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Hong Kong to launch Blockchain powered Stock Exchange in 2018

Blockchain Technology | Blockchain | Blockchain news | Hong Kong Blockchain

Blockchain enters in Hong Kong’s Stock Market

The Hong Kong Stock Exchange (HKEX) is in planning to launch a blockchain technology based private market with an aim of helping small size companies obtain financing.

Charles Li, Chief Executive, Hong Kong Stock Exchange detailed the plan, which would play out through a separate venture dubbed HKEX Private Market. No launch date Has been disclosed . But it will happen in 2018.

“The Private Market will serve as a ‘nursery’ for early stage companies before they are ready to enter public markets.They can conduct pre-IPO financing and other activities on an off-exchange venue not under the regulatory remit of the Securities and Futures Ordinance.”  explains Charles Li.

Li has been eyeing on the blockchain technology to upscale the operation of HKEX. Earlier this year, during a media event, Li disclosed a three-to-four year plan to reduce costs at the exchange, which could ultimately move to integrate the tech into its post-trade systems.

Hong Kong’s central bank has also tested the technoly, disclosing in April that it had been testing a digital currency along with several unnamed banks and distributed ledger startup R3.

Other Countries adopting Blockchain Technology in Stock Markets

The Central Bank of Republic of Belarus had announced on 19th July 2017 of implementing the Blockchain Technology into the country’s securities market. The National bank is of the opinion that the Blockchain Technology holds tremendous potential of heralding a massive development in Belarus Stock Market by ushering in transparency and improvised conditions in over the counter dealings.

The State Of Delaware adopts Blockchain Technology For Equity Markets.  The State of Delaware passed amendments,  allowing to give a true legal basis to companies wishing to issue and trade shares via a Blockchain based platform.

Read more Blokchain use cases worldwide in our Blockchain Section.

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