Home / Crypto News / ICON announces tokenize door set standard “IRC16” Security token with built-in law related function can be issued

ICON announces tokenize door set standard “IRC16” Security token with built-in law related function can be issued

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ICON, a blockchain platform from Korea, has released its own Talkized Door Set (TA) standard ” IRC16 “.

The standard also includes a function to confirm that the token trader has completed the KYC / AML procedure, a storage for storing legal documents, and a support function for compliance when a fraud occurs or an encryption key is lost. And so on.

One of the merits of the IRC16 standard is that it is possible to establish the transparency of the token issuance / distribution process by incorporating the compliance and laws related to TA issuance into the standard.

The tokenized door set (TA) is a token chain that represents the ownership of all things using a blockchain, and among these, the tokenized financial products such as stocks and real estate are called ” security tokens “. You

In particular, the “ Security Token Offering (STO) ”, in which companies issue shares etc. as TA, has attracted particular attention recently.

One of the major reasons why TA has attracted attention is that it can reduce the time and effort required for procedures by tokenizing the ownership of assets and managing them on block chains.

Furthermore, the fact that it is possible to subdivide the ownership of an asset (fractional ownership) by establishing a unit of ownership called a token is expected to be applied to fields such as real estate transactions.

In addition, in the security token transaction, there is also the advantage that a smart contract can play a more efficient market by acting as a traditional broker / dealer.

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/icon-irc16/

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