Boston Security Token Exchange (BSTX), a platform collectively owned by BOX Digital Markets and Overstock’s blockchain arm tZERO, has filed an utility with the United States Securities and Exchange Commission (SEC) to approve the launch of a marketplace for publicly traded registered safety tokens.
In the rule change proposal launched by the SEC on Oct. 11, BOX asks the fee to “adopt rules to govern the trading of equity securities on the Exchange” which “would operate a fully automated, price/time priority execution system for the trading of ‘security tokens.’”
Establishing its personal itemizing requirements
The agency additionally hints at having its personal itemizing requirements by specifying that solely tokens assembly them could be listed on the platform. The 129 pages lengthy doc explains intimately how the principles below which the trade operates would wish to alter and the way the platform would work.
According to the proposal, the safety possession information can be saved on the Ethereum blockchain and could be up to date on the finish of every buying and selling day. The trade would function between 9:30 a.m. and 4:00 p.m. EST.
A closed system on a public blockchain
Per the appliance, solely the whitelisted Ethereum addresses would have entry to the service, which implies BSTX and its approved operators who the corporate calls “wallet managers.”
The listed tokens would additionally should be compliant with the ERC-20 normal with the addition of some safety features and three good contracts meant to trace possession, whitelisted addresses and compliance with laws.
As Cointelegraph lately reported, safety token choices, or STOs, have roughly taken the mantle of their semi-defunct counterpart — preliminary coin choices.
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