Malaysia Welcomes Fusang Tokenized Securities Exchange as First Asian Licensed Trading Platform
The Labuan International Business and Finance Centre (IBFC) has made history by granting a receipt of approval to the Fusang Exchange, which is being backed by the Fusang Group. This makes the Fusang Exchange the first ever Asian exchange to focus on digital securities.
According to Henry Chong, the CEO of the Fusang Group, this new Exchange will work on offering tokenization of assets as an option to mainstream firms and will also make the process of trading digital assets easier.
“It’s natural that the focus of traditional exchanges has always been on larger companies. But companies that want liquidity in their stock, along with owners of real assets such as real estate, can consider the benefits of listing on our exchange,”
Ready To Launch
The exchange is expected to begin its operations in the second half of 2019 and for now, the Fusang Group is working on developing the platform as also meeting all the requirements stipulated by Labuan IBFC.
While this move on the part of the company is history-making, it isn’t it's first in the crypto space. In July 2018, the company launched Fusang Vault, an arm of the company that focuses on acting as a custodian for the digital assets of institutional investors.
While the company is certainly ambitious, they will need to work on their speed as the Stock Exchange of Thailand is in talks with the Thai Securities and Exchange Commission to get a License to operate a digital assets Exchange and this exchange is expected to be launched by the end of 2019.
Asia And The CryptoVerse
It isn’t entirely surprising to see so many large Asian countries expand on the business opportunities in the crypto world. Asia has been largely crypto positive and has a very tech-forward population that can drive growth.
Hopefully, the success seen in some Asian countries might rub off on others. China, for example, has a ban on cryptocurrency and South Korea has a ban on ICOs. Indonesia also came under criticism this year for a law that requires a $70 million minimum capital for the trading of crypto futures. These decisions by the government are largely seen as counterproductive for the industry as unnecessary.
Should the Trading of digital assets in Thailand and other places become more commonplace and successful, this could sway the decisions in these countries considering that an official at the South Korean Securities body revealed in an interview that the decision made by the United States on the Crypto ETF will have a ripple effect in their country.