The Jamaican Stock Exchange is planning to list security tokens as tradable assets following the completion of a 60-day trading pilot in collaboration with Blockstation. The JSE will be among the stock exchanges in different parts of the world that are currently having trading of cryptocurrencies such as Bitcoin core.
Cryptocurrency trading pilot opens the listing of securities
The Managing Director of JSE, Marlene Street Forrest said that the pilot had been successful and it happened with select market makers, broker-dealers as well as the Jamaican Central Securities. She added that the pilot was smooth and that they were delighted with the results and they are moving forward to the next step of piloting that would result in security token listing.
The aim of the pilot is demonstrating complete digital asset system lifecycle which includes setting up of a platform for the management of participants as well as conducting of trading. During the pilot clearing settlement as well as cryptocurrency and cash custody was managed by the JSE which ensured there is compliance in reporting as well as reconciliation.
Blockstation has indicated that the listing of securities in the JSE is crucial in the adoption of crypto assets in the mainstream. Blockstation’s co-founder, Jai Waterman, stated that they were delighted to have implemented the digital asses trading ecosystem successfully with JSE.
Growing crypto market
Blockstation and the JSEW have worked on the digital currency venture since early last year. Jamaica joins the long list of stock exchanges around the globe that have opened up to cryptocurrency investment.
Some of the countries that have already adopted digital assets trading include Gibraltar which has a platform supporting LTC, ETH, BTC, ETC. The Malta Stock Exchange also has approved a deal with Fifth Force, Binance and OKex for the development of blockchain platforms.
German is currently developing a crypto asset infrastructure that is supported by mobile platforms to allow selling and buying of virtual currencies called Bison. Currency.com which is a European startup already has a trading platform for security tokens that enables investors to invest and trade directly in cryptocurrencies.