Vanuatu sets up the first blockchain stock exchange in the Southern Hemisphere
“Blockchain technology has compelling ability to transform numerous industries. The establishment and operation of the Vanuatu National Digital Stock Exchange will help Vanuatu to build an efficient and low-cost inclusive financial system and bring more opportunities for continuous innovation and development of all industries in the local region.” – said Former Finance Minister of Vanuatu and Executive Chairman of the Exchange Maki Simelum.
September 6, 2018, the founding ceremony of Vanuatu National Digital Stock Exchange was held in Vanuatu capital Port Vila.
The exchange, which was officially approved on August 14, 2018, is the first digital stock exchange in the Southern Hemisphere to receive a securities trading license from the government authorities.
This initiative makes Vanuatu one of the first countries in the world that has established a licensed blockchain securities exchange, among such countries as Canada, Switzerland and the United Arabic Emirates.
For Vanuatu the creation of the digital stock exchange represents not only an important achievement of digital economy, but also a key step to gradually integrate to the international economy, finance, science and technology. The ceremony was witnessed by Vanuatu’s Deputy Prime Minister, Former Prime Minister, Former Finance Minister and Executive Chairman of the exchange, members of parliament, representatives of major financial institutions, as well as well-known experts, scholars and outstanding entrepreneurs from global blockchain sectors.
“Fintech is playing an important role,” said Sato Kilman, the Former Prime Minister ,“National regulators have the responsibility to assess how existing rules address the challenges and opportunities presented by these new technologies, protect investors and our markets. We look forward to achieving a win-win situation for financial technology innovation and effective risk management.”
Jelena Strelnikova, the Chief Compliance officer of Canadian listed company Cascadia Blockchain Group (CSE:CK), reassured that the Vanuatu National Digital Stock Exchange will apply blockchain technology in a fully compliant way. The CK Group will provide broad range professional support to the newly established exchange in various aspects, including strategic positioning, technological innovation, capital closed-loop and industry standardization. With the support of the local digital competency, it will further help Vanuatu to promote national blockchain projects in the future.
Vanuatu Deputy Prime Minister Bob Loughman has accepted the great chances that blockchain will bring to his country. For Vanuatu, developing blockchain technology will significantly improve the country’s financial infrastructure and e-government system, as well as the efficiency and transparency of the government’s public service. Deputy Prime Minister hopes to achieve the universality of the national financial system and provide strong long-term economic returns for the country. Vanuatu strives to create new investment opportunities for financial technology companies in the world and cooperate with more international partners in this field.
The establishment of the first blockchain digital stock exchange in the South Pacific is expected to boost the tokenization of stock markets massively. In such a huge emerging market, more and more countries are joining the innovation race and embracing the new companies building high-end blockchain applications.