Boston Safety Token Alternate (BSTX), a platform collectively owned by BOX Digital Markets and Overstock’s blockchain arm tZERO, has filed an software with the USA Securities and Alternate Fee (SEC) to approve the launch of a marketplace for publicly traded registered safety tokens.
Within the rule change proposal launched by the SEC on Oct. 11, BOX asks the fee to “undertake guidelines to control the buying and selling of fairness securities on the Alternate” which “would function a completely automated, worth/time precedence execution system for the buying and selling of ‘safety tokens.’”
Establishing its personal itemizing requirements
The agency additionally hints at having its personal itemizing requirements by specifying that solely tokens assembly them could be listed on the platform. The 129 pages lengthy doc explains intimately how the principles beneath which the alternate operates would wish to vary and the way the platform would work.
In keeping with the proposal, the safety possession information will likely be saved on the Ethereum blockchain and could be up to date on the finish of every buying and selling day. The alternate would function between 9:30 a.m. and 4:00 p.m. EST.
A closed system on a public blockchain
Per the appliance, solely the whitelisted Ethereum addresses would have entry to the service, which implies BSTX and its approved operators who the corporate calls “pockets managers.”
The listed tokens would additionally should be compliant with the ERC-20 normal with the addition of some security measures and three sensible contracts meant to trace possession, whitelisted addresses and compliance with rules.
As Cointelegraph not too long ago reported, safety token choices, or STOs, have kind of taken the mantle of their semi-defunct counterpart — preliminary coin choices.