Bit2Me, the leading Spanish digital asset firm, registered with the Bank of Spain and backed by Inveready Venture Capital, Investcorp, and Telefónica Ventures, among others, has entered the fifth cohort of the Public Spanish Treasury’s financial sandbox with the project “Bit2Me Security Tokens Exchange STX,” supervised by the CNMV.
The financial sandbox allows testing technological innovations applicable to the financial system in a controlled testing environment supervised by regulatory authorities. In this case, the Bit2Me Security Tokens Exchange project involves the creation of an exchange that enables the issuance, placement, trading, and settlement of financial instruments on a blockchain.
The security tokens referred to in this project are non-complex stocks and bonds that are regulated financial instruments under the Securities Market Law and registered on the blockchain. The development of this market infrastructure on the blockchain allows for many efficiencies, as well as the connection of issuers and investors without intermediaries, with the security guarantees of Web3, and with all regulatory, transparency, and investor protection safeguards.
With this initiative, Bit2Me takes another step towards becoming the most relevant player in its sector and strengthens its position within a favorable regulatory environment with the European MiCA Regulation set to be implemented in 2024.
From now on, Bit2Me and regulatory authorities will initiate negotiations for the testing protocol, which outlines the conditions under which these tests will be conducted. Once the protocol is signed, informed consents from the participants are obtained, and the guarantee system is activated, the testing period will commence.
According to Leif Ferreira, CEO of Bit2Me, “the entry of Bit2Me Security Tokens Exchange (STX) into the financial sandbox represents a significant milestone to start the path towards institutionalizing, democratizing, and promoting the use of value tokens among issuers seeking funding and investors looking for profitability but in an innovative format such as blockchain DLT, while being as secure, regulated, and supervised as traditional stock exchanges.”
