What is ISO 24165-1 about?
ISO 24165-1 is the first part of the Digital token identifier (DTI) multi-series. ISO 24165-1 defines the assignment and generation of a random, unique, fixed-length identifier for digital tokens in response to a request for registration that conforms to specified application guidelines.
Note1: Where traditional financial instruments or currencies are tokenized for electronic exchange and issued by a legal entity or a monetary authority responsible for it, other International Standards, such as ISO 6166 or ISO 4217, can apply. To eliminate confusion for users of ISO 24165-1, care has been taken to provide a clear definition and eligibility criteria for the assignment of a digital token identifier (DTI).
Note2: ISO 24165-1 only covers fungible tokens. When mentioning “token” singular, this document refers to all tokens with the same attributes and identifiers; for example, a specific ISIN identifies the issuance of a financial instrument, such as IBM, and refers to all the IBM shares. Inclusion in the registry and the issuance of an identifier signifies, therefore, only the existence of the token and its 1:1 relationship to its identifier.
Who is ISO 24165-1 for?
ISO 24165-1 on digital token identifier (DTI) is useful for:
- Traders in cryptocurrencies or crypto markets
- Regulatory bodies of cryptocurrencies
- Researcher of decentralized market
Why should you use ISO 24165-1?
There has been a significant rise in the crypto market or the digital market for trading. The trading process of these cryptocurrencies takes place in a decentralized manner. To maintain a record of these transactions, the digital coins need to be identified. ISO 24165-1 helps to identify these digital tokens.
ISO 24165-1 helps you to standardize the process of registration and assignment of digital tokens. ISO 24165-1 informs you about the eligibility requirements and the procedure to apply for digital tokens. ISO 24165-1 also helps you to designate the digital token appropriately by providing you with a standardized code structure for digital token identifiers. This will help you keep a track of the digital tokens and also help in the verification process.