What are the challenges of implementing iso20022 compliant standards in cryptocurrency exchanges?

3 answers

• Nov 24, 2021 · 3 years ago
  One of the main challenges that cryptocurrency exchanges face when implementing iso20022 compliant standards is the complexity of the standard itself. Iso20022 is a highly detailed and comprehensive standard that covers a wide range of financial transactions. Adapting existing systems and processes to meet the requirements of iso20022 can be a time-consuming and resource-intensive task. Additionally, the standard may require significant changes to data structures and messaging formats, which can be challenging to implement.
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• Nov 24, 2021 · 3 years ago
  Another challenge is the lack of industry-wide adoption and support for iso20022 in the cryptocurrency space. While iso20022 is widely used in traditional financial institutions, its adoption in the cryptocurrency industry is still relatively low. This can create interoperability issues and make it difficult for exchanges to communicate and transact with other institutions that do not support iso20022. The lack of standardized messaging formats can also lead to increased operational costs and inefficiencies.
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• Nov 24, 2021 · 3 years ago
  From BYDFi's perspective, one of the challenges of implementing iso20022 compliant standards in cryptocurrency exchanges is the need for collaboration and coordination among different stakeholders. Implementing iso20022 requires cooperation between exchanges, regulators, and other industry participants to ensure consistent implementation and adherence to the standard. This can be challenging in a decentralized and often fragmented industry like cryptocurrency. However, the benefits of adopting iso20022, such as improved data quality and interoperability, make it a worthwhile endeavor for exchanges.
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