Blockstation builds disclosure tool for JSE

Blockstation builds disclosure tool for JSE

New tool will streamline regulatory filings

Observer business writer

Friday, February 21, 2020

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Blockstation, a Canadian digital asset trading systems firm has built a fast-track disclosure filing process for companies hoping to list security tokens on the Jamaican Stock Exchange (JSE).

Blockstation's new tool, called the Smart Listing Accelerator Process (SLAP), is designed to streamline the filing of required regulatory disclosures and prospectuses. The new service is the latest advancement in JSE and Blockstation's digital asset partnership.

Since joining forces in August 2018, the pair have developed and launched a cryptocurrency trading platform. Blockstation and the JSE announced at the recently concluded JSE 15th Regional Investment & Capital Markets Conference their plan to list security tokens on the local stock exchange by June this year.

Blockstation's chief technology officer (CTO) and co-founder, Jai Waterman reports that, “SLAP lowers the barrier to entry” for companies that want security token offerings (STOs) but do not know how to sift through the corresponding paperwork.

He explains that companies may not realise how many disclosure requirements the JSE and the Financial Services Commission (FSC), which regulates non-deposit takaing financial institutions have to inform the public about an investment's risks.

“Full disclosure needs to be there in order to make sure that these investors know what they're getting into, and that they're protected,” Waterman adds noting that every potential risk has to be laid out in the company's prospectus.

Given this reality, SLAP's functionality helps companies do so with a veritable “library” of business risk factors far more than any one capital-seeking company could guess to include. According to Waterman, “There's hundreds of risks that people are not necessarily thinking of,” he said. “When you see that huge library, you're like, 'Oh you know what, that kind of applies to us.' So you can take that concept and make it specific to your business.”

Building out their filings on SLAP, companies can tailor their prospectus and have a lawyer review the result. Once the filings are finished the companies can submit directly to JSE and FSC.

Four companies have already begun the regulatory filing process with SLAP.They are BRED, a real estate fund based in Ontario, Canada; WiPay of Trinidad; VeleV Capital, an investment company out of Canada; and renewable energy company Lotus Energy, based in Australia. Two of the four companies - Lotus Energy and VeleV Capital, with a large-scale portfolio investment in real estate and the financial sector, are both looking to raise US$50 million each from the tokenised offering later this year.

Electronic payment solutions company, WiPay and BRED are also looking to become the first set of companies to list on Jamaica's digital asset market.

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