Currency.com Exchange Opens In Belarus
Currency.com a blockchain startup has on Tuesday, January 15 officially launched its tokenized securities exchange in Belarus. The exchange gives traders the ability to use cryptocurrency to purchase tokenized versions of shares and other traditional assets.
The Currency.com platform is expected to host over 150 tokenized securities, while working to eventually offer over 10,000, according to the company’s press release. The tokens will be able to track the value of assets both in Belarus and abroad, reflecting the performance of an investor’s shares at the “same economic costs and benefits” of traditional shares. The release states that:
“To offer theses capabilities, Currency.com leverages the technology of Capital.com, its sister platform regulated by the FCA (the UK’s Financial Conduct Authority) and CySEC (Cyprus Securities and Exchange Commission), to offer users access to a tokenized version of a contract for exchange of a specific equity, commodity, or index.”
Currency.com says that the exchange is “fully compliant” with Belarus’ Decree No. 8 (“On the Development of a Digital Economy”). In effect, the decree, implemented in 2017, legalized cryptocurrency in the country by providing legal context for cryptocurrency companies and ICOs.
Belarus says it will allow transactions on the exchange to remain tax-free till 2023, according to a report in Reuters. The report also says the exchange received about 2,000 applications for registrations within its first two hours of opening. The application process is part of a verification procedure meant to guard against money laundering practices.
Currency.com says its exchange is the “first fully-functional trading platform for tokenized securities,” but its launch comes on the heels of the January 7 release of DX.Exchange.