The Swiss Financial Market Supervisory Authority (FINMA) has issued to BX Digital AG a first-ever distributed ledger technology (DLT) trading facility license. BX Digital is an affiliate of BX Swiss Exchange AG, which operates the second-largest stock exchange in Switzerland (SIX Swiss Exchange is the largest). Both firms are subsidiaries of the Boerse Stuttgart Group, the sixth-largest exchange group in Europe. The license granted to BX Digital aims to simplify the multilateral trading of DLT…
In November 2023, the German Parliament adopted the Act on Financing of the Future (Zukunftsfinanzierungsgesetz, âZuFinGâ), which will allow German stock corporations to issue stock âon chainâ (crypto-shares). This is achieved by amending the existing German Act on Electronic Securities (âeWpGâ) and the stock corporation law. However, a few requirements will need to be fulfilled. In particular, a change from a traditional paper-based issuance to crypto shares will require that all existing shareholders agree, which…