Jamaica Stock Exchange plans to offer cryptocurrency trading by the end of 2018

Posted: 15 August 2018 4:45 am
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The plan is to develop a cryptocurrency trading platform that adheres to safe, regulatory standards.

The Jamaica Stock Exchange (JSE) has partnered with Canadian fintech company Blockstation in an effort to become one of the first international brokerage facilities to introduce regulated blockchain token trading.

Blockstation signed a Memorandum of Understanding (MoU) with the JSE to cement the collaboration. JSE selected the Toronto-based firm following a comprehensive search process. The stock exchange was seeking an end-to-end electronic communication network and order management system that could competently facilitate trading, clearing and settlement of cryptocurrency tokens for its broker-dealers and their clients.

All blockchain trading, quotes, execution and settlement services will be compliant with regulatory standards.

JSE and Blockstation ran a successful live workshop with five broker members and regulation representatives. Additionally, Blockstation recently completed beta testing in Jamaica with participating institutions.

"It is very important for investors to be able to invest in digital assets through their traditional financial institutions,” according to JSE broker member and head trader at Sagicor Investments, Kirk Brown. "It's exciting to be at the cutting edge where digital currency demand meets safe reliable access."

Blockstation co-founder Jai Waterman said the firm has been working on the platform for the past six months. JSE managing director Marlene Street Forrest told Coindesk that the aim is to launch before the end of the year.

Mobile payments company Square has announced that customers in every part of the US can now buy and sell the world's most popular cryptocurrency, bitcoin, through the firm's leading mobile application Cash App.

A recent report has found that the global initial coin offering (ICO) marketplace has swelled to more than twice its size compared to last year. ICOs have already raised US$11.69 billion throughout the first half of 2018.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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