Jamaica Stock Exchange (JSE) has reportedly signed a historic partnership with Blockstation, a Canadian FinTech company, to enable a limited pilot to trade cryptocurrencies and security tokens in a regulated and secure platform.
The first stage, which started in January 2019 and lasted for 60 days, got participation from top-ranking regulated broker-dealers, market makers, and the Jamaica Central Securities Depository. It demonstrated the “complete lifecycle of the digital asset ecosystem.”
The second stage entails the association of retail investors and broker-dealers via know-your-customer (KYC) process. Blockstation noted that this onboarding process would help them in trading bitcoin (BTC) and ethereum (ETH).
Back in August, both firms signed a memorandum of understanding (MoU). However, they have become official partners since JSE has the intention to leverage the new agreement with Blockstation.
According to a statement by the JSE in the announcement, the two firms aim to support international Small and Medium Enterprises (SMEs) by providing them with a streamlined and straightforward process for raising capital in a compliant and transparent manner through security token offerings (STOs).
The managing director of JSE believes that the partnership is an “unprecedented opportunity for the JSE to diversify its product offerings and attract new listings and inbound investments.”
The crypto industry will also benefit from this development in more than one ways. First, more institutional money will pump into the market, and then, it would further the quest for mainstream adoption of cryptocurrencies.
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