The Jamaica Stock Exchange (JSE) announced the plans to start cryptocurrency trading in the near future. According to the press release, the exchange signed a memorandum of understanding with a Blockstation blockchain startup, with which it intends to launch a new platform by the end of this year. Which digital assets will be available to the customers has not yet been specified.
Commenting on the innovation, the managing director of JSE Marlene Street Forrest noted that cryptocurrency as an investment product will complement the exchange’s offer, which is currently represented by such instruments as stocks and bonds. She also said that Blockstation provides a technological infrastructure, while JSE's own infrastructure will be bonded with the new platform. According to her, it will allow qualified investors to carry out transactions with cryptocurrencies. Street Forrest also marked that in the future the exchange will continue to explore the benefits of the blockchain technology and they are even considering the possibility of launching its own cryptocurrency, but not right now.
In his turn, the founder of Blockstation Jai Waterman said that his startup and the stock exchange have been cooperating for six months and they are developing an individual trading platform for it. He added that JSE requested the new platform to be equipped with tools to track market manipulation and meet other regulatory requirements. The JSE stated that they do not intend to release their new product in a rush and promised to pay a special attention to the problem of investors’ protection.
WHY IS IT IMPORTANT?
- Earlier this spring, JSE has reported about its plans to open the crypto exchange for the first time. The company believes that both the business and the crypto investors along with the participants of the traditional financial sector would benefit from the launch of the platform.
- It is possible that the activities of the platform will be legalized.