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Singapore's SDAX Gets In-Principle Approval to Launch Digital Asset Exchange
SDAX now has in-principle approval from Singapore's central bank for its Recognized Market Operator license.
Singapore-based Digiassets Exchange (SDAX) says it has received the nod from the Monetary Authority of Singapore (MAS) to prepare for the launch of its digital asset exchange operations.
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- SDAX announced Monday it now has in-principle approval from the city-state's central bank for its Recognized Market Operator license and is now set to launch its trading platform.
- The exchange, which is built using blockchain technology, aims to "simplify and speed up" traditional exchange processes, it said.
- SDAX will now be able to help clients raise funds and trade fractionalized and digitized assets such as real estate.
- Investors using the exchange will have to meet strict know-your-customer (KYC) and anti-money laundering (AML) standards to access SDAX's trading platform, which covers a number of markets with T+0 (transaction plus zero) days settlement.
- “With the AIP from MAS, SDAX is now in a strong position to attract asset owners, accredited investors and institutional investors from around the world to our Singapore-based platform,” said SDAX Chairman Khoo Boon Hui.
- SDAX is backed by RHT Group, which allowed the exchange to use its legal, fintech and professional services to obtain the API.
Read more: Gemini Exchange Adds Local Currency, DeFi Tokens in Singapore Expansion
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
