Empower

Chia

Tranchess

Today, the Digital Assets Association (DAA) announced its launch. This transnational organization aims to promote responsible development and adoption of institutional digital assets.
It unites financial institutions, fintechs, technology providers, and legal and regulatory experts. The DAA's goal is to integrate traditional finance and tokenized real-world assets (RWA).
DAA is headquartered in Singapore and is led by industry participants operating mostly within the APAC region. This initiative is in line with a Citi report predicting significant growth in asset tokenization, potentially reaching a value of nearly US$4 trillion by 2030.
<h2 id="tradfi-meets-rwa">TradFi meets RWA</h2>
The DAA committee consists of leaders from various sectors, including Henry Zhang (DigiFT), Chia Hock Lai (Onfet), Danny Chong (Tranchess), Daniel Lee (Banking Circle), Steven Hu (Standard Chartered), and Chang Tze Ching (Bright Point International Digital Assets). These members are committed to the future of digital assets.
The formation of DAA was led by DigiFT, Onfet, and Tranchess. DigiFT is a regulated on-chain exchange for RWA, Onfet focuses on blockchain-based technology, and Tranchess specializes in tokenized asset management.
The Digital Assets Association aims to:
<ul>
 <li>Share knowledge and best practices via working groups, conferences, and online resources.</li>
 <li>Develop industry standards on tokenization protocols, risk management, and data governance.</li>
 <li>Advocate for responsible adoption of legal and regulatory frameworks.</li>
 <li>Empower future leaders through training, mentorship, and placements.</li>
</ul>
<h2 id="comments-from-digift-onfet-tranchess-banking-circle-and-bright-point">Comments from DigiFT, Onfet, Tranchess, Banking Circle, and Bright Point</h2>
Henry Zhang, Founder &amp; CEO of DigiFT, said: “As the first regulated exchange for on-chain real-world assets, approved as a Recognized Market Operator with a Capital Markets Services license by the Monetary Authority of Singapore, we recognize the industry’s need in charting a trusted path towards on-chain assets. The launch of DAA is meant to be that platform that empowers the financial services ecosystem to unlock the full potential of tokenization.”
Chia Hock Lai, CEO of Onfet, commented: “Institutional digital assets including RWA tokenization are an important component of the future of finance. The Digital Assets Association can unify the market, promoting responsible practices and building efficient, institutional-grade digital assets for all. ”
Danny Cheong, CEO of Tranchess, stated: “In the dynamic landscape of digital assets, our association stands as a beacon for progress. We're dedicated to advancing the industry through education, collaborative efforts, and the responsible tokenization of real-world assets, ensuring a sustainable and inclusive future.”
Daniel Lee, Head of Web3 at Banking Circle, added: “RWA will act as a bridge for traditional finance to decentralised finance, however, there would be many regulatory and technological challenges. I hope that DAA will be able to facilitate discussions and engagement with regulators to resolve these issues”
Chang Tze Ching, CEO of Bright Point International Digital Assets, said: “At BPI, we are committed to staying at the forefront of technological innovation and view the adoption of blockchain and digital assets as the next step to our mission of delivering value to our clients.“
<h2 id="daa-membership-comes-at-a-cost">DAA membership comes at a cost</h2>
The Digital Assets Association (DAA) offers several membership plans:
Innovator: $500 per year for one representative, aimed at startups in the digital assets industry. Associate: $500 per year for one representative, for companies offering professional services or technology solutions in this sector. Associate Plus: $1,000 per year for two representatives, also for service and technology solution providers. Institutional: $2,000 per year for four representatives, targeted at financial institutions or fintech companies in the digital assets industry.
Membership benefits include networking opportunities, partnerships at events, branding with the DAA logo, listing on the DAA website, exclusive discounts and offers, and participation in regulatory discussions​.

Digital Asset Association launches today to accelerate tokenization in TradFi

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