Hashkey joins DTCC working group as first Asian crypto service provider
Asian digital asset service provider Hashkey has become the first from the region to join the Depository Trust & Clearing Corporation’s (DTCC) Digital Assets Advisory Services Industry Working Group. The group includes over 100 global financial institutions and asset managers such as JPMorgan Chase, Goldman Sachs, Nasdaq, and the New York Stock Exchange. Their joint mission is to shape the issuance, settlement, and safekeeping standards for tokenized assets at an institutional level. DTCC aims to launch access to tokenized securities in October, marking a significant step in bridging traditional finance with decentralized finance infrastructure.
Hashkey joins DTCC working group
Hashkey has officially joined the Digital Assets Advisory Services Industry Working Group formed by the Depository Trust & Clearing Corporation (DTCC), a leading post-trade infrastructure provider in traditional financial markets. Hashkey is the first Asian digital asset service provider among over 100 global participants including JPMorgan Chase, Goldman Sachs, Nasdaq, and the New York Stock Exchange.
Working group objectives and DTCC plans
The working group’s main goal is to establish standards for issuing, settling, and safeguarding tokenized assets on an institutional scale. DTCC plans to launch its platform granting access to tokenized securities in October, developed in collaboration with the group participants.
DTCC’s role bridging traditional finance and DeFi
DTCC is known for custodying approximately $114 trillion in liquid assets including stocks and exchange-traded funds. The working group unites traditional finance institutions and decentralized finance (DeFi) infrastructure to integrate new technological solutions.
Regulatory support and innovation initiatives
In December 2023, the U.S. Securities and Exchange Commission (SEC) issued a "no action" letter to DTCC, allowing it to offer a new securities market tokenization service. SEC Chair Paul Atkins indicated this is just the beginning, with plans for an innovation exemption to ease blockchain market transformations by reducing burdensome regulatory requirements.
Background and future outlook
Paul Atkins first proposed the innovation exemption for tokenization in June 2023 during the Crypto Task Force Roundtable on DeFi, signaling increasing regulatory interest in blockchain-based digital asset development aimed at transforming financial markets.
Why it matters
Hashkey’s entry into the DTCC working group marks a significant milestone in integrating the Asian digital asset market with the global institutional financial ecosystem. It highlights increasing recognition and involvement of major crypto service providers in traditional securities markets, supporting the development of industry standards for tokenization. Coupled with regulatory backing such as the SEC’s innovation exemption initiatives, this move opens new pathways for large-scale adoption of blockchain technology and DeFi solutions within institutional finance.
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