Singapore’s Central Bank Gives SDAX In-Principle Approval to Launch its Digital Asset Exchange
- Singapore’s Digiassets Exchange Pte. Ltd. (SDAX) received ‘in-principle” approval from the country’s financial regulator, Monetary Authority of Singapore (MAS), to operate its digital asset exchange.
Reports from a local news website, MarketsMedia, states leading financial authority, MAS has reached an agreement “in principle” with the country’s leading digital assets service provider, SDAX, approving the launch of the latter’s exchange. This agreement allows SDAX to start its preparations to launch its digital asset exchange in the near future.
The new exchange from SDAX will provide an institutional-grade platform that “simplifies and speeds up traditional exchange processes” while offering clients “new fundraising and investment opportunities.” In principle, the agreement allows the Singapore-based exchange to attract clients, accredited investors, and institutional investors –giving them a seamless and regulated platform to trade digital and synthetic assets on a blockchain. SDAX Chairman, Mr. Khoo Boon Hui said,
“SDAX [new exchange] will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalized and digitized assets like real estate.”
Notwithstanding, the new exchange will also offer users digitized debt, equity, and other alternative assets with “high-quality real estate as the underlying asset class,” the report states.
Global investors will be subject to KYC compliance and AML standard measures to trade on the platform. The exchange will also build liquidity pools on Ethereum and offer high yielding investment products to its clients.