Jamaica Plans to List Security Tokens

- Advertisement -

The Jamaica Stock Exchange (JSE) is to list security tokens as tradable assets after completing a 60-day live trading pilot with Canadian blockchain company Blockstation. The JSE joins a growing list of stock exchanges in parts of the world that have started to offer similar services, including trade of common cryptocurrencies like bitcoin core.

Also read: Mastercard Fined $650M by EU for Artificially Raising Fees

Successful Pilot Paves Way for Security Tokens Listing

Marlene Street Forrest, managing director of the JSE, was quoted by the Jamaica Observer newspaper as saying that the pilot, carried out with select broker-dealers, market makers, and the Jamaica Central Securities Depository, had been successful.

“The pilot has been very smooth so far and we are quite happy with the results,” Street Forrest said. “We are looking forward to moving to the next stage of the pilot which would eventually include the listing of security tokens.”

Jamaica Stock Exchange Plans to List Security Tokens

The trial included quotes, trading, and settlement services. The pilot also aimed to “demonstrate the complete lifecycle of the digital asset ecosystem, including the JSE setting up and managing broker members and market makers on the platform.” The Caribbean country’s securities depository body managed the clearing, settlement, and custody of cash and cryptocurrency while enforcing compliance reporting and reconciliation across all participating companies.

- Advertisement -

Blockstation, the Toronto-based startup, said listing of security tokens on the Jamaican bourse will be key to mainstreaming crypto assets and improving adoption.

“We are excited to have successfully implemented the first real end-to-end digital asset trading ecosystem with the JSE within their regulated environment,” Jai Waterman, Blockstation’s co-founder and chief enterprise architect, told the publication. “We are looking forward to onboarding, through the pilot exercise, the next wave of brokers and international investors who can enjoy the benefits of safe digital currency access through trusted financial institutions.”

Growing Global Trend

The JSE and Blockstation have been working on their digital currency venture since early 2018. The Jamaica Stock Exchange is the latest in an expanding list of stock exchanges around the world that are opening up to investing in digital coins.

- Advertisement -

Jamaica Stock Exchange Plans to List Security Tokens

Last year, the Gibraltar Stock Exchange announced the launch of its digital asset trading platform, which supports BTC, LTC, ETH and ETC against the dollar. The Malta Stock Exchange has also agreed a deal with Binance, Fifth Force, and Okex “for the development and launch of blockchain-powered platforms.” A platform will be developed that allows for listing and trading of digital coins.

In Germany, the country’s second-largest stock exchange, Boerse Stuttgart, is also creating a complete crypto asset infrastructure. It will have a mobile-based application for buying and selling virtual currencies called Bison, as well as a specialized platform to handle ICOs and a custody and trading venue for cryptocurrencies.

What do you think about traditional stock exchanges listing cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock and JSE.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com

Source

Previous Articles:

- Advertisement -

Latest News

Winklevoss Accuses JPMorgan of Retaliation Over Crypto Criticism

Gemini co-founder Tyler Winklevoss accused JPMorgan Chase of pausing the crypto exchange’s onboarding after...

Floki (FLOKI) Soars 85% in 30 Days, Eyes $0.0002 Target

Floki (FLOKI) gained over 85% in value in the last 30 days, according to...

Ether’s Social Hype Signals Caution Amid 50% Rally, Says Santiment

Social media activity linked to Ethereum (ETH) has reached levels that could indicate a...

Prosecutors Weigh Charges Against Dragonfly Over Tornado Cash Ties

U.S. prosecutors are considering charges against Dragonfly Capital over its investment in Tornado Cash’s...

Prosecutors Weigh Charges Against Dragonfly Capital Over Tornado Cash

Prosecutors in New York said they may file criminal charges against employees at Dragonfly...

Must Read

8 Best Crypto Debit Cards For Spending Your Digital Tokens

What are | How we chose | Best crypto debit cards | Binance Card? | FAQ | Final WordsCrypto debit cards have transformed how...