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US SEC approves new blockchain exchange

US SEC approves new blockchain exchange

The new exchange, called BSTX, is a subsidiary of the Boston-based BOX Exchange. Initially, the exchange plans to trade stocks and exchange-traded funds listed on competing exchanges, and all transactions will be recorded on a blockchain. 

According to Reuters, citing exchange director Jay Fraser, the official launch is scheduled for the second quarter of 2022. At the same time, the director notes, the new exchange aims to be more like cryptocurrency exchanges such as Coinbase, rather than traditional ones like Nasdaq. 

Separately, BSTX plans to launch the market data channel on private blockchain. This will permit users to see their own and others' activity on the exchange. 

As a reminder, the project was originally called Boston Security Token Exchange and was planning to sell only tokenized securities, but the SEC regulator rejected that plan in December 2020. However, this time, permission was granted. As noted in the SEC notice, the rules of BSTX are almost identical to those of other stock exchanges.           

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