SIX Introduces New Digital Asset Data Service

A comprehensive data package, the Digital Assets Regulatory & Tax Service, has been introduced by Swiss Infrastructure and Exchange (SIX) to assist financial institutions worldwide in understanding the regulatory and tax implications of a vast number of crypto-related instruments. This service is designed to help firms determine if over 80,000 digital assets, including tokens and blockchain-based assets, fall under specific regulatory and tax requirements.

The data package enables financial institutions to monitor, flag, and process changes in existing regulations relevant to their digital asset holdings. The data is updated daily, covering a wide range of evolving regulations such as the European Union's Markets in Crypto-Assets (MiCA), the Markets in Financial Instruments Directive (MiFID), the OECD's Crypto Asset Reporting Framework (CARF), and the U.S. Internal Revenue Service's (IRS) Form 1099 - DA. It also incorporates traditional financial assets linked to cryptocurrencies, aligning with frameworks like Hong Kong's virtual assets regulations.

The service aggregates data from various sources, including the ESMA Register, the Digital Token Identifiers Foundation, and CCData, to ensure data accuracy and completeness. Financial institutions can access the service through SIX Flex®, a platform that allows for customized access and management of market, reference, regulatory, and ESG data, facilitating seamless integration into their existing systems.

Roy Kirby, Head of Core Products at SIX, commented on the launch, stating: "This tool couldn't arrive at a more opportune time for financial institutions in Europe and farther afield. It will provide firms with an extremely detailed and reliable snapshot of their digital assets obligations across an incredibly vast array of crypto-based instruments. Critically, it will do so at a time when the regulatory landscape for digital assets is shifting at an unprecedented rate. More and more institutions across the globe are rallying to adopt digital assets in a safe and secure fashion, and comprehensive data tools like this will be essential in enabling them to do so."