DASCPWhitePaper
The white paper, authored by DTCC, Clearstream, Euroclear in collaboration with BCG, introduces the Digital Asset Securities Control Principles (DASCP), an asset‑class‑agnostic, technology‑neutral framework for managing risk, compliance, and operational resilience in digital asset securities (DAS) – excluding cryptocurrencies. It defines DAS, outlines market opportunities (e.g., $15‑20 bn operational cost savings, $100 bn collateral efficiency, $16 tn tokenized illiquid assets by 2030), and argues that financial market infrastructures (FMIs) must lead the transition. The paper presents six foundational principles (Legal Certainty, Regulatory Compliance, Resilience & Security, Safeguarding Customer Assets, Connectivity & Interoperability, Operational Scalability), a detailed risk taxonomy mapped to those principles, and a control taxonomy organized into Legal, Smart‑Contract Governance, Resilience & Data Protection, and Network Settlement categories. Controls are enumerated (C1‑C57) with suffixes indicating their domain and linked to specific risks (R1‑R36). The document positions DASCP as a stepping‑stone toward industry standards, calls for collective stewardship via an industry association, and illustrates practical application through a token‑issuance‑lending case study. It concludes with next‑step recommendations, a call for broad stakeholder participation, and a comprehensive list of contributors across FMIs, consulting, and technology partners.
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CEO Letter: Collaborative Leadership and Call to Action
Opening statements from the CEOs of DTCC, Clearstream, and Euroclear emphasizing the need for industry‑wide collaboration to build a robust digital asset securities ecosystem.