Breaking: Switzerland’s SIX Stock Exchange Gets Approval to Launch Digital Token Exchange
SIX, the Switzerland Stock exchange has been cleared by FINMA to launch a digital token exchange. The new entity would be called the Swiss Digital Exchange that would allow the trade of blockchain-based securities or digital tokens. The platform obtained two licenses from the country’s watchdog allowing it to offer regulated trading, settlement, and custody infrastructure based on distributed ledger technology.
The platform didn’t reveal the details about the crypto assets that it would be offering for trade and custody services, but experts believe it would open the gates for traditional platforms to venture into the decentralized world. The platfrom also offers a regulated alternative to several crypto exchanges that are working outside the jurisdictions of the law.
Thomas Zeeb, SIX’s global head of exchanges called the digital license an important milestone for the exchange operator and explained,
“This is an important milestone in bringing the digitalization of capital markets into the mainstream, but it is only the beginning. We will continue to work with our clients, regulators, and other stakeholders to shape the markets of the future.”
SIX Beats NYSE and Nasdaq in Crypto Race
The launch of the Digital Asset exchange platform by the national stock exchange of Switzerland shows the growing popularity of crypto assets. It also reflects that crypto has arrived in the mainstream as not just institutions, but even countries and traditional exchange giants are incorporating crypto in their systems. SIX’s new digital token platform has beat the likes of the New York Stock Exchange (NYSE) and Nasdaq to become the first exchange platform to launch digital security offerings.
The exchange had earlier shown interest in offering digitized stocks and it has revealed that the company’s core MVP (minimum viable product) would be equity listing, trading, and settling. It is unclear at present whether the digital token platform would offer cryptocurrencies such as Bitcoin and Ethereum as well.
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