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Switzerland to acquire a new digital stock exchange, paving the way for crypto trading and NFTs

 


Switzerland has become the latest country to pave the way for better regulation of digital currencies like Bitcoin, and possibly NFTs in the future as well.

On Friday, the Swiss exchange SIX obtained regulatory approval to launch a digital exchange called SIX Digital Exchange (SDX), which could be a step towards building a global digital asset trading network.

“The digitization of financial markets continues at a rapid pace and, although the final shape of the market continues to evolve, this is an important step in providing institutional investors with a secure and robust infrastructure,” said Thomas Zeeb, SIX’s global head of stock exchanges, in a statement. declaration.

So what will it do and what impact will it have on digital currencies? Euronews Next takes a look.

How did it happen?

SIX has been working on the digital exchange since 2018. But they wanted Swiss approval so that they could build a global digital asset trading network.

On September 10, SDX announced that it had finally obtained two licenses from FINMA, the Swiss market surveillance body.

One license is for the exchange and the other for a central securities depository.

The licenses will allow it to operate a blockchain-based stock exchange and securities depository. Most importantly, it allows the exchange to open up its infrastructure to supervised financial institutions.

SIX has yet to reveal when the platform will go live.

What will SDX do?

SIX has announced its intention to offer stocks and bonds as digital tokens.

Investors will be able to trade, pay and store digital tokens on a platform through regulated institutions.

“SDX can now offer the highest Swiss standards of supervision and regulation,” its website said.

SDX will operate on distributed ledger technology. This means that transactions will be digitally recorded across multiple sites and assets can be tracked. It is a blockchain-based system.

The exchange said on Friday it saw the platform create a global exchange network for digital assets as the customer base for those assets expands to include banks, issuers, insurance companies and investors. institutional.

SDX is expected to start trading in bonds first, two sources familiar with the matter told Reuters, adding that shares of companies already listed on the stock exchange were unlikely to reach the digital stock exchange in the immediate future.

SIX officials have previously said that stocks and possibly exchange-traded funds could also be traded on the digital exchange.

They also hinted that other assets – such as paintings or vintage cars – could also be traded on SDX in the form of tokens.

Monumental move

The launch of the Swiss platform is a huge leap from other major global exchanges to offer blockchain-based securities.

The move comes as cryptocurrencies gain acceptance around the world.

Last week, The Savior became the first country to accept Bitcoin as legal tender. In the same week, Ukraine also passed a law that will legalize and regulate cryptos.

Sources

1/ https://Google.com/

2/ https://www.euronews.com/next/2021/09/13/switzerland-to-get-new-digital-stock-exchange-clearing-the-way-for-crypto-trading-and-nfts

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