosystem has a new transnational organisation in the form of the Digital Assets Association (DAA).
Dedicated to fostering responsible development and adoption of institutional digital assets, the DAA’s launch represents a step forward in the facilitation of greater collaboration between industry players and key stakeholders in financial services.
By bringing together financial institutions, fintechs, technology providers and legal and regulatory experts, it is hoped the non-profit will bridge the gap between traditional finance and the transformative potential of tokenised real-world assets (RWA).
Who’s in the Digital Assets Association?
The DAA committee is made up of a passionate group of industry leaders advocating for a future where digital assets have a prominent role to play in society.
They include representatives from early-stage innovative companies, as well as notable financial players and service providers.
Members are as follows:
- Henry Zhang, Founder and CEO at DigiFT
- Chia Hock Lai, CEO at Onfet
- Danny Chong, CEO at Tranchess
- Daniel Lee, Head of Web3 at Banking Circle
- Steven Hu, Head of Digital Assets, Trade & Working Capital at Standard Chartered
- Chang Tze Ching, CEO at Bright Point International Digital Assets
Who led the DAA's formation?
The inception of the DAA was spearheaded by the leaders of DigiFT, Onfet and Tranchess.
DigiFT is a regulated, on-chain exchange for RWA which actively fosters the growth of an ecosystem for digital assets while providing support for industry development. The firm is approved as a recognised market operator with a capital markets services licence by the Monetary Authority of Singapore.
Onfet is a blockchain-based technology company aimed at enhancing operational efficiencies, while Tranchess is a tokenised asset management and derivatives tracking protocol.
Together, the firms are aiming to drive the growth of a digital assets ecosystem and support industry development.
“As the first regulated exchange for on-chain real-world assets, we recognise the industry’s need in charting a trusted path towards on-chain assets,” comments Zhang. “The launch of DAA is meant to be that platform that empowers the financial services ecosystem to unlock the full potential of tokenisation.”
Why has the Digital Assets Association been formed?
A recent report from Citi concluded that the tokenisation of financial and real-world assets could be the ‘killer use-case’ blockchain needs for a breakthrough, with tokenisation expected to grow by a factor of 80x in private markets, reaching up to almost US$4 trillion in value by 2030.
Recognising the immense potential of asset tokenization to unlock liquidity, streamline transactions and democratise access to previously illiquid assets, the DAA is set to provide a platform for stakeholders to come together and navigate the landscape using shared expertise.
Top priorities include:
- Sharing knowledge and best practices: Through working groups, conferences and online resources, the DAA will facilitate knowledge exchange on diverse topics such as regulatory frameworks, technological advancements and market insights
- Developing industry standards: The DAA will work with its members to establish common ground on critical issues such as tokenisation protocols, risk management frameworks and data governance
- Advocating for responsible adoption: The DAA will engage with policymakers and regulators to promote responsible legal and regulatory frameworks that foster innovation while mitigating risks
- Empowering tomorrow's leaders: The DAA's Talent Development Initiative aims to bridge the skills gap, nurturing a diverse, future-proof workforce through training, mentorship and industry placements.
Join the DAA movement
Financial institutions, fintechs, technology providers and legal and regulatory experts who are keen to contribute to shaping the future of digital assets can apply for DAA membership via the association’s website.
“Institutional digital assets including RWA tokenisation are an important component of the future of finance,” says Hock Lai.
“The DAA can unify the market, promoting responsible practices and building efficient, institutional-grade digital assets for all.”
Chong adds: “In the dynamic landscape of digital assets, our association stands as a beacon for progress. We're dedicated to advancing the industry through education, collaborative efforts and the responsible tokenisation of real-world assets, ensuring a sustainable and inclusive future.”
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