AUGUST2024CROSS-BORDERSETTLEMENTINFRASTRUCTUREFORUMBRIEFNo.3ANINTRODUCTIONTODIGITALASSETSIntroductionTheCross-BorderSettlementInfrastructureForum(CSIF)isaprogramundertheAsianBondMarketsInitiative(ABMI)thataimstoenhancefinancialmarketinfrastructureintheregionoftheAssociationofSoutheastAsianNationsplusthePeople’sRepublicofChina,Japan,andtheRepublicofKorea—agroupingcollectivelyknownasASEAN+3.CSIFregularlycollaborateswiththeASEAN+3BondMarketForum(ABMF),anotherABMIinitiative.1CSIFpromotessafeandefficientcross-borderfinancialtransactions,includingusinglocalcurrencybondsascollateralandaddressingpaymentandsettlementsystemsissues.Itservesasaplatformfordialogueamongpolicymakersandoperatorsofbondandcashsettlementinfrastructuretofacilitatecross-borderbondandcashsettlement,andtodevelopcommonprinciplesandmodelsforregionalfinancialmarketinfrastructures.TheABMIMedium-TermRoadMap2023–2026emphasizes“digitaltransformation”asakeystrategyforintegratingandstandardizingASEAN+3bondmarkets.ABMImembers,includingCSIFmembers,areincentivizedtointroducenewtechnologiesandbusinessmodels,suchasdistributedledgertechnology,thatcanimpactthefunctioningoffinancialmarketinfrastructuresandthedigitalassetstheyenable.MostASEAN+3economieshavejustbeguntodiscussnationallegaldefinitionsfordigitalassets.However,becauseofthevaryingfunctionsandproperti...
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