World’s first regulated cryptocurrency exchange platform currency.com of Belarus was launched on Tuesday that will allow its user to buy gold, shares, foreign exchanges and other assets with cryptocurrencies as per the report surfaced on 7th May.
After the recession of 2016-17, Belarus has developed its IT industry stronger than ever and has passed several business-friendly reforms. It has also regulated cryptocurrencies with a target to attract foreign investors.
The High Technopark of Belarus will oversee the exchange. Presently, the user of the exchange will not be able to trade Ripple but will be added soon in the future. Currency.com is the first cryptocurrency exchange to tokenize the government bonds. The company introduced the tokenized security bonds just a few days ago to the general public of the country.
The token can be bought at $1000 for each. One bond will be represented by one token, 252 bonds will be introduced by the exchange which will give an annual yield at 4.2 %. The platform will provide its service to most of the countries, but FATF blacklisted countries and the US will be excluded from it.
The exchange is presently having more than 5000 users and is experiencing trade of $20 million securities per month. The exchange was already in its beta testing from January this year.
The CEO of the exchange Ivan Gowan has said the tokenized cryptocurrencies would completely change the way of using cryptocurrencies by the users. Linking cryptos to the traditional financial market will provide users with a concrete way to use bitcoin and ether. He has also said the beta testing of the platform was quite successful and has made the intentions of the global market clear. With the launch of the complete version of currency.com, the crypto market will be regulated and will move much closer to the traditional market.
Presently the platform is utilizing the license obtained by its sister concern Capital.com. The platform has also introduced a tokenized form of Belarus government bond and has plans to launch more bonds like this in the future.
Belarus has turned itself as a crypto friendly country. They have accepted Bitcoin as a lawful tender. The government has also decided to make crypto mining, trading and ICOs tax-free until 2023. They have legalized smart contracts and ICOs as well.
As per the white paper of the exchange, 150 assets will be accessible at the launch. The user can invest in the assets of companies like Microsoft, Tesla, JP Morgan and Chase, HP American express and Twitter.