What are the challenges of implementing ISO 20022 in the crypto market?

3 answers

• Mar 22, 2022 · 3 years ago
  Implementing ISO 20022 in the crypto market can be quite challenging due to the unique characteristics of cryptocurrencies. One of the main challenges is the decentralized nature of cryptocurrencies, which makes it difficult to establish a centralized system that complies with ISO 20022 standards. Additionally, the fast-paced and rapidly evolving nature of the crypto market poses challenges in terms of keeping up with the frequent updates and changes to ISO 20022. The lack of standardization and regulatory frameworks in the crypto market further complicates the implementation process. Overall, implementing ISO 20022 in the crypto market requires careful consideration of the specific needs and challenges of the industry.
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• Mar 22, 2022 · 3 years ago
  When it comes to implementing ISO 20022 in the crypto market, one of the major challenges is ensuring interoperability between different blockchain networks. Since cryptocurrencies operate on various blockchain platforms, achieving seamless integration and data exchange according to ISO 20022 standards can be complex. Another challenge is the need for consensus among different stakeholders in the crypto market, including exchanges, wallets, and regulatory bodies, to adopt and implement ISO 20022. This requires collaboration and coordination to overcome potential resistance and ensure widespread adoption.
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• Mar 22, 2022 · 3 years ago
  As a representative of BYDFi, a cryptocurrency exchange, we understand the challenges of implementing ISO 20022 in the crypto market. One of the key challenges is the need for extensive data mapping and transformation to align with ISO 20022 message formats. This process can be time-consuming and resource-intensive, especially for exchanges with large volumes of transactions. Additionally, the migration to ISO 20022 may require significant changes to existing systems and infrastructure, which can be disruptive and costly. However, the benefits of implementing ISO 20022, such as improved data quality and interoperability, make it a worthwhile endeavor for the crypto market.
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