Myanmar to Establish Blockchain-based Stock Exchange

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Tokyo-based securities brokerage Daiwa Securities Group will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform.  Daiwa and YSX are currently testing the Blockchain platform and are in discussions with government officials to fully use the Blockchain concept for all YSX trading within a period of two years, after completing months of successful testing.

The Daiwa Institute of Research Holdings and other units of Daiwa tested the system from June to September 2016 using general-purpose servers that are available in Myanmar.

According to Nikkei:

Daiwa Institute of Research Holdings and other units of Daiwa tested the system from June to September using general-purpose servers that are available in Myanmar. On the assumption of using blockchain to connect the Yangon Stock Exchange and local brokerages, the test was conducted to gauge how the system would work in the country, which is often hit by power outages and phone lines going dead. 

YSX will be the first reported stock exchange to publicly trade equity on a Blockchain-based exchange and will likely lead other stock exchanges to follow the growing Blockchain trend in the FinTech industry.

Daiwa is Japan’s second largest securities brokerage. Japan has recently been blazing a trail in Blockchain’s development.  For instance, Japan’s House of Councillors approved a series of regulations over virtual currencies and amendment of Banking Law on May 25, 2016. More recently, forty-two local and regional banks in Japan have joined a new Blockchain consortium focused on cross-border payments.  The consortium’s membership includes a wide range of both large and smaller institutions. The launch of the consortium comes days after SBI, a financial services company based in Japan, announced that it would establish its own digital currency exchange in Japan.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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