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Virtual Currency Leaders Unite To Form DATA - the Digital Asset Transfer Authority

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30th Jul 2013

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As virtual currencies like Ven push into the financial mainstream, leaders from the industry are working together to create a new regulatory body designed to foster prudent, responsible development of emerging payment technologies.

At the core of the effort is DATA, the Digital Asset Transfer Authority, which is being created to help oversee the rapidly growing virtual currency industry.

The list of leaders attached to the initiative is long, including the Hub Culture network, OpenCoin (managing Ripple), the Bitcoin Foundation and Bitcoin companies including BitInstant, BitPay and Bitstamp, exchanges like Tradehill, Payward's Kraken and CoinX, eToro, Lightspeed Venture Partners, and others.

When fully establised, DATA will focus with immediate priority on addressing anti-money laundering and KYC issues endemic to the emerging payments space, setting standards and sharing best practices for member companies.

DATA is poised to usher development for financial inclusion among the 2.5 billion people coming online in the next four years who do not currently have access to the global financial system through these emerging financial exchange technologies. Balancing issues around privacy, access to capital, legality, efficient exchange and other aspects of trade enabled by virtual currency could become a part of DATA's mission.

Read the full text of the announcement at DATAuthority.org and follow on Twitter: @DATAuthority