The Barbados Stock Exchange (BSE) is teaming up with Blockstation to bring Security Token Offering (STO) trading and crypto assets to its platform. Blockstation has proved itself as a worthy partner in the industry and has worked wonders for the Jamaican Stock Exchange (JSE). The BSE is already making plans to expand its operations into the US and UK by applying for regulation, and these clients would also be able to take full advantage of the STO and digital asset trading in a tax efficient manner.
Blockstation Showing its Prowess
Back in August 2018, Blockstation teamed up with the JSE to provide a very similar service. After completing its 60-day trial, the JSE decided to keep working with Blockstation and allow its clients to trade cryptocurrencies and tokens within a recognized and regulated framework. Similarly to what it provides for the JSE, Blockstation will provide the BSE with an end-to-end electronic communication network and order management system to facilitate trading, as well as clearing and settlement of blockchain tokens for its broker-dealers.
Taking Advantage of Taxation Laws
If you can save a bit of money when it comes to trading cryptos, we’re pretty sure you’re going to want to know how. Barbados has rather friendly taxation laws, with their tax brackets for this sort of income being significantly lower than the US and UK. Currently, the BSE is working on becoming a designated offshore security market with the US Securities and Exchange Commission (SEC), as well as filing applications to obtain recognized stock exchange status under section 1005 of the Income Tax Act in the UK. This will mean that US and UK citizens will be able to trade STOs and digital assets on the BSE, while paying a significantly lower amount of tax – everyone’s a winner.
The Caribbean is Stepping up Its Crypto Game
You might think of the Caribbean as a tropical paradise that’s home to billionaires and golden sandy beaches, rather than a crypto capital. Interestingly, various nations from the Caribbean are slowly working on becoming crypto friendly in the hopes of luring new businesses to the peninsula. For example, the Bahamas is currently working on a set of ICO regulations to help stamp out scam ICOs from around the world. Given the fact that Fetch.AI’s ICO sold out in 10 seconds, the Bahamas could be on to something.
There is no date set for when the BSE will start allowing clients to trade STOs and digital assets, but it’s likely to be in Q2 2019. Blockstation uses a very simple plug and play setup that integrates easily with existing systems, meaning it won’t take too long to get up and running.