The Bahamas International Securities Exchange’s (BISX) plans for a cryptocurrency and digital securities trading platform will “revolutionize our jurisdiction,” its top executive said.
Keith Davies told Tribune Business that BISX was “concluding the necessary steps” to establish such an exchange in the Bahamas, and intended to make “a formal announcement” on its intentions by the end of March.
Declining to provide details as the specifics are still being finalized, along with regulatory clearance, he said BISX will largely steer clear of initial coin offerings (ICOs) and bitcoin-type cryptocurrencies given current global volatility in this area.
Instead, Davies indicated that it will focus on so-called “tokenized securities” listings and trading.
These digitized/electronic instruments effectively replicate ordinary shares issued by blue chip companies such as Amazon, with holders enjoying the same voting and other rights.
The price of tokenized securities adjusts in exactly the same way as stocks listed on a traditional exchange, but with the share register now maintained by blockchain technology.
“We’re concluding the steps required to take the next step towards the development of a cryptocurrency and tokenized securities listing exchange, and will be making an announcement shortly,” Davies told Tribune Business. “We’re targeting the first quarter, the end of March, in terms of making an announcement.