In this edition of The Daily we cover a regulated exchange that is starting to list security tokens, a new tool for accountants serving cryptocurrency users, and Coinbase linking its platform and wallet app in addition to adding XLM trading on Coinbase Pro.
DX Exchange to List STOs
DX Exchange, an Estonia-based venue which developed trading on tokenized stocks and ETFs, has announced that the platform is also starting to list security token offerings (STOs). Institutional and professional traders will have access to security tokens which can be purchased with both fiat and popular cryptocurrencies. Getting access to security token will require an additional layer of Know Your Customer (KYC) checks for the exchange’s users. As this KYC process is MiFID II compliant, it opens the doors to security token trading for professional investors.
DX’s partner company, MPS Marketplace Securities Ltd, will act as a counterparty for all security token trading on the platform. When there’s a trade match in the order book, MPS will buy from one client and sell to the other, taking accountability for trade clearing. All trades will be monitored by a surveillance system.
Any security token can submit an application to become listed, and will need to meet eligibility requirements for listing on the exchange. The potential issuers will be evaluated according to their achievements, transparency, fundraising method, and management team. DX will also require a legal opinion which supports the STO’s legitimacy, and it shall perform background checks on the management team and directors. For each security token which will be offered, a whitepaper explaining the conditions, economic benefits and risks will be required.
Crypto Tax Tool for Accountants
Developer of cryptocurrency tax-reporting software Node40 has unveiled an upgraded version of its product designed specifically for Certified Public Accountants (CPAs), bookkeepers, and tax professionals. The new Professional tier of Balance offers the ability to manage all clients from one master account, unlimited bookkeeper accounts for staff, unlimited ledgers, multi-seat discounts and the ability to share access with clients when sensitive information must be requested. Professional users will also be paired with a personal account manager, live chat and phone support.
“With the deadline for US tax filings approaching, accountants were asking us to solve problems that the marketplace just hasn’t addressed yet,” said Perry Woodin, co-founder of Node40. “By listening to our CPA customers, several themes, or requirements, emerged that no other platform was providing. Many accountants have a good handle on what needs to be done but want a single comprehensive system to automate it. Others need more hand-holding so we cater to both. A back office solution is now available to providers that need either another set of hands or maybe a detailed tutorial on how to work with crypto clients.”
Coinbase Implements Updates
Coinbase has announced on March 13, that it will begin adding stellar lumens (XLM) on its Pro platform. Trading on the XLM/USD, XLM/EUR, and XLM/BTC order books was divided into four phases, beginning with post-only mode and proceeding to full trading. The company made support for XLM immediately available in all supported jurisdictions, with the exception of New York State.
Coinbase has also recently announced it now allows users to link their platform accounts to the user-controlled cryptocurrency wallet app Coinbase Wallet. Once an account is linked, users can easily transfer crypto to the wallet app with just a couple of clicks, which the company believes will make it easier for users to access Dapps. Coinbase added that wallet users will easily be able to send crypto from the app to the platform, to trade into fiat, and to buy crypto in future.
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