BX Digital has received the regulatory approval of the Swiss market regulator to operate a trading and digital asset regulation platform, becoming the first of its kind in the country, he said.
The license of the Financial Market Supervisory Authority (FINMA) allows the company based in Zurich to operate as an ease of negotiation of technology of the great distributed book (DLT), rationalizing transactions for token financial instruments.
BX Digital will use Ethereum blockchain to facilitate direct asset transfers without intermediaries such as central securities deposits, the company said in a press release.
This structure allows faster transactions and at a lower cost while supporting the trade of shares, bonds and token funds among market players, including banks and securities companies.
“The regulated secondary markets have been lacking so far,” CEO Lidia Kurt said in the press release. The license “is an important step to establish new standards for capital market efficiency and customer access in digital asset space.”
A key characteristic of the system is its connection with the payment network of the Swiss National Bank, ensuring that transactions have settled in Swiss francs with delivery agreements compared to payment agreements. To guarantee liquidity, BX Digital works with market manufacturers and has aroused a strong interest from banks and transmitters, according to Lucas Bruggeman, CEO of Sister BX Swiss ,.
BX Digital operates under Boerse Stuttgart Group, the sixth European exchange group, which sees this initiative as part of a wider thrust to modernize the capital markets using blockchain technology. The platform must fulfill specific regulatory conditions before starting to accept customers.
The CEO of Boerse Stuttgart Group, Matthias Völkel, said that BX Digital was only a first step and that a “digital European equality platform will soon follow”. The group earlier this year revealed that the crypto represents 25% of its income.
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