Today, Singapore celebrates the inception of the Digital Assets Association (DAA), a novel international body determined to advance the sound development and incorporation of institutional digital assets globally. By gathering an alliance of financial entities, fintech firms, tech suppliers, and experts in legal and regulatory disciplines, the DAA aspires to navigate the dynamic domain of tokenized tangible assets.
Collaborative Leadership and Aims
The DAA’s leadership team includes notable figures such as Henry Zhang of DigiFT, Chia Hock Lai of Onfet, Danny Chong of Tranchess, Daniel Lee from Banking Circle, Dr. Steven Hu of Standard Chartered, and Chang Tze Ching from Bright Point International Digital Assets. This consortium of leaders reflects the collaborative spirit that underpins the association’s foundation. Spearheaded by DigiFT, Onfet, and Tranchess, each member brings specialized expertise to the table, from regulated on-chain exchanges and operational enhancements via blockchain technology to tokenized asset management.
Strategic Initiatives and Future Goals
DAA’s roadmap involves disseminating knowledge and exemplary practices through working groups and conferences, zeroing in on crucial topics like regulatory compliance and market intelligence. The organization also aims to set benchmarks for tokenization protocols and risk management, while liaising with lawmakers to champion the responsible utilization of digital assets. Through its Talent Development Initiative, the DAA seeks to cultivate the industry’s future trailblazers.
A recent study by Citi anticipates a significant surge in asset tokenization by 2030, indicating a transformative phase for the blockchain industry. The DAA positions itself at the heart of this transformation, striving to foster a cooperative environment that nurtures knowledge sharing, standard setting, prudent adoption practices, and empowerment of emerging leaders.
The association extends an invitation to financial institutions, fintech startups, tech providers, and legal or regulatory authorities to join and contribute to shaping the digital asset landscape’s future. The Digital Assets Association is set on being a cornerstone for not just discussions but actionable outcomes in the rapidly growing field of digital assets.
The establishment of the DAA represents a significant milestone in the digital asset industry, providing a unified platform for collaboration, standards development, and leadership in responsible digital asset integration and advancement.
