ERC-3643 / T-REX
On-ChainStandard
Led by Tokeny Solutions — co-authored by Joachim Lebrun
The leading standard for regulated security tokens on Ethereum. Defines a six-contract compliance framework: token, identity registry, claim topics registry, trusted issuers registry, modular compliance. Each investor needs an ONCHAINID smart contract storing signed claims (KYC, accreditation, jurisdiction, AML). Enforces transfer restrictions on-chain deterministically.
ONCHAINID (ERC-734/735)
On-ChainIdentity
Led by Tokeny Solutions
The default identity backend for ERC-3643. Each investor deploys a smart contract as their on-chain identity (ERC-734: key management; ERC-735: claim storage). Claims are signed by trusted issuers and stored in the identity contract. Any smart contract can verify claims by calling the identity contract. Open source contracts, but practical tooling is Tokeny-specific.
Ethereum Attestation Service (EAS)
On-ChainProtocol
Led by Ethereum Foundation / attest.org — open source
A two-contract system (SchemaRegistry + EAS) enabling anyone to register schemas and issue attestations on-chain or off-chain. Each attestation carries: recipient, attester, schema, data, expiry, revocability, and a refUID enabling attestation chaining. Off-chain attestations use EIP-712 signatures at zero cost. Supports Merkle-root private data with selective disclosure. Deployed on 15+ EVM chains.
ERC-7943 (uRWA)
On-ChainInterface
Led by community — EIP authors: multiple contributors
Universal Real World Asset interface defining three view functions — canSend(), canReceive(), canTransfer() — that abstract the identity/compliance system behind a standard hook. Any token standard (ERC-20, ERC-721, ERC-1155) can implement this interface. The compliance system behind it is fully pluggable. Costs 5–10k gas per check vs 50k+ for full ERC-3643 modular compliance.
Polygon ID (Privado ID)
On-ChainZK
Led by Polygon Labs → rebranded Privado ID (2024)
W3C VC-based identity system with native ZK proof generation. Uses Iden3 circuits (credentialAtomicQuerySigV2 / MTPV2) to prove credential predicates (e.g. "age ≥ 18", "accredited = true") on-chain via Groth16 proofs without revealing the credential. The EmbeddedZKPVerifier contract gates smart-contract functions behind ZK proof verification. Issuer ecosystem for financial credentials is limited.
Securitize DS Protocol
On-ChainPlatform
Led by Securitize — Carlos Domingo, CEO
Proprietary compliance protocol for tokenized securities. v4 uses investor-centric identity model (multiple wallets per investor identity) with EIP-712 attestations. Centralized registry tracks compliance status per investor. Platform manages KYC, AML, accreditation via partner network. Handles BlackRock BUIDL, KKR, Hamilton Lane funds. Largest tokenized fund platform by AUM.
W3C Verifiable Credentials 2.0
StandardVC
Led by W3C Credentials Community Group — Manu Sporny (Digital Bazaar)
High adoption (institutional)
The canonical credential envelope standard (W3C Recommendation, May 2025). Fields: @context, type, issuer, validFrom, validUntil, credentialSubject, credentialStatus, proof. BBS+ cryptosuite (bbs-2023) enables unlinkable selective disclosure — a holder derives proofs revealing only chosen attributes. Bitstring Status List handles revocation. SD-JWT variant (RFC 9901) enables selective disclosure for JSON credentials.
GLEIF vLEI (ISO 17442-3)
StandardEntity ID
Led by GLEIF (Global Legal Entity Identifier Foundation) — Stephan Wolf, CEO
Growing — early institutional
Verifiable LEI credential system on top of the 2M+ LEI registry. Trust chain: GLEIF Root → Qualified vLEI Issuer (QVI) → Legal Entity VC → Official Organizational Role (OOR) / Engagement Context Role (ECR). Built on KERI (Key Event Receipt Infrastructure) with self-certifying identifiers and ACDC (Authentic Chained Data Containers). Designed as the canonical financial entity identifier for digital credentials.
eIDAS 2.0 / EUDIW
RegulationEU
Led by European Commission — DG CONNECT
Mandatory by Dec 2026 (EU)
Government-mandated digital identity wallet framework for EU citizens. Person Identification Data (PID) carries 30+ attributes (name, birth date, nationality, address) with mandatory selective disclosure in SD-JWT and ISO 18013-5 (mdoc) formats. Uses OpenID4VCI for issuance and OpenID4VP for presentation. Banks and PSPs must accept EUDIW for Strong Customer Authentication by December 2027. Authentic Sources include financial and company data.
W3C DID (Decentralized Identifiers)
StandardIdentity
Led by W3C Decentralized Identifiers Working Group
A W3C Recommendation (2022) defining a URI scheme for verifiable, self-sovereign digital identifiers independent of any centralized registry. A DID resolves to a DID Document containing public keys, verification methods, and service endpoints. Methods include did:web (domain-anchored), did:key (self-describing), did:pkh (blockchain address), did:ethr (Ethereum), and 100+ others. Foundation for W3C VC issuers and holders.
SpruceID / DIDKit
ToolingVC
Led by Spruce Systems — Wayne Chang, CEO
Open-source toolkit for W3C DID and VC operations. DIDKit provides cross-platform credential issuance, verification, and wallet capabilities in Rust/WASM/FFI. Rebase provides credential schema registry. SpruceID Wallet offers EVM-native credential storage. Used by state/government identity pilots (Colorado mDL) and enterprise blockchain identity. Ethereum Login (EIP-4361) co-authored by Spruce.
ISO 20022
StandardMessaging
Led by ISO TC68 — maintained by SWIFT as Registration Authority
Universal in traditional finance
The global standard for financial messaging. Its PartyIdentification component carries LEI, BIC, structured addresses (15 fields), and private-identification fields (national ID, passport, tax ID, date/place of birth). Party roles span debtor, creditor, instructing/instructed agents, intermediary agents, ultimate debtor/creditor. Securities settlement messages (sese.023) carry full party chains with CSD identifiers. Mandatory for all major payment systems by 2025.
LEI / GLEIF Registry
StandardEntity ID
Led by GLEIF — governed by Financial Stability Board (FSB)
Mandatory for regulated entities
ISO 17442 — a 20-character alphanumeric code identifying legal entities globally. The GLEIF database holds 2M+ LEIs with associated legal name, registered address, parent/child entity relationships, and status. Required by MiFID II, EMIR, Dodd-Frank, and FATF Travel Rule. The global standard for legal entity identification in finance. Public, queryable API with full entity data.
FIX Protocol — Parties Block
StandardTrading
Led by FIX Trading Community
Universal in electronic trading
The Parties component block (PartyID + PartyIDSource + PartyRole) is the most flexible identity model in trade execution. Supports 14+ identifier types (BIC, LEI, CSD code, FDID, national ID) via PartyIDSource and 30+ roles (executing firm, clearing firm, custodian, beneficiary, sub-custodian) via PartyRole. Settlement-specific roles (values 27–32) define the full DvP counterparty chain. Used in every equity and derivatives trade on every major exchange.
ISDA CDM 6.0
StandardDerivatives
Led by ISDA — maintained by FINOS (Fintech Open Source Foundation)
Growing institutional adoption
Open-source standard model for financial products, trades, and lifecycle events. Party model: {partyId: PartyIdentifier[], name, businessUnit, person: NaturalPerson[], account}. Models 19+ lifecycle events (settlement, transfer, novation). v6.0 adds DigitalAsset type acknowledging blockchain-native assets. CDM Tokenized Assets Working Group extending the model for tokenized instruments. Used by DTCC, Barclays, Goldman Sachs in production.
SWIFT KYC Registry
InfrastructureKYC
Led by SWIFT
High adoption (correspondent banking)
A centralized repository of standardized KYC data for financial institutions engaged in correspondent banking. Holds ~6,000 FI profiles across five data areas: identification, ownership/UBO, business type, compliance programs, and tax. Each profile contains several hundred data points. SWIFT validates data and controls access. Institutions upload once and share with any correspondent. Reduces bilateral KYC duplication across the global correspondent network.
Kinexys by J.P. Morgan
PlatformBank-Led
Led by J.P. Morgan — Umar Farooq (formerly), Naveen Mallela (Digital Assets)
JPMorgan's blockchain-based settlement platform (formerly Onyx/JPM Coin). Identity = existing JPM banking relationship. Permissioned access gated by bank onboarding. Issues tokenized bank deposits (JPMD) as settlement asset. Project EPIC explores W3C VC-based portable identity for multi-institution DeFi. Processes cross-border payments, repo, FX. Partior (JPM + DBS + Temasek) extends to multi-bank interoperability.
Canton Network (Digital Asset)
PlatformPrivacy
Led by Digital Asset — Yuval Rooz, CEO
High institutional adoption
A privacy-preserving blockchain platform built on Daml smart contracts with sub-transaction privacy. Party identity = cryptographic Daml party identifier; legal identity is deferred to the application layer. Canton Network connects Canton-based applications (Broadridge DLR, DTCC tokenization, Goldman Sachs GS DAP) via synchronization. BIS RLN US PoC validated at 1M TPS on Canton. Identity interoperability relies on off-chain legal agreements.
Fnality International
PlatformSettlement
Led by Fnality — consortium of Barclays, HSBC, Lloyds, Santander, UBS + others
Multi-currency settlement network using tokenized central bank money (Utility Settlement Coin concept). Identity = central bank access / bank membership in the Fnality consortium. Participants are regulated financial institutions vetted at the central bank level. No external credential framework — identity is the regulated bank status itself. Designed for wholesale interbank settlement and payment-vs-payment flows.
DTCC Tokenization Service
InfrastructureCSD
Led by DTCC — Brian Steele, President Clearing & Securities Services
Launching H2 2026 (SEC no-action Dec 2025)
DTC tokenization service enabling DTC participants to register wallet addresses for tokenized securities. Each participant OFAC-screened before wallet registration. Digital Omnibus Account at DTC reflects all token holdings. DTCC retains a "root wallet" override. Tokens are not the securities — they are instructions for DTC to record transfers. Beneficial ownership tracked off-chain by broker-dealers. Preserves the street-name model.
Project Guardian (MAS)
PilotRegSandbox
Led by Monetary Authority of Singapore — with DBS, J.P. Morgan, SBI Digital Markets
Active pilots — production-adjacent
MAS-led initiative testing tokenized asset markets with regulated institutions. Identity model: W3C Verifiable Credentials issued by regulated trust anchors (DBS, JPM, SBI) gate access to modified DeFi protocols (Aave Arc). Proved that VCs can serve as institutional trust anchors preserving counterparty privacy. ICMA Fixed Income Framework produced DvP settlement guide distinguishing payment-leg identity (banking AML) from delivery-leg identity (securities eligibility).
Project Agorá (BIS)
PilotBIS
Led by BIS Innovation Hub — with 7 central banks + commercial bank consortium
Active development 2024–2025
BIS-led initiative building a unified ledger where wholesale CBDC and commercial bank deposits share a programmable platform. Identity flows through the depositor-bank relationship. Compliance metadata — geographic attributes, transfer type, party identification — is embedded directly into the token. Aims to streamline pre-validation by sharing compliance data across banks, eliminating redundant screening in cross-border payments.
Regulated Liability Network (RLN)
PilotMulti-Bank
Led by NY Innovation Center (NYIC/Fed) — with BofA, Citi, HSBC, JPM, Wells Fargo, Mastercard
PoC completed — commercialization TBD
A shared-ledger concept where each token is a regulated bank liability, carrying that institution's compliance framework. Built on Canton/Daml with sub-transaction privacy. Identity = being a regulated bank participant. Legal working group concluded that using DLT does not alter the legal treatment of deposits. US PoC validated technical feasibility at 1M TPS. UK PoC followed. No new legal instruments required.
IVMS101
StandardTravel Rule
Led by interVASP Messaging Standards Working Group (JMLSG)
Industry standard for Travel Rule
The FATF Travel Rule data standard defining originator and beneficiary data schemas for VASP-to-VASP transfers. Defines NaturalPerson (name identifiers, geographic address, national ID, date/place of birth) and LegalPerson (name, LEI, registered address). 11 national identifier types including LEIX (LEI). Used by Notabene, Sygna, VerifyVASP, and the TAP protocol. The TAP protocol wraps IVMS101 in W3C Verifiable Presentations.
TAP Protocol (TAIP)
StandardProtocol
Led by Notabene — open protocol, multi-stakeholder
Transaction Authorization Protocol — wraps IVMS101 in W3C Verifiable Presentations exchanged between DIDs (did:web, did:pkh). TAIP-10 defines the IVMS101 VC format. The most direct bridge between Travel Rule compliance and the W3C credential ecosystem. Enables selective disclosure of originator/beneficiary data. Signed by institutional DIDs, making VASP identity cryptographically verifiable.
Notabene / VerifyVASP / Sygna
PlatformTravel Rule
Three competing Travel Rule networks — Notabene (NYC), VerifyVASP (Singapore), Sygna (CoolBitX)
The three dominant Travel Rule compliance networks enabling VASP-to-VASP IVMS101 data exchange. Each operates as a permissioned network of verified VASPs. Notabene uses TAP/W3C VP. VerifyVASP uses its own encrypted P2P protocol. Sygna integrates with CoolBitX's exchange clients. All three participate in cross-network interoperability (TRISA/TRUST frameworks). Key function: VASP identity discovery + compliant data exchange before on-chain transfer.
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