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AIFC participated in unprecedented map of blockchain standards’ release

16 October 2020 14:25

NUR-SULTAN. KAZINFORM - Industry leaders today released the Global Standards Mapping Initiative (GSMI), the first and most comprehensive effort to assess the current state of blockchain. Based on input from over 30 technical standard-setting entities, 185 jurisdictions, and nearly 400 industry groups, the reports are accessible to the public and intended to serve as a resource for the blockchain community to develop thoughtful frameworks and standards to propel the industry forward, Kazinform has learnt from AIFC press service.

The reports, released by the Global Blockchain Business Council (GBBC) and the World Economic Forum, map and assess the current blockchain and digital asset landscape across three distinct areas: technical standards; legislation and guidance by sovereign and international bodies; and industry best practices and standards.

Key insights highlighted in the reports include insights into the technology’s fragmentation both worldwide and within jurisdictions, overlaps, gaps, and conflicts in standard-setting – and where activities may be premature, a lack of dynamic guidance for new uses of the technology, the need for proactive strategies from organizations, and the important role regulators will play in shaping the future of the technology. The reports also provide action-oriented guidance for public and private sector stakeholders and include an interactive world map of blockchain legislation and guidance:

The initiative is led by the World Economic Forum and the Global Blockchain Business Council, with collaborators: Accenture; Astana International Financial Centre (AIFC); Digital Currency Initiative, MIT Media Lab; ESG Intelligence; Global Digital Finance (GDF); Hyperledger, The Linux Foundation; ING Group; the Milken Institute; SIX Digital Exchange (SDX); and other global entities.

Kairat Kaliyev, Chief Development Officer of the Astana International Financial Centre: «GSMI is a detailed study of blockchain technology, its legal and regulatory framework, and technical standards around the world. It contains key trends, best practices from different countries, and practical guidelines for the public and private sector. We are glad to participate in this project as patron member of GBBC. AIFC experts took part in the study, summarizing the development of the blockchain legal and regulatory framework in Kazakhstan. In particular, information was provided on the results of the work of the AIFC on the creation and development of legal regimes in the field of blockchain.»

Sandra Ro, CEO of the Global Blockchain Business Council: «GSMI partners and collaborators are a diverse group of stakeholders across industries, governments, and academia who represent a range of perspectives and ideologies. Their coming together to lay the foundation towards greater harmonization and clarity surrounding standard-setting exemplifies the unique ethos of the blockchain community rooted in collective progress and collaboration. The GBBC is proud to have incubated this initiative alongside the World Economic Forum and looks forward to continued collaboration as the GSMI evolves and develops beyond this initial release. We invite new partners to join us as we build upon this initial body of work, GSMI version 1.0.»

Sheila Warren, Head of Blockchain, Digital Assets, and Data Policy at the World Economic Forum: «There has been a strong demand signal for a catalogue of standards-related activity that could serve as a cornerstone for facilitating responsible deployment and interoperability. We were excited to collaborate with the Global Blockchain Business Council and members of our Blockchain Council to create this open resource that can be used by the ecosystem, policy-makers, and beyond, to inform their approaches to the technology and standards moving forward.»

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