Jamaica Stock Exchange to launch cryptocurrency trading platform this year
Jamaica is jumping on the cryptocurrency bandwagon. The Jamaica Stock Exchange (JSE) on Tuesday said it has partnered with Toronto-based fintech firm Blockstation to introduce its very own cryptocurrency trading platform, as soon as this year!
Under this agreement, JSE could become one of the first international traditional stock exchanges to have its own digital currency trading platform. All trading and settlement services will be in line with current regulatory and compliance standards.
According to a CoinDesk report, the trading platform is set to go live by the end of this year, although it was not immediately clear which tokens will be initially listed.
“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,” said Marlene Street Forrest, managing director of the JSE.
According to a statement, a live workshop with a group of five broker members and local regulatory representatives was successfully completed.
Prior to the workshop, Blockstation had also completed successful beta tests in Jamaica with participating institutions.
“It is very important for investors to be able to invest in digital assets through their traditional financial institutions,” said Kirk Brown, head trader for Sagicor Investments, a broker member of the JSE.
Jamaican regulation on cryptocurrency so far
Earlier this year, Jamaica’s central bank had issued a statement, cautioning local investors against cryptocurrencies and the risks involved with investing in them.
In the release, Bank of Jamaica said that digital currencies are not legal tender in the country and the central bank neither issues nor backs virtual currencies.
Currently, there is no regulatory framework in place to supervise the trading and usage of cryptocurrencies in Jamaica.
However, the bank stated that it was committed to facilitating the enhanced use of technology in financial services.
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