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Barbados Stock Exchange (BSE) Signs Master Agreement with Blockstation to Introduce Digital Asset Trading

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The BSE set to become one of the first regulated exchanges to list Tokenized IPOs

Toronto, Ontario and St. Michael, Barbados–(Newsfile Corp. – May 12, 2022) –  The Barbados Stock Exchange (BSE) is pleased to announce the signing of a Master Agreement with Blockstation, a leading Canadian FinTech, to launch a new blockchain-driven tokenized securities marketplace.

By adopting the Blockstation Digital Asset Platform, the BSE will satisfy growing demand for a secure, regulated means of listing tokenized securities and attract exciting new issuers who are eager to raise capital and go public. Tokenized IPOs can reduce time and cost when compared to traditional workflows, providing efficiencies for all parties and making the securities marketplace more accessible for all participants.

“This platform is instrumental in providing access to capital and liquidity for both local and international businesses through our International Securities Market (ISM),” says Marlon Yarde, BSE Managing Director. “Blockstation is the right technology partner for us to ensure we provide issuers with a secure and efficient means to tokenize their equity, conduct cost-effective IPOs, raise capital, and reach the deepest possible pool of investors.”

This Master Agreement follows a successful pilot of the Blockstation platform which involved the BSE, the Barbados Central Securities Depository and First Citizens Investment Services in 2021. The pilot proved the system’s suitability to support end-to-end workflow for all stakeholders in full compliance with market integrity, KYC/AML, and other regulatory requirements.

“Stock exchanges around the world are seeking to integrate blockchain technology, and we congratulate the BSE on being among the first to formally adopt a platform to do so,” says Marko M. Hafez, Co-Founder and CEO of Blockstation. “As a technology company, we are committed to making it as efficient and seamless as possible for regulated stock exchanges to create a blockchain-driven capital markets ecosystem, removing friction and driving efficiencies for all stakeholders in the public investment lifecycle.”

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About BSE

The Barbados Stock Exchange (BSE), formerly the Securities Exchange of Barbados, was re-incorporated on August 2nd, 2001 with the passage of the Securities Act 2001-13. As a result of the Act, the Barbados Securities Commission, now the Financial Services Commission, was established which has overall regulatory responsibility for the entire Barbadian Capital markets including all Self Regulatory Organizations (SRO), of which the BSE and its subsidiary the Barbados Central Securities Depository comprise, as well as all public companies whether listed or not.

BSE media contact:
Marlon Yarde
246-629-1105
[email protected]

About Blockstation Inc.

Blockstation is a holistic, blockchain-driven platform for the entire lifecycle of tokenizing, listing, trading, clearing and settlement of digital assets and securities within the regulated capital marketplace. As an ecosystem solution, Blockstation serves international stock exchanges and their network of broker-dealer, regulator and depository partners with turn-key, end-to-end functionality to incorporate digital assets into their book of business, empowering them to attract new issuers, generate increased trading revenue, and satisfy market demand for digital assets.

Blockstation media contact:
Michael Spiar
Communications & Education Manager
[email protected]
1-833-ECN-COIN X3

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123080

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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Blockchain

OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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