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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.
Updated Sep 14, 2021, 11:04 a.m. Published Feb 1, 2021, 2:44 p.m.
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
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