BX Digital Secures FINMA Approval for Switzerland’s First Digital Asset Platform
BX Digital has received regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate a digital asset trading and settlement platform, marking it as the first of its kind in Switzerland. Key points include:
- The license allows BX Digital to serve as a distributed ledger technology (DLT) trading facility.
- The platform will utilize the Ethereum blockchain for direct asset transfers, eliminating intermediaries.
- This setup enables faster, lower-cost transactions for tokenized shares, bonds, and funds among banks and securities firms.
- The system connects to the Swiss National Bank's payment network for transactions settled in Swiss francs.
- BX Digital is collaborating with market makers and has garnered interest from banks and issuers.
- It operates under Boerse Stuttgart Group, which aims to modernize capital markets through blockchain technology.
- A digital European issuance and settlement platform is planned to follow this initiative.
The platform must meet specific regulatory conditions before client acceptance begins.