The partners' document, "Building the Digital Asset Securities Ecosystem," which was created in cooperation with Boston Consulting Group (BCG), contains the plan.

As per a release, the financial market infrastructures (FMIs) have outlined six principles that aim to act as a guide for the industry to collaborate and create all-encompassing standards for the digital asset sector.

They address legal certainty to guarantee that operations comply with the law, resilience and security to provide "robust infrastructure capable of resisting disruptions while protecting sensitive data," and regulatory compliance to promote conformity with regulatory frameworks.

The principles also suggest operational scalability for "striving for efficiency and cost-effectiveness through standardization," connectivity and interoperability to enable transactions and "flexible settlements across diverse networks," and smart contract-based governance to protect customer assets.

The partners also provide a list of measures elsewhere in the paper to assist businesses in reducing risks related to asset mismanagement and inadequate controls over smart contracts.

This includes suggestions on who can access smart contracts and how to appropriately keep an exhaustive log of all events and transactions involving digital assets.

The industry "needs to pivot and demonstrate tangible results and value generation" from the blockchain, according to Nadine Chakar, MD, director and global head of DTCC Digital Assets. The endeavor will require "collaboration across a wide cross-section of firms to build the infrastructure, standards, controls and governance to underpin digital markets."

Jens Hachmeister, MD, head of issuer services and emerging digital markets at Clearstream, continues, "To overcome current challenges and drive the seamless integration of digital assets in the global financial ecosystem, we need industry-wide collaboration and unified standards." "For the benefit of our clients and all market participants, we, as FMIs, are laying the groundwork for future digital markets.”

The industry seems to be focusing more on the advantages of tokenization, as seen by the most recent call from three of the biggest FMIs in Europe.

This month, it was previously reported that Standard Chartered Bank in Hong Kong (SCBHK) had completed a proof-of-concept (PoC) investigating the "operational and risk management benefits of tokenized deposits" to facilitate the settlement of tokenized carbon credits. The PoC was carried out in collaboration with Mastercard, Mox Bank, and the government bond platform Libeara.