The Swiss Financial Market Supervisory Authority (FINMA) has recently approved the first Distributed Ledger Technology (DLT) trading system license since the introduction of the Swiss DLT Act in 2021. This license has been awarded to BX Digital, a subsidiary of Börse Stuttgart. The DLT Act outlines a framework for trading digital assets like tokens and cryptocurrencies using DLT, ensuring a secure, transparent, and efficient process that adheres to Swiss financial laws. BX Digital can now provide this DLT trading system to Swiss clients, with a planned launch within the next six months, as stated in response to CVJ.CH.
The new system allows for direct settlement in Swiss francs and asset transfers via a public blockchain, eliminating the need for intermediaries like central custodians. This reduces both time and costs while enabling the trading of tokenized assets—such as stocks, bonds, and funds—among market participants like banks and securities firms. The process is streamlined yet maintains high security and asset control, utilizing verified Delivery versus Payment (DvP) agreements. Integration with the Swiss National Bank’s payment system further ensures compatibility with traditional banking infrastructure.
This milestone marks Switzerland as a leader in incorporating blockchain into its financial ecosystem. BX Digital supports liquidity by offering regulatory clarity, establishing quality trading standards, and involving market makers. Working closely with its sister company, BX Swiss, BX Digital has quickly developed a robust and innovative platform. Dr. Matthias Voelkel, CEO of Börse Stuttgart Group, emphasized their vision to leverage blockchain technology to advance the European capital market, starting with BX Digital and paving the way for a broader digital issuance and settlement platform to support the Capital Markets Union.
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