Regulatory Data Harmonization is the process of standardizing and aligning data formats, definitions, and reporting requirements across various regulatory bodies and jurisdictions for financial data. In crypto, this aims to simplify compliance procedures and improve oversight of digital asset activities.
Mechanism
This involves developing common data models, taxonomies, and exchange protocols. These might include extensions to FIX or ISO 20022 specifically for digital assets. The objective is to allow firms to collect, process, and submit regulatory data consistently, irrespective of the specific regulator or reporting obligation.
Methodology
To achieve regulatory data harmonization, industry participants collaborate with regulators to define common standards for crypto asset classification, transaction reporting, and risk metrics. This systematic approach reduces the operational burden on regulated entities, mitigates reporting inconsistencies, and enables more effective, cross-jurisdictional surveillance of the crypto market.
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