Stuttgart bourse approved for blockchain trading in Switzerland

Switzerland's financial market regulator, FINMA, has approved a new blockchain-based trading system from a Swiss branch of the Stuttgart Stock Exchange. The unit, called BX Digital, announced this development on Tuesday. The BX Digital system will use blockchain technology based on Ethereum. This allows for direct settlement and transfer of assets without needing middlemen like central securities depositories. The new system aims to make trading faster and cheaper. It will support tokenized assets such as shares, bonds, and funds. BX Digital's CEO, Lidia Kurt, expressed ambitions to lead the Swiss market for trading and settling digital assets. The platform is expected to be operational within the next six months. By linking directly to the Swiss National Bank’s payment system, it integrates easily with current banking systems. The Stuttgart exchange highlights blockchain's potential in the European capital market. Matthias Voelkel, CEO of Boerse Stuttgart Group, mentioned their goal of shaping a digital market for tokenized assets. He referred to BX Digital as a key first step in their plan.