Jamaica Partners With Blockstation To Enable The Trading Of Cryptocurrency.
The Jamaica Stock Exchange partners with Blockstation to enable the trading of crypto assets within “a recognized and secure regulatory framework.” After completing a live workshop with an initial group of five members as well as a beta test with participating institutions. The country sets out to be among the very few countries around the world to have implemented a regulated trading platform for cryptocurrency.
Blockstation was chosen by the JSE after it’s extensive global search for a suitable partner, the exchange noted in a Press Release on August 14.
Blockstation’s electronic communication network will facilitate the trading and clearing of crypto assets for the exchange’s broker-dealers, the exchange announced.
Blockstation is a platform based in Toronto, Canada that specializes in developing turn-key, end-to-end solutions for trading and clearing of crypto assets for international stock exchanges. The decision to accommodate crypto trading was a result of the rising investor interest in the emerging asset class, JSE’s managing director, Marlene Forrest, stated. Expressing her confidence in Blockstation’s cutting-edge technology, she said;
WE ARE EXCITED TO IMPLEMENT THIS SERVICE WITH OUR CLIENTS, SATISFYING CONSIDERABLE INVESTOR INTEREST IN DIGITAL ASSETS. WE ARE ALSO PROUD TO BE AT THE FOREFRONT OF BRINGING INNOVATION TO CAPITAL MARKETS. WE ARE VERY COMFORTABLE MOVING FORWARD BASED ON THE TRAINING AND SUPPORT PROVIDED BY BLOCKSTATION, AND BECAUSE THEIR TRADING PLATFORM INCORPORATES FAMILIAR COMPLIANCE RULES TO ENSURE A FAIR MARKETPLACE.
The exchange is yet to disclose full details regarding the cryptocurrencies to be supported on platform. The official launch dates and any other details regarding it’s launch remained undisclosed . JSE did, however, states that it would continue to work with Blockstation towards the progress of the new platform, having signed a Memorandum of Understanding.
Kirk Brown, Head Trader for Sagicor Investments, a broker member of the JSE speaking on the new platform said;
“It is very important for investors to be able to invest in digital assets through their traditional financial institutions it’s exciting to be at the cutting edge where digital currency demand meets safe reliable access”.
About Jamaica Stock Exchange
The Jamaica Stock Exchange (JSE) is an associate member of the World Federation of Exchanges (WFE). Located at 40 Harbour Street, P.O.Box 1084, Kingston, Jamaica. According to Bloomberg, based on its performance, it ranked the number one stock exchange in the world. The JSE offers an electronic, efficient, fast and secure market with world-class regulation, trading and clearing systems, settlement assurance and risk management.