The move could signal a desire not to be left behind as other Caribbean countries embrace blockchain tech.
The Jamaican Stock Exchange (JSE) has partnered with Toronto-based FinTech company Blockstation to allow digital asset trading, according to an August 14 press release.
Blockstation’s electronic communication network and order management system is intended to allow investors to “facilitate trading, clearing and settlement of blockchain tokens for its broker-dealers and their investing clients” within a trusted and secure platform.
“It’s exciting to be at the cutting edge where digital currency demand meets safe reliable access,” said Kirk Brown, head trader for Sagicor Investments, which is a broker member of the JSE.
The press release boasts that this collaboration has the potential to make the JSE one of the first international stock exchanges to offer an online digital trading platform facilitating quotes, trading, and execution and settlement services while adhering to all regulations and compliance laws.
Five broker members, along with representatives from local regulators, have successfully completed a live workshop using the new platform, and Blockstation ran its own beta tests with local participating institutions.
The press release does not mention the specific tokens that will be available for trade on the JSE, or when the new platform will go live.
Considering all the technical innovations taking place in the Caribbean, this move by the JSE may reflect Jamaica’s desire to keep up with its regional peers in terms of blockchain and crypto adoption.
In February, Montserrat’s premier and finance minister signed a memorandum of understanding with a Barbados-based blockchain company to create a “digital payments ecosystem.” The agreement asked for a study of the practicality of issuing a digital currency for eight different Caribbean islands that would act as a “blockchain-based analog of the Eastern Caribbean dollar.”
Bermuda has been the most active Caribbean player in blockchain. In April 2018 Bermuda’s lower house parliament passed an act intended to regulate initial coin offerings and develop the island’s FinTech industry. And in May, David Burt, the country’s premier and minister of finance, revealed two different developments intended to improve and develop the island’s blockchain and cryptocurrency industries.
Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.
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