- SMX (NASDAQ:SMX) establishes a new subsidiary in Ireland for digital asset operations.
- The initiative aligns with the GENIUS Act, facilitating Bitcoin and digital assets in treasury functions.
- The Plastic Cycle Token (PCT) ensures verifiable material tracking within supply chains using blockchain.
SMX (NASDAQ:SMX) has announced the formation of a wholly-owned subsidiary, SMX (Treasury and Digital Asset Holding Company) Limited, in Ireland. This strategic move aims to integrate Bitcoin and other digital assets into its treasury operations, following the passage of the GENIUS Act, which provides the first comprehensive federal framework for cryptocurrency and stablecoins in the United States.
The GENIUS Act aligns with SMX's existing digital strategy, which includes its blockchain-based Plastic Cycle Token (PCT) technology. This technology is designed to provide verifiable tracking of materials throughout supply chains, allowing brands to monetize circularity and meet compliance standards. The new subsidiary will strengthen SMX's ability to leverage these technologies and enhance their digital asset strategy.
Establishing the subsidiary in Ireland is a calculated decision, likely benefiting from the country's favorable digital asset framework and tax structure. This move is not just a response to regulatory changes but a continuation of SMX's strategic mission to deepen its integration of digital assets in its operations, showcasing confidence in blockchain technology as a cornerstone of its financial and operational framework.
