Singapore-based Digiassets Exchange (SDAX) is now prepared to launch digital assets exchange operations. On the 1st of February, SDAX announced it had received in-principle approval from the Monetary Authority of Singapore (MAS) for its Recognized Market Operator license.
According to SDAX, the new exchange is designed to “simplify and speed up” traditional exchanges. With the new trading platform by SDAX, users can now secure funds and trade fractionalized and digitized assets like real estate.
The trading platform also ensures a high level of security as users would need to meet the know-your-customer (KYC) and anti-money laundering (AML) standards before accessing the platform.
SDAX is backed by a skilled team consisting of a board of directors and an advisory panel. SDAX Chairman Khoo Boon Hui said:
“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. SDAX will continue to contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalized and digital assets like real estate.”
Additionally, SDAX advisory panel chairman Mr. Mah Bow Tan mentioned that Singapore enjoys governmental support for fintech and technology. He also said that the country has a “comprehensive regulatory framework that controls digital finance.”
The SDAX trading platform would leverage the Ethereum protocol and provide 16-hour daily trading.
Image Credits: Pixabay
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