The most well-known German University representatives in the field of Blockchain Prof. Dr. Philipp Sandner of the Frankfurt School of Finance and Management. In addition to his role as a lecturer he is involved in several Blockchain projects. One of these is the International Token Standardization Association e. V., short-ITSA is. What does that mean and what are the developments in the Blockchain sector, he currently holds is relevant.
By Sven Wagenknecht
21. August 2019BTC$10.083,54 -5.72%part Facebook Twitter LinkedIn xing mail
BTC-ECHO: Why the ITSA was launched? What’s up with that?
Prof. Dr. Philipp Sandner: today, more than 2,000 of crypto-Assets that already exist – and the trend is rising. Against this Background, the clutter increases in the crypto-Ecosystem. Because now there are in addition to crypto-currencies, also called a Payment Token, Security Token Utility’s Token, and the like.
And for that you need the structures, the categorizations, and identification numbers, in order to bring some order to the crypto-Ecosystem. That is exactly the intention of the ITSA.
BTC-ECHO: As a Token of standardization runs, what are the individual steps?
Sandner: Primarily, we do three things. Firstly, We make the International Token Classification (ITC). We classify tokens according to a us-designed Regime.
Secondly, We assign the Token unique identification numbers; this is important, since today there are already redundancies in the classification. From a tax perspective, a unique identification is extremely important.
Thirdly: We are the so-called Token Base set. This is a database on the rates, volumes, market capitalization, and the like are included.
BTC-ECHO: What are the requirements of a Blockchain Asset to the ITSA standardized?
Sandner : The ITSA is not an instance that can perform a quality assurance or want to. The goal is to categorize all crypto-Assets. So far, we have proceeded in a way that we have gone through the Top 100 (by market capitalization) of CoinMarketCap from top to bottom and all of the tokens analyzed, and categorized. At the end of this year, we want the Top 1,000, and identified and categorized. We cover 99.9 per cent of the market in terms of market capitalization.
BTC-ECHO: What are the prerequisites a company must meet if it is to be a member of the ITSA?
Sandner : Honestly no. Universities or research institutes can become a member, just like the company. Also associations can be a member of the Association of German banks, for instance, it is already.
Among the 150 founding members, for example, is the main incubator of Commerzbank and the German Fund Association, in addition, a large number of enterprises from home and abroad. This shows that the project works well.
BTC-ECHO: Recently, the ITSA is also the German Institute for standardization, known also under the acronym DIN is joined. What you hope to gain from the partnership and how do you see the opportunities that the ITSA Standards is also recognised internationally?
Sandner: Currently, we are a club, similar to a Start-up. Therefore, I can’t make promises. However, there is evidence to suggest that we do the Right thing, because what we do is very much appreciated. The financial market regulators in different countries are about to become aware of us and want to speak with us. At the institutional level, we speak also of the ANNA (Association of National Numbering Agencies) which is the Central assignment of ISIN (International securities identification number).
Finally, this must also consider whether the Security Token is an ISIN, so as a share call. All of these talks were very successful and there are signs that the ITSA international recognition.
BTC-ECHO: Detached from the ITSA. What is the blockchain-specific issues you currently on the most?
Sandner : The ITSA itself is, of course, a certain amount of space. Furthermore, we have research projects with the TU Darmstadt, or with the Bosch; in this case, the topic of IoT (Internet of Things) is primarily in focus. Another topic of Facebooks Cryptocurrency Libra is. A complement to this would be, for example, the digital Euro, so the Euro is on a Blockchain-based.
The will be required, because that is the only company in the B2B-context, Smart Contracts can use; because you will still need the Euro as a legal tender.
BTC-ECHO: Where do you see a need in the regulation to the currently most urgent action?
Sandner: Start-ups have already started two years ago in order to call for regulation. You can say, that both BaFin and the Finance Ministry and the European Union took the call seriously and appropriate measures have to be initiated.
To call, about the amendment to the money laundering Directive regulation is here. Meanwhile, the word „crypto-Asset is here for the first time“. But of course there is still adjustment needed. Thus, said change Directive contains a clause that provides the Handle with crypto-Assets under license. For firms trading with crypto-Assets, or hold them, not a fire hazard. Finally, they need to from 1. January 2020 a license. Personally, I am of the opinion that the legislator has shot in this connection, something beyond the target.
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