SDAX receives MAS nod to launch digital asset exchange in Singapore

SDAX receives MAS nod to launch digital asset exchange in Singapore

One of the digital trading firms of Singapore, Digiassets Exchange (SDAX) has recently announced receiving a principle approval from the MAS (Monetary Authority of Singapore) to operate or launch a digital asset exchange in the country.

For the record, SDAX makes use of blockchain technology to streamline and speed up traditional exchange processes, paving way for new fundraising and investment opportunities.

It has been claimed that upon this approval, the platform would serve a global market providing digitized debt, equity, and hybrid instruments with superior quality real estate as the underlying asset class.

Moreover, reports have it that global investors would be required to meet the highest KYC and AML standards to access SDAX’s 16-hour daily trading encompassing all major markets with T+0 settlement. This apart, while making use of the Ethereum protocol with a cohesive custody solution, SDAX is looking forward to offering reliable, easy, and highly secured access to liquidity pools and new investment products.

Commenting on the accomplishment, Mr. Khoo Boon Hui, Chairman SDAX, stated that with AIP from MAS, the company is now set to stand in a strong position to attract asset owners, institutional investors, and accredited investors from around the globe to its Singapore-based platform.

He added that this novel move would now allow the firm to contribute to Singapore’s fintech segment by providing innovative solutions to generate funds and trade digitized and fractionalized assets such as real estate.

Meanwhile, the Advisory Panel Chairman at SDAX, Mr. Mah Bow Tan cited that factors like strong government support for blockchain and fintech technology in Singapore, supported by a comprehensive and forward looking regulatory framework to govern digital finance are expected to give the global market an appreciable confidence in home-grown digital asset exchanges including SDAX.

As per official sources, SDAX is financed by RHT Group of Companies and has earned name for making use of RHT ecosystem of professional, fintech, and legal services to help vivid companies realize their goals.

Source Credit: https://www.finextra.com/pressarticle/85956/sdax-wins-approval-in-principle-to-launch-digital-asset-exchange-in-singapore