The Jamaica Stock Exchange (JSE) has initiated the research and development of a platform to bring crypto asset trading to the Jamaican people. The news exploded through a social media tweet on Aug 14, 2018.
The company has signed a memorandum of understanding (MoU) with Blockstation, a Canadian, Toronto-based fintech company which provides an end-to-end technology suite for Stock Exchanges and their Broker networks. The aim is to launch a robust digital assets trading platform which is supposed to go live by this year-end. Although, the initial list of the tokens is not yet revealed, it is expected to add some top crypto assets under the catalog.
Also, a live workshop was successfully completed with an initial group of five broker members and representatives from local regulators. Blockstation also previously completed successful beta tests in Jamaica with participating institutions.
Marlene Street Forrest JSE managing director on paving the way for further collaboration announced that the well flourished various investment products including equities, bonds which company is already offering and now cryptocurrencies will also be considered as a burgeoning investment asset.
Marlene further stated:
“So the end game at the end of the day is to trade tokens, the end game is smart contacts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner. The environment changes, the entire ecosystem changes, so at that point in time that might be the case, Although, at this point in time that is not a discussion.”
The alliance is a deliberate effort of the authorities after considering various positive points for further expansion. Through this agreement, JSE may become one of the first international stock exchanges to deploy an online digital currency and token trading platform, including trading, quotes, execution and settlement services, in a format that aligns with current regulatory and compliance standards. With Blockstation’s technology JSE infrastructure will be able to network to the new platform, this will further allow qualified investors to conduct purchases or trades.
Marlene explained: apart from listing cryptocurrencies for trade, the stock exchange will constantly resume its efforts to analyze how blockchain technology can benefit the platform and its clients, going so far as to indicate that JSE’s plans may include issuing its own cryptocurrency at some time in the future. However, the JSE won’t rush and is expected to take its judicial time to ensure that the launch is safe for investors with the gradual integration of blockchain on the improvised exchange platform.