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SEC Seeks Input on ‘Boston Securities Token Exchange (BSTX)’ Proposal

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SEC Seeks Input on 'Boston Securities Token Exchange (BSTX)' Proposal

Launching Markets – BSTX

The Boston Securities and Token Exchange (BSTX) has recently filed a proposal for various rule changes with the SEC. These changes would allow for BSTX to launch what would be the market’s first digital exchange supporting full-fledged digital securities.

Joint Filing

The Boston Securities and Token Exchange is a by-product of a partnership between tZERO and BOX Digital. This pairing of companies launched the joint venture in mid-2018, with the intent to develop the first fully regulated digital exchange in the U.S.

BSTX is expected to utilize blockchain technology provided by tZERO, while BOX representatives work towards establishing regulatory clearance. With each providing different areas of expertise to BSTX, both tZERO and BOX have made it clear that this is a joint venture, with each having a 50% say.

Rule Change

The proposed rule change discussed here dates back to late June, 2019. At the time of the filing, it was viewed as having the potential to create a ‘rulebook’ for the operation of such exchanges in the United States. Only now, months later, is the SEC making the filing available for public commentary.

A few of the noteworthy attributes of their proposed exchange are as follows:

  • Asset ownership recorded using a private blockchain
  • Trading enabled through use of BSTX tokens
  • Whitelisted clients

At the initial time of its filing, we took a brief look at BSTX and their plans, including the use of an in-house token developed by the exchange.

Boston Security Token Exchange (BTSX) Seeks SEC Rule Change

Commentary

In their filing, made public by the SEC, the BSTX begins by outlining their plans and intentions for the proposed exchange.

“BSTX would operate a fully automated, price/time priority execution system for the trading of “security tokens,” which would be equity securities that meet BSTX listing standards and for which ancillary records of ownership would be able to be created and maintained using distributed ledger (or “blockchain”) technology.”

Boston Securities and Token Exchange (BSTX)

Operating within the United States, BSTX is a proposed digital securities exchange, which was founded in 2018. The company looks to become the first exchange of its kind, supporting full-fledged digital securities.

CEO, Lisa Fall, currently oversees company operations.

In Other News

Whether it be through the backing of others, or through their own endeavours, tZERO remains hard at work, establishing the digital securities sector.

We were recently fortunate enough to have interviewed tZERO CEO, Saum Noursaheli. In this exclusive interview we discuss past and future events pertaining to the company. Make sure to check out the following interview to learn more!

Interview Series – Saum Noursaheli, CEO of tZERO

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Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

Exchanges

Tokai Tokyo Financial Holdings to Bring Digital Securities to Japan

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Japanese Expansion

After spending months developing within the confines of the MAS FinTech Sandbox, digital exchange, ‘iSTOX’, looks to take its first large step forward – towards Japan.

It was recently

announced that Japan based, Tokai Tokyo Financial Holdings, has acquired a minority share of ICHX Tech (iSTOX ‘mother-company’).

This move represents a first for iSTOX, as the company looks to eventually offer their services to investors worldwide.

Investment Details

iSTOX has had a successful year, as they have been on the receiving end of various investments over this time. The first major example would be the globally renowned, Singapore Exchange (SGX), followed by a series of companies in the following months.

SGX Invests in iSTOX to Develop Security Token Platform

iSTOX Exchange Completes Series A Funding

This latest investment, which totals $4.58M, equates to a 4.58% share in ICHX Tech. By acquiring the position, it is expected that digital securities, hosted on the iSTOX platform, will now be available to Japanese investors; this being possible through the brokerage capabilities of Tokai Tokyo Financial Holdings.

MAS FinTech SandBox

One of the reasons behind the success experienced thus far by iSTOX, can be owed to the fact that they are one of a very select group to be admitted into the Monetary Authority of Singapore (MAS) FinTech Sandbox.

This program allows for companies to trial new technologies and products, within a structured environment, allowing for continued public/client protective measures.

MAS FinTech Sandbox Welcomes Capital Markets Platform ‘iSTOX’

iSTOX

iSTOX is a subsidiary of Singapore based, ICHX Tech, which was founded in 2017. The company is fervently working to develop, and attain, adoption for their digital securities exchange. This platform, which is currently operative and accessible by accredited investors, is expected to make a full launch in Q4 of 2019.

CEO, Danny Toe, currently oversees company operations.

The team at iSTOX recently announced new growth, as they welcomed a new CCO – Oi Yee Choo. The following article takes a closer look Oi Yee Choo and what she brings to the table.

UBS Managing Director Oi Yee Choo Becomes iSTOX CCO

Tokai Tokyo

Operating out of Tokyo, Japan, Tokai Tokyo Financial Holdings is an investment firm, which was founded in 1929. The company is able to offer its clientele a variety of services, pertinent to securities, such as brokerage, distribution, and more.

Company operations are currently overseen by CEO, Tateaki Ishida.

In Other News

Singapore has rapidly established themselves as a leader within digital securities. With clear regulation, and forward thinking, companies have been able to effectively establish themselves within the Asian nation. The following articles are a few examples, highlighting industry moves which involve Singapore.

1X Launches as First Licenced Private Securities Exchange in Singapore

Propine Accepted into MAS FinTech Sandbox

Singapore Halts STO for Regulatory Breach

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DX.Exchange Ceases Operations while Looking for Merger/Sale

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DX.Exchange Shuts Down

In a surprise move, DX.Exchange has announced that they are immediately ceasing operations. While customers will remain able to withdraw funds, they indicate that all trading and deposits will be halted.

For a company that endured quite an arduous journey to established what they have, this is a disheartening development to see a unique exchange shutter before the digital securities sector even takes off.

Permanent or Temporary?

While the ceasing of operations is immediate, it does not necessarily mean that the exchange is gone forever. DX.Exchange has indicated that they are actively looking to, either sell the company, or facilitate a merger.

While this would be a best-case scenario at this point, there remains a real possibility that DX.Exchange will not open their doors again. With this possibility remaining, the DX.Exchange team has indicated that they are ready to take the appropriate steps necessary, should permanent closure be the final outcome.

A Unique Approach

The exchange caught the attention of many when they first launched, due to their unique approach towards digital securities. Rather than supporting simple security tokens, the team at DX.Exchange decided to tokenize publically traded securities. While this approach drew criticisms from many, it was a unique one that opened doors to new forms of investment.

DX.Exchange to Tokenize Publically Traded Securities

Hurdles and Scares

This development shouldn’t come as a huge surprise, as the exchange has consistently dealt with various hurdles and scares, in their short time. Examples of this include a delayed launch, compromised security, liquidity issues, and more.

Over the course of their short time being in operations, we have detailed a few of these issues.

DX.Exchange to Support Secondary Markets and Issue Security Token

Digital Securities Platform DX.Exchange Survives First Week Scare

Commentary

The team at the exchange made the announcement of their closure through their blog on Nov. 3, 2019. In this statement the team had the following to say on the matter.

“We must inform the community that the board of directors of DX.Exchange has decided to temporarily close the exchange as we pursue a merger or outright sell of the company…The costs of providing the required level of security, support and technology is not economically feasible on our own…The board believes this is the best opportunity for DX.Exchange to achieve success for its shareholders and compete in this challenging market. In the event a merger or sell is not completed in a timely matter then the exchange may not resume operations and take appropriate action.”

DX.Exchange

Founded in 2018, DX.Exchange is an Estonian based cryptocurrency exchange. The exchange operates under the oversight of the Estonian Financial Intelligence unit, while utilizing technology developed and provided by NASDAQ.

CEO, Daniel Skowronski, currently oversees company operations.

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UBS Managing Director Oi Yee Choo Becomes iSTOX CCO

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iSTOX adds Oi Yee Choo as CCO

This week, the Singapore-based digital securities exchange iSTOX announced the appointment of Oi Yee Choo as the firm’s new Chief Commercial Officer (CCO). The maneuver follows the larger trend of tokenization platforms hiring from traditional financial institutions over the last year. Additionally, iSTOX gains significant stature with the decision as Choo garnishes much respect in the Singapore market.

Oi Yee Choo

Notably, Oi Yee Choo has over 20 years of experience in the region. Her accolades most recently include a stent as the Managing Director of UBS. Here, the talented Choo was responsible for the firm’s Singapore investment strategy.

MAS

It’s precisely this experience that makes Choo the perfect fit for the iSTOX platform. Importantly, the firm recently became a part of the Monetary Authority of Singapore‘s (MAS) Fintech Regulatory Sandbox. The MAS sandbox allows Fintech Companies to test innovative financial products and concepts in a safe and more efficient manner.

Oi Yee Choo

Discussing the decision to join iSTOX, Choo explained the inevitability of a shift in the financial markets. She took a moment to speak on the pro-blockchain stance of Singapore, and why iSTOX’s positioning in the space makes them uniquely prepared for the upcoming digital revolution.

Oi Yee Choo – A Deep Understanding of the Market

Additionally, iSTOX Co-Founder, Darius Liu shed some light on the firm’s next moves after the appointment. He explained that the company needed someone with the reputation and experience of Choo. iSTOX needed an individual with a deep understanding of the nuances of the Singapore securities market.

Oi Yee Choo - CCO iSTOX

Oi Yee Choo – CCO iSTOX

Also, the company wanted someone with relationships across Singapore’s financial networks. Choo provided all of these features. Liu went on to say that Choo possessed all of these traits, plus she has a deep institutional understanding of the challenges faced by issuers and investors.

iSTOX

The iSTOX digital exchange utilizes cutting edge technology, such as blockchain, to streamline the issuance, trading, and management of digital securities. The company is at the forefront of the tokenization sector in the region.

Series A Funding

As previously reported, iSTOX completed Series A funding earlier in the month. Importantly, company officials decided it was a smart strategy to not disclose the amounts of funds invested publicly. However, the company did acknowledge that the Kiatnakin Phatra Financial Group (KKP) was the only investor needed to meet the company’s crowdfunding goals.

iSTOX – First Regulated Exchange for Digital Securities in Asia

iSTOX seeks to be the first regulated digital securities exchange in Asia. As such, the firm would hold tremendous power in future market developments in the region. As part of this strategy, iSTOX developers want to create an all-inclusive blockchain ecosystem.

iSTOX – Moving Forward

iSTOX continues to make headlines for its pro-regulatory stance in the market. The firm is set to be a major player in the Singapore securities sector moving forward. There is no doubt that Choo’s two decades of experience and network will play a critical role in the company’s future.

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