Just because it was set up improperly in Belize does not mean it can't be done correctly somewhere else. An exchange is just a mechanism to facilitate the trading of shares, it is not the Holy Grail and there is no magic involved.
Personally I would set up an exchange that did not allow shorting of any kind which are death to these penny stocks. Prior to any trading all certs would have to be on deposit with an approved depository preferably one managed by the exchange and all the shares properly accounted for and signed off.
I would require everyone to provide proof if his company was peddling diamond claims in Saskatchewan that they actually owned the claims or had a valid option to earn an interest in the claims. And if he produced a deal that was not reasonable or industry standard I would immediately halt trading of their stock.
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