The Jamaica Stock Exchange is set to become one of the first international brokerage facilities which plan to introduce regulated trading of cryptocurrencies.
Providing “Safe Reliable Access”
The Jamaica Stock Exchange (JSE) has entered into a strategic partnership with Canadian-based fintech company Blockstation. The collaboration was cemented yesterday through a signed Memorandum of Understanding (MoU).
The purpose of this newly-formed partnership is to enable JSE to become one of the first international brokerage facilities which are set to introduce fully regulated trading of cryptocurrencies. Purportedly, the exchange is exploring options to competently facilitate clearing, trading, as well as the settlement of cryptocurrencies for its clients and broker-dealers.
Furthermore, Blockstation has supposedly completed successful beta tests previously with institutional participants and has provided JSE with training and support. Speaking on the matter, Marlene Street Forrest, Managing Director of JSE noted:
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.
A broker member of the exchange also spoke highly of the initiative, reflecting the industry interest:
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.
The Jamaica Stock Exchange is not the first major institutional facility marching into the field of cryptocurrencies.
Earlier this month, the owner of the New York Stock Exchange (NYSE) – Intercontinental Exchange Inc. (ICE) – announced that it has entered into a partnership with marquee companies like Microsoft and Starbucks to launch a digital asset platform dubbed Bakkt. Its intentions look much like those of JSE.
Jeffrey C. Sprecher, founder, chairman, and CEO of ICE said:
In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.
The owner of the Swiss Stock Exchange, SIX Group, also announced that it intends to launch a DLT-based digital asset infrastructure. According to Jos Dijsselhof, CEO at SIX, this is “the beginning of a new era for capital markets infrastructures.”
What do you think of JSE’s plans to launch a cryptocurrency exchange? Don’t hesitate to let us know in the comments below!
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