CryptoSecurities Exchange (CSX) is set to be world’s fully transparent, code-regulated, blockchain-based securities exchange registered with the SEC.
In the last few months, CSX has registered with the SEC as a Regulation D Exempt Offering, registered with FinCEN as a Registered Money Services Business, secured a lobbying firm in Washington DC to pursue a partnership with the US government, retained an international tax law firm to ensure IRS compliance, and are in the process of establishing a SuperPAC to push their agenda in the U.S. Congress.
The exchange is set to be a registered national securities exchange with the SEC. Operating under the state of Delaware’s new cryptosecurities law, which allows stock to be digitised and transferred electronically via a distributed shareholder register in a blockchain-based private network, CSX said it seeks to digitise the shareholder registers of every over-the-counter (OTC company in the US for no cost.
CSX’s aim is to make it simple and easy for any company to digitize their shareholder registry and place it into its network. Unlike the legacy exchanges, its exchange will handle everything for entrepreneurs and companies, including financial data, quarterly reports, legal compliance, tax filings and accounting compliance. “This will allow entrepreneurs and companies to focus on what they do best while allowing us to do what we do best,” the exchange said its on its website.
It will also be working with former SEC regulators and forensic auditors to build a network that has all existing securities laws and regulations built into the code framework. By coding its existing laws into the network, legal compliance will be automated.
As a result, entrepreneurs and startups will no longer need to consult with securities attorneys. “Brokers will be a thing of the past. Clearinghouses will no longer be necessary. Legal custodians will no longer be needed. The CSX online trading platform will directly connect investors with entrepreneurs, small businesses, and companies throughout the United States. A self-regulating, fully transparent, code-regulated, blockchain-based national securities exchange for Main Street; not just Wall Street,” CSX said in a statement.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
