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 the financial markets and has already created a special working group to solve these problems.

The organization wants to assign digital assets an International Securities Identification Codes (ISIN) 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 based on blockchain technology and which appear on the financial markets.

Often, exchanges use the same tickers to denote the same cryptocurrencies, but in some cases there may be discrepancies. This gap needs to be addressed to ensure uniformity in traditional markets with which digital assets are increasingly interacting. For example, on many exchanges and other financial resources, bitcoin is designated as “BTC”, however on some platforms you can see the “XBT” ticker, which is similar to the “XAU” gold ticker and other metals.

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According to ANNA Executive Director Uwe Meyer, standardization will help cryptocurrencies come closer to becoming a developing asset class.

“Digital assets are gradually becoming the 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.