ANNA plans to standardize the names of crypto assets in financial markets

ANNA plans to standardize the names of crypto assets in financial markets

The Association of national numbering agencies (ANNA) plans to standardize the names of crypto assets in financial markets and has already created a special working group to address these issues.

The organization wants to assign international securities identification codes (ISINs) to digital assets that will comply with the principles of the International organization for standardization (ISO). The working group will primarily deal with the designation of cryptocurrencies, tokens, and other instruments that are based on blockchain technology and that appear on financial markets.

Exchanges often use the same tickers to refer to the same cryptocurrencies, but in some cases there may be discrepancies. This gap should be addressed to ensure uniformity in traditional markets, with which digital assets interact more often. For example, on many exchanges and other financial resources, bitcoin is designated as “BTC”, but on some platforms you can see the Ticker “XBT”, which is similar to the Ticker of gold “XAU” and other metals.

According to the Executive Director of ANNA Uwe Meyer, standardization will help cryptocurrencies get closer to obtaining the status of an emerging asset class.

“Digital assets are gradually becoming a new investment asset class. It is necessary to make available high – quality and standardized reference data in order to build the Foundation for the formation of a full-fledged token market,” he said.

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