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Even though US regulators oversee the trade in the DX's initial stock listing, Chief Executive Daniel Skowronski said he does not need American permission to offer this service because DX does not operate there. The company claims to be authorized by the Estonian financial intelligence unit with full authorization to operate in the European Union.
"We saw a huge market opportunity to symbolize existing securities," said the CEO. "We believe this is the beginning of the merger of the traditional market with blockchain technology, which will open a new world of trading old and new titles alike."
The US Securities and Exchange Commission, which regulates US securities trading, declined to comment.
Tokenization is a development increasingly discussed among cryptocurrency enthusiasts that involves the transformation of real assets into digital contracts that use blockchain technology. While security tokens have been discussed for some years, they could be a key growth area in 2019, as entrepreneurs are looking to transform everything from fine art and real estate to securities and bonds.
MPS MarketPlace, which is authorized by the Cyprus financial regulator, will hold stocks on behalf of the token owners and keep them in a separate account, said Skowronski. The offer of DX complies with the European Mifid II directive, he said.
Bloomberg
