Taxonomies create consistency. That is their core purpose, regardless of the topic or industry. This interesting topic came to us from FinExtra in their article, “Exchange body calls for creation of a global crypto taxonomy.”
On that note, the World Federation of Exchanges has called for the creation of a common taxonomy to cover the growth in stablecoins and other cryptoassets and curb regulatory fragmentation.
The industry association has asked the Financial Stability Board, and other international standard-setting bodies, for a global taxonomy to drive a common understanding of whether a global stablecoin or cryptoasset fits a certain classification or definition. They argue that this would reduce the variance between jurisdictions and curb regulatory dissonance.
The exchange body fears that without formalized coordinated approaches to enforcement and oversight in general, issues around market integrity and consumer protection will not be fully addressed.
We know that when a taxonomy is well-designed and rooted in standards, it can make finding your content easy and thorough. There is value in classification. True taxonomies can help manage big data by providing a solid standards-based taxonomy to index against. The results are comprehensive and consistent search results. Access Innovations is one of a very small number of companies able to help its clients generate ANSI/ISO/W3C-compliant taxonomies because of consistency.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.