TGS taxonomy — compliance product types, derivative exchanges, and a Finance/DeFi split
TLDR: nine new product types and four new profile sectors, plus a narrowed Finance sector definition. The compliance stack and the derivatives both get full seperation for the first time.
A change to the taxonomy is not a change to the data. When a value is added, renamed, or redefined, the schema updates immediately, but profiles and products are reclassified as each one is reviewed, not on the day the change ships. Expect counts against a new value to fill in over the following weeks rather than all at once.
Profiles5 changes
profileSectors
- AddedAI
aiThe sector comprises profiles applying artificial intelligence and machine learning within blockchain and Web3 ecosystems, including AI agents and protocols that coordinate AI resources through token incentives, with AI as the core product rather than a feature of another offering. This includes both Web3-native AI projects building on blockchain infrastructure and traditional AI companies integrating blockchain technology.
- AddedCompliance & Regulation
compliance_and_regulationThe sector comprises profiles providing regulatory compliance, anti-money laundering, and financial crime prevention for blockchain and digital asset ecosystems through real-time transaction screening, forensic investigation, identity verification, and regulatory information-sharing between institutions. This includes both Web3-native compliance platforms and traditional regulatory technology firms offering specialized digital asset compliance services.
- AddedDeFi
defiThe sector comprises protocols and platforms that provide decentralized financial services such as trading, lending, borrowing, yield generation, and liquidity provision through smart contracts without centralized intermediaries, where users transact from self-custody and settlement occurs onchain. This includes both Web3-native DeFi protocols and traditional financial institutions launching non-custodial onchain products.
- AddedProductivity & Tools
productivity_and_toolsThe sector focused on non-developer, non-financial software platforms and tools that serve end-user productivity, content creation, or general business operations with blockchain integration for payments, identity, or data ownership. This includes AI-powered productivity tools, content creation platforms, and general-purpose SaaS applications accepting cryptocurrency.
- EditedFinance
financeThe sector comprises platforms that enable trading, exchanging, lending, borrowing, or yield generation of digital assets through centralized or intermediated services, where a counterparty or operating company facilitates the activity and holds or controls client funds. This includes both crypto-native financial businesses and traditional financial institutions offering cryptocurrency services.
See previous definition
Platforms and protocols that enable trading, exchanging, lending, borrowing, or yield generation of digital assets within the blockchain ecosystem. This includes both decentralized finance (DeFi) protocols and traditional financial institutions such as licensed banks, neobanks, and digital-asset custodians offering cryptocurrency services.
Products9 changes
productTypes
- AddedAI Gateway
ai_gatewayPlatforms providing unified access to multiple AI models through routing, aggregation, or marketplace interfaces, enabling users to query or compare outputs across different models without direct integration with each provider. Users submit prompts or tasks and the gateway selects or routes to optimal models based on cost, capability, or performance criteria.
- AddedBlockchain Forensics
blockchain_forensicsTools for post-incident investigation, fund tracing, wallet clustering, and law enforcement support across blockchain networks. These platforms reconstruct transaction histories, identify entity relationships, and produce evidence-grade reports for legal proceedings and asset recovery operations.
- AddedCentralized Derivative Exchange
centralized_derivative_exchangeCentralized platforms facilitating trading of derivative financial instruments on digital assets, including futures contracts, options, and structured products through off-chain order matching and settlement. Users deposit collateral into exchange-controlled accounts to access leveraged positions managed by the platform's risk engine.
- AddedDecentralized Derivative Exchange
decentralized_derivative_exchangeOnchain protocols enabling trading of derivative financial instruments including perpetual futures, options, and structured products through smart contracts with decentralized settlement and collateral management. Users trade directly from their wallets with pricing determined by automated market makers, onchain order books, or oracle-based mechanisms.
- AddedKYC & Identity Verification
kyc_and_identity_verificationServices & platforms that verify user identities through document checks, biometric validation, and screening processes for regulatory compliance in digital asset operations. These platforms handle customer onboarding, ongoing monitoring, and risk-based verification to meet KYC and AML requirements across jurisdictions.
- AddedMining Operator
mining_operatorHardware or cloud-based operations that validate transactions and secure blockchain networks through computational mining using Proof-of-Work consensus mechanisms. Operators deploy and maintain mining infrastructure or purchase hash power to earn block rewards and transaction fees from network participation.
- AddedPrivacy Tools
privacy_toolsTools enabling private or confidential transactions and data handling through zero-knowledge proofs, mixing, ring signatures, confidential computing, or encrypted communication. This covers both onchain privacy mechanisms and traditional privacy software integrated with blockchain ecosystems.
- AddedTransaction Monitoring
transaction_monitoringPlatforms screening & monitoring blockchain transactions in real time for anti-money laundering compliance, sanctions screening, and suspicious activity detection. These services analyze transaction flows against risk rules and regulatory thresholds, generating alerts and reports for compliance teams at virtual asset service providers and financial institutions.
- AddedTravel Rule Solution
travel_rule_solutionPlatforms & services enabling virtual asset service providers to exchange required originator and beneficiary information for digital asset transfers in compliance with FATF Travel Rule requirements. These platforms facilitate secure counterparty discovery, data exchange, and compliance verification between institutions across jurisdictions.
Compliance is now four types, not one bucket
KYC & Identity Verification, Transaction Monitoring, Blockchain Forensics, and Travel Rule Solution split what used to collapse into a single onchain-compliance classification. They separate on when the work happens: identity checks at onboarding, screening in real time, investigation after the fact, and counterparty data exchange between institutions. The new Compliance & Regulation sector is their sector to seperate them from Data & Analytics.
Derivatives get their own exchange types
Centralized Derivative Exchange and Decentralized Derivative Exchange land here, and they are the reason derivatives came out of the Centralised Exchange definition in the previous entry. The two split on custody and settlement: collateral in an exchange-controlled account with off-chain matching, versus trading from self-custody with onchain settlement.
Finance and DeFi are now separate sectors
Finance narrows to centralized and intermediated services — a counterparty or operating company facilitates the activity and holds or controls client funds. The new DeFi sector covers non-custodial protocols where users transact from self-custody and settlement happens onchain.
This is the clearest case for the rule at the top of this entry. Profiles sitting in Finance today do not move to DeFi on publish day. They move as each one is reviewed, so treat the two as one population for a while yet.
Also new
Mining Operator covers Proof-of-Work mining as a product, distinct from the long-standing Mining profile sector. Privacy Tools covers zero-knowledge, mixing, confidential computing, and encrypted communication. AI Gateway covers routing and aggregation across multiple models, and the new AI sector covers profiles whose core product is AI rather than a feature of something else. Productivity & Tools picks up end-user software that is neither developer infrastructure nor financial.