A message from Chris Mitchell

From the Secretariat: Today at Money 20/20 in Las Vegas, DATA announced a new partnership with Washington D.C. based Prime Policy, and the appointment of Chris Mitchell as our new Executive Director, effective November 1st with the start of our new membership year. As DATA welcomes Chris, we encourage you to reach out directly to say hi, and to ask any questions or send any comments on the work we are doing. The ongoing education, standards and policy work of DATA continues as we enter our 2nd year, and we look forward to another year of expansive growth in 2015, with Chris now at the helm. ——————————— From Chris: Earlier today, DATA’s Board of Directors announced my appointment to the organization as its first Executive Director. I am honored and enthusiastic to be working with the Board to lead the organization at such an important time for the digital asset community. As Executive Director, I will be focused chiefly on helping the organization achieve its founding mission: strengthening the ubiquity and usability of digital assets through educational initiatives and consensus-based best practices and standards. I look forward to meeting many of you, if not in the near future, then at DATA’s annual conference this April.  In the interim, please don’t hesitate to contact me whenever I can be of help to you. Best regards, Chris Mitchell...

Strengthening Global Reach with Prime Policy Partnership

The Digital Asset Transfer Authority (DATA)  has partnered with bipartisan Washington, DC-based Prime Policy Group to assist in the day-to-day operations of the Authority and help oversee its educational, policy and industry outreach activities. Under the agreement, Prime Policy’s Chris Mitchell will serve as the Executive Director of DATA. “We are thrilled to have the support of Prime Policy Group during this period of incredible advancement for DATA and the digital asset industry,” said Edan Yago, CEO of Epiphyte and member of DATA’s board of directors. “With Prime Policy’s expertise and resources, DATA is now well-equipped to carry out its mission of strengthening public trust in crypto-currencies and other digital assets through critical engagement with policymakers, influencers and consumers themselves.” Established in November 2013, DATA is a US-registered 501(c)(6) focused on spearheading the development of best practices and industry-wide initiatives for companies in the emerging field of digital assets. Digital assets include digital, asset-backed and cryptographic currencies like Bitcoin, Ripple and Ven, along with the emerging ecosystem of distributed ledgers, payment innovations, fiscal tools, and P2P products enabled by these new Internet technologies. DATA acts as a critical feedback mechanism between public and private stakeholders to ensure viability of the public policy balance in laws and regulation governing digital assets. “Since its founding just a year ago, DATA has quickly become the digital asset industry’s primary global facilitator for internal and external engagement on the issues that threaten to slow or promise to accelerate the adoption of crypto-currencies and other digital assets,” said Chris Mitchell of Prime Policy Group. “I’m honored to serve as DATA’s first executive director, and...

DATA and ID3 with MIT Media Lab Partner on New Digital Identity Frameworks

The Digital Asset Transfer Authority (DATA) in collaboration with ID3, the MIT Media Lab and over 21 digital asset companies have jointly endorsed a new framework for digital identity, trust and open data. Read the full announcement here. ID3 is a founding member of DATA, and over the last year work among DATA Board Members and the Working Committee on Privacy and Identity have helped shape a dynamic approach to build an open source, secure and trusted platform to advance global digital currency transactions. A set of open principles are at the core of the initiative.  The “Windhover Principles” are being implemented on an open source platform, foundationally based on ID3’s contribution of its Open Mustard Seed (OMS) software platform. As the cornerstone of the new principles and framework, ID3 announced support from a wide range of digital currency and Bitcoin-related companies and individuals: BitPay, BitReserve, Bitstamp, BTC.sx, Coinsetter, DATA (Digital Asset Transfer Authority), Delta, Epiphyte, Erik Voorhees, Hub Culture Group/Ven Currency, LaunchKey, Personal, Personal Black Box, Ripple Labs, SnapSwap, Swarm, Trefoil Labs, Vaurum, Xapo, ZipZap and 37coins. The Windhover Principles for Digital Identity, Trust and Data 1. Self-Sovereignty of Digital Identity and Personal Data: Individuals and groups should have control of their digital personal identities and personal data. Today we communicate, share and transact digitally over the Internet. Individuals who make use of the Internet for these purposes should have control over their digital identities, ensuring individual autonomy, trust in their communications and counter parties, as well as in the integrity of the data they share and transact with. Individuals, not social networks, governments, or corporations, should control...

New York State Department of Financial Services Proposed Rules: Highlights

The New York State Department of Financial Services  has issued a proposed comprehensive regulatory framework for virtual currencies. The report covers licensing, application and fees, compliance, capital requirements, custodial issues, record keeping and examinations, disclosures, AML/KYC, cyber security, disaster recovery, advertising, consumer protection, complaints and more. The proposed rules include a 45 day period from the effective date of the guidance to submit an application for licensing, after which any operations will be deemed unlicensed. It also requires companies to appoint a Chief Compliance Officer and Chief Information Security Officer, and to create a Business Continuity and Disaster Recovery (BCDR) plan, along with detailed record keeping of accounts, transactions and other data for up to 10 years. OFAC, AML/KYC and record keeping are a central theme, and could require extensive record keeping and frequent reporting by virtual currency companies, beginning with the following: (1) Records of Virtual Currency transactions. Each Licensee shall maintain the following information for all transactions involving the payment, receipt, exchange or conversion, purchase, sale, transfer, or transmission of Virtual Currency: the identity and physical addresses of the parties involved, the amount or value of the transaction, including in what denomination purchased, sold, or transferred, the method of payment, the date(s) on which the transaction was initiated and completed, and a description of the transaction. (2) Reports on transactions. When a Licensee is involved in a transaction or series of transactions for the receipt, exchange, conversion, purchase, sale, transfer, or transmission of Virtual Currency, in an aggregate amount exceeding the United States dollar value of $10,000 in one day, by one Person, the Licensee shall notify...

DATA Meetup at CoinSummit London

CoinSummit London will be held at the East Wintergarden, Canary Wharf  in London from 10-11 July. DATA will be at CoinSummit London, and we have arranged an informal meet up for attending members at 11.00am on Friday, 11 July at Obika, adjacent to the conference venue. This is a great opportunity to get updated on general regulatory news and recent DATA activity, which has focused on industry discussions and the further development of guidelines and best practices by assigned working groups in the weeks since the DATA Annual Meeting in Washington D.C. All DATA members are invited to attend this free meetup, and we hope to see you...