Recently the issue of making crypto space safe and secure by providing it with a regulated environment is gaining a lot of exposure. For the same reason, The Jamaica stock exchange and Blockstation are pairing up to pilot bitcoin as well as ether tradings in crypto space.
Blockstation is a financial technology stock exchange firm based in Canada. The announcement was made on 3rd April 2019. The announcement stated that the two firms will be collaborating to allow trading of virtual assets as well as security tokens.
The first step for making this possible includes that both of the involved firms had to monitor a trial of live cryptocurrency tradings. The trial occurred in January and was set out to continue for sixty days. During this duration participation in the market was observed from broker-dealers and also the JCSD.
The purpose of this being the first step of the process was to show and observe a lifecycle of a virtual asset in the crypto space ecosystem. From start to finish the activities of the virtual asset were observed and recorded.
The next step for the trial was to observe broker-dealers. These broker-dealers were to sign up and onboard investors by a process of KYC. This was done to help these investors in trading Bitcoin and Ethereum. However, no dates and timings were revealed as to when this part would start and how long it would last.
The two firms started out by signing an MOU in August. An MOU is a nonbinding agreement that the involved parties make and sign. The MOU includes details of the agreement that was made along with the requirements and responsibilities each involved party has to fulfill. But now the relationship between Jamaica stock exchange and Blockstation has progressed and they have officially partnered up for this project.
The managing director of JSE gave a statement regarding this saying that this is a unique opportunity for JSE to expand its circle of influence and attract new investments.