Barclays Proposes New Taxonomy for Digital Tokens
The UK bank argues that a common approach to classifying tokens is needed to prevent regulatory arbitrage.
The lack of a common taxonomy for categorizing digital tokens is creating opportunities for regulatory arbitrage, according to technologists at Barclays. The UK bank is pushing a new taxonomy for describing and distinguishing between cryptocurrencies and other digital assets, outlined in a paper published on August 26, which it hopes can serve as the basis for a global standard.
Existing taxonomies have failed to keep pace with the speed of development of new types of digital tokens
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