The ERC3643 Association is excited to release a powerful open-source plug-in UI component for the ERC-3643 standard, allowing DeFi protocols to run compliance checks and provide an actionable alert notification UI for ERC-3643 tokens.
Developed collaboratively by association members, DevPro and Tokeny, this plug-in is set to allow any ERC-20 compatible DeFi applications to interact with permissioned tokens issued with the ERC-3643 standard, including real-world assets (RWA) tokens, tokenized securities, loyalty tokens, stablecoins, and CBDCs. This component allows DeFi applications to run compliance checks, which is the difference between ERC-20 tokens and ERC-3643 tokens.
It’s important to note that the ERC-3643 standard, while being an extension of ERC-20, primarily offers a compliance layer required for securities tokenization, yet it still retains its interoperability with any application that supports ERC-20 tokens.
Integrating the ERC-3643 standard is designed to bring compliance into the realm of permissionless DeFi, traditionally unsuitable for regulated assets, particularly tokenized securities such as tokenized funds, equity, debt, money market funds, t-bills, and more. The ERC-3643 tokens ensure that unauthorized transactions are avoided, ensuring only qualified users can trigger transactions, even in DeFi, as compliance is enforced on-chain at the token smart contract level.
By default, ERC-3643 tokens are compatible with DeFi protocols that support ERC-20 tokens in the same network, as ERC-3643 is a compliance extension of ERC-20. However, a major hurdle has been the lack of clarification for users, particularly regarding denied actions or transactions. Users often find themselves in the dark, with no explanation for the reason for transaction rejections and actions to resolve issues, leading to frustration and confusion.
By introducing this notification UI component to DeFi applications, a free SDK tool, developers can now easily incorporate this feature into their DeFi protocol to allow users to interact with ERC-3643 tokens. This tool not only informs users of the specifics behind denied transactions but also provides an actionable link to redirect users to the token initial issuance platform to get qualified. As a result, token issuers and their KYC agents are always in control of their investors to meet regulatory requirements while allowing users to use DeFi services.
Check the open-source codes on GitHub here.
About ERC3643 Association
The ERC3643 Association is a non-profit organization regrouping industry leaders within a shared mission to advance the adoption of the ERC-3643 standard and promote the development of a standardized, secure, and compliant tokenization framework. The association brings together the expertise and resources of its members to foster collaboration, drive innovation, and create a more inclusive, efficient, and secure financial landscape. By supporting the widespread adoption of the ERC-3643 standard, the association aims to unlock the full potential of tokenization and pave the way for a new era of global asset management.
For More Information, Contact:
Ivie Satijn
Communication manager at ERC3643 Association
Email: Ivie@erc3643.org
Website: erc3643.org
About Tokeny
Tokeny provides a compliance infrastructure for digital assets. It allows financial actors operating in private markets to compliantly and seamlessly issue, transfer, and manage securities using distributed ledger technology. By applying trust, compliance, and control on a hyper-efficient infrastructure, Tokeny enables market participants to unlock significant advancements in the management and liquidity of financial instruments. The company is backed by strategic investors such as Apex Group and Inveniam.
For More Information, Contact:
Shurong Li
Head of Marketing at Tokeny
Email: shurong@tokeny.com
Website: tokeny.com
About Dev.Pro
Dev.Pro is a software development company that builds, integrates, and consults on custom Fintech, Payments, and Blockchain solutions. Clients vary from startups to Fortune 500 businesses, with a significant footprint in the digital assets industry. Major client products for companies like: Coinsquare, Inveniam, Securrency (now DTCC Digital Assets), and many more.
For More Information, Contact:
Kostiantyn Dmitriiev
Head of Fintech Products at Dev.Pro
Email: kostiantyn.dmitriiev@dev.pro
Website: https://dev.pro/
