MAS allows SDAX to operate digital asset exchange
The platform makes use of blockchain technology to power its exchange processes.
Digiassets Exchange (Singapore), or SDAX, has received an Approval-in-Principle (AIP) from the Monetary Authority of Singapore (MAS) to operate a digital asset exchange, according to a press release.
The institutional grade digital asset trading platform makes use of blockchain technology to power its exchange processes.
SDAX said it aims to serve as a global market offering digitised debt, equity, and hybrid instruments with high-quality real estate as the underlying asset class.
Investors will be required to meet Know-Your-Customers (“KYC”) and Anti Money Laundering (“AML”) standards to access SDAX’s 16-hour daily trading covering all major markets with T+0 settlement.
“Singapore is a globally trusted financial hub with strong government support for fintech and blockchain technology, backed by a forward looking and comprehensive regulatory framework to govern digital finance,” noted SDAX advisory panel chairman Mah Bow Tan. “These factors will give the global market significant confidence in home-grown digital asset exchanges like SDAX.”
The digital asset exchange platform is backed by the RHT Group of Companies, a Singapore-based professional services firm that also has a fintech and legal arm. SDAX reportedly leveraged the RHT ecosystem of legal, fintech and professional services during its development.
RHTLaw Asia’s Financial Services (Regulatory) practice advised on SDAX’s RMO licence application, whilst RHT Compliance Solutions is SDAX’s compliance partner.