Switzerland's financial market regulator, FINMA, has granted BX Digital, a Swiss subsidiary of the Stuttgart Stock Exchange, a license to operate a blockchain-based trading system in the country. The core feature of the new BX Digital trading system is the direct settlement and transfer of assets through a blockchain utilizing the Ethereum operating system, eliminating the need for intermediaries like central securities depositories.
This advancement not only saves time and money but also facilitates the trading of tokenized assets such as shares, bonds, and funds among market participants such as banks and securities firms. BX Digital's CEO, Lidia Kurt, expressed the ambition for the platform to become the premier Swiss financial market infrastructure for trading and decentralized settlement of digital assets.
The platform will be linked directly to the Swiss National Bank's payment system for seamless integration with existing banking systems. BX Digital plans to commence operations within the next six months. The Stuttgart exchange emphasized the benefits of blockchain technology for the European capital market. Matthias Voelkel, CEO of Boerse Stuttgart Group, stated that BX Digital signifies the initial phase, with an upcoming digital European issuance and settlement platform to further enhance the digital European market infrastructure for tokenized assets, aiming to contribute to the completion of the capital market union.