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The Digital Assets Association (DAA) has officially launched, marking a significant milestone in advancing the responsible development and adoption of institutional digital assets on a global scale. Bringing together a diverse consortium of financial institutions, fintech firms, technology providers, and legal and regulatory experts, the DAA aims to bridge the gap between traditional finance and the transformative potential of tokenized real-world assets (RWA).

The DAA committee is composed of industry leaders dedicated to the future of digital assets, including Mr. Henry Zhang (Founder & CEO of DigiFT), Mr. Chia Hock Lai (CEO of Onfet), Mr. Danny Chong (CEO of Tranchess), Mr. Daniel Lee (Head of Web3 at Banking Circle), Dr. Steven Hu (Head of Digital Assets, Trade & Working Capital, Standard Chartered), and Ms. Chang Tze Ching (CEO of Bright Point International Digital Assets).

The formation of the DAA was initiated by the leaders of DigiFT, a regulated on-chain exchange for RWA; Onfet, a blockchain-based technology company focused on operational efficiencies; and Tranchess, a tokenized asset management and derivatives tracking protocol. Together, these organizations seek to drive the growth of the digital assets ecosystem and provide essential support for industry development.

Building a Collaborative Ecosystem

The DAA recognizes the potential of asset tokenization to unlock liquidity, streamline transactions, and democratize access to previously illiquid assets. The association will serve as a platform for stakeholders to collaborate and share expertise in navigating the evolving landscape. Key objectives include:

  1. Knowledge Exchange: Facilitating knowledge sharing through working groups, conferences, and online resources covering regulatory frameworks, technological advancements, and market insights.
  2. Industry Standards: Working with members to establish common ground on critical issues such as tokenization protocols, risk management frameworks, and data governance.
  3. Advocacy: Engaging with policymakers and regulators to promote responsible legal and regulatory frameworks that foster innovation while mitigating risks.
  4. Talent Development: Initiating a Talent Development Initiative to bridge the skills gap, nurturing a diverse and future-proof workforce through training, mentorship, and industry placements.

Mr. Henry Zhang, Founder & CEO of DigiFT, emphasized the significance of the launch, stating, “The launch of DAA is meant to be that platform that empowers the financial services ecosystem to unlock the full potential of tokenization.”

Mr. Chia Hock Lai, CEO of Onfet, highlighted the importance of unifying the market, promoting responsible practices, and building efficient, institutional-grade digital assets for all.

Mr. Danny Cheong, CEO of Tranchess, expressed the association’s dedication to advancing the industry through education, collaborative efforts, and the responsible tokenization of real-world assets.

Ms. Chang Tze Ching, CEO of Bright Point International Digital Assets, emphasized commitment to staying at the forefront of technological innovation and viewing the adoption of blockchain and digital assets as the next step in delivering value to clients.

Image by Khendi Lee from Unsplash

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