The Jamaica Stock Exchange (JSE) will launch a platform for cryptocurrency trading later this year. The announcement was made today, August 14th, through a press release published on the official website of the Canadian FinTech company BlockStation, which specializes in implementing crypto exchange platforms.
The Jamaican stock exchange signed an agreement to offer services such as trading, quoting, execution, and settlement of cryptocurrency in a regulated and secure manner.
JSE CEO Marlene Street Forrest said the agency is comfortable making progress in trading digital assets in partnership with the Canadian BlockStation company, whose platform will connect to the stock exchange infrastructure allowing qualified investors to trade cryptos.
“We are excited to implement this service with our customers, satisfying considerable investor interest in digital assets. We are also proud to be at the forefront of innovation in the capital markets” said Marlene Street Forrest, CEO of Jamaica Stock Exchange.
Canadian BlockStations FinTech company and Jamaica Stock Exchange work on the crypto trading platform for several months
The CEO added that a committee set up by the stock exchange has been studying the project for several months, based on the analysis of the product offered by BlockStation, to evaluate its implementation in several phases.
As part of the plan, a workshop was recently held with an initial group of five representatives of local regulators, while the Canadian firm completed beta testing of the crypto trading platform in Jamaica, with the participation of several institutions.
Toronto-based BlockStation is dedicated to providing international stock exchanges, their networks of brokers and intermediaries, and even regulators, with customized technology solutions that facilitate the cryptocurrency trading and settlement.
In this regard, BlockStation co-founder Jai Waterman said the startup has been working on the development of a customized version of the Jamaica Stock Exchange platform for about six months, to including specific tools to track cryptocurrencies market manipulation and comply with the country’s regulatory framework. The aim is to ensure that operations are carried out safely and transparently.