Atom Group Unveils Crypto Exchange Powered By London Stock Exchange Technology
Faced with spiraling regulatory pressures Atom Group has had to adopt a trading technology used in the London Stock Exchange for its upcoming cryptocurrency exchange. AAX is the cryptocurrency exchange built on top of LSE’s Millennium Exchange machine engine. The exchange is slated for release sometime in June.
AAX Crypto Exchange
While AAX is, set to go live in Hong Kong, Atom Group has secured a transitional license in Malta as it also continues to finalize a similar license in Estonia. According to the Chief Executive Officer, the ultimate goal is to offer high-liquidity cryptocurrencies in response to growing demand.
Plans are also underway to offer both spot and futures markets to meet the ever-growing demand for cryptocurrencies trading products. The long-term plan is to offer securitized tokens as well as other crypto trading services.
The software that will power the new cryptocurrency exchange is currently in use Hong Kong and Singapore Bourses. A move to implement the software comes on growing concerns over the way Hong Kong authorities are moving with speed to regulate the cryptocurrency sector.
Cryptocurrency Regulation
Mainland China has already banned cryptocurrencies, something that some people fear could spill over into the special administrative region. Instead of banning cryptocurrencies, Hong Kong’s securities regulator has opted to embark on a regulation drive. Increased regulation comes at a time when institutional investors are increasingly eyeing opportunities in the sector.
Hong Kong continues to experience an increase in institutional investment activity as most people move to take advantage of the recent slide in prices. Some investors have also switched attention to companies focusing on the blockchain, the underlying technology that powers virtual currencies.
Authorities in Hong Kong are maintaining a tight grip on cryptocurrency activity in the effort of protecting investors. Over the past few years, unknowing investors have seen their capital gone to waste on investing in unregulated crypto investments set up by scrupulous individuals. Calls for greater investors protection has left authorities with no choice but to ramp up scrutiny.
"Investors are demanding greater safeguards and Atom will be able to leverage the mainstream functionality that already exists LSE is a technology partner with Atom and doesn't hold any stake in the company, “ said Lorne Chambers, global head of sales and marketing for LSEG Technology.
Increased regulation is also part of regulators attempt to curb money laundering activities involving cryptocurrencies.