Today Digiassets Exchange (Singapore), referred to as SDAX, said the Monetary Authority of Singapore had given it approval in principle (AIP) to launch a digital asset exchange.
SDAX is backed by RHT Group of Companies, an offshoot of Singapore’s sixth-largest law firm RHTLaw Asia. This isn’t the first legal firm to take an interest in digital assets beyond advice. Last year DLA Piper unveiled a security token platform TOKO, and Dentons also has an initiative.
“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, Mr Khoo Boon Hui. “SDAX will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalised and digitised assets like real estate.”
Khoo Boon Hui was formerly Commissioner of Singapore Police until 2010 and is a Temasek Foundation director.
As with most regulated exchanges, participants will have to comply with anti-money laundering (AML) and know your customer (KYC) requirements.
The exchange will operate 16 hours a day and with same day settlement. In terms of technology, it will use the Ethereum blockchain protocol and an integrated custody solution.
Singapore is now home to numerous digital asset initiatives. The Singapore Exchange recently unveiled its digital asset exchange Marketnode, a joint venture with state-backed investment firm Temasek which will initially target bonds.
SGX and Temasek are also investors in iSTOX and SGX is a backer of the DBS Digital Exchange. Plus SBI and the Swiss stock exchange SIX announced plans for a digital asset joint venture in Singapore.
